A 700 credit score is generally considered to be good. It’s not the perfect score, but it’s definitely in the “good” range. This blog post will look closely at what a 700 credit score means for you and your finances.
We’ll also discuss some factors that can influence your credit score and how you can improve it if necessary. So if you’re wondering whether or not a 700 credit score is good, keep reading.
What Will A 700 Credit Score Get Me?
A 700 credit score will secure you loans from multiple lenders, including loan matching services like Viva Payday Loans. Borrowers with a credit score of 700 and above are considered good loan candidates.
Lenders view borrowers with a 700 credit score as low-risk, which means you’re more likely to get approved for a loan with a competitive interest rate. A 700 credit score can also help you qualify for other financial products, such as credit cards and rent-to-own agreements.
How To Build A Good Credit Score
1. Don’t Close Old Credit Cards
If you have old credit cards that you don’t use anymore, don’t be tempted to close them. Doing so will hurt your credit score. That’s because closing a credit card can increase your credit utilization ratio, which is the amount of credit you’re using compared to the amount of credit you have available.
A high credit utilization ratio is one of the biggest factors that can hurt your credit score, so you want to avoid doing anything that will make it worse.
2. Use a Credit Monitoring Service
If you’re not sure where your credit stands, it’s a good idea to sign up for a credit monitoring service. This will help you keep track of your credit score and credit report to spot any potential problems.
There are a lot of different credit monitoring services out there, so make sure to do your research before you choose one.
3. Get Help From A Credit Counseling Service
If you’re struggling to manage your debt, you may consider getting help from a credit counseling service.
Be careful, as not all credit counseling services are created equal. Make sure you do your research before you choose a service to make sure it’s reputable.
700 is a good credit score, but there’s always room for improvement. By following the tips above, you can help to improve your credit score and get on the path to financial success.
4. Consider a Debt Consolidation
If you’re struggling to make ends meet each month, it might be time to consider a debt consolidation loan. This loan can help you pay off your debts faster and at a lower interest rate.
A 700 credit score is generally considered good, which means you should be able to qualify for a debt consolidation loan. But, as with any loan, it’s important to shop around and compare rates before you decide on a lender.
5. Keep Your Credit Card Balances Low
Even if you’re paying off your credit card balances monthly, keeping them low is still important. Credit card companies typically report your balance to the credit bureaus at the end of your billing cycle. So, if you have a high balance, it will appear on your credit report and drag down your score.
6. Opt for Secured Cards
If you’re looking to improve your credit score, one option is to opt for a secured credit card. A secured credit card is backed by a deposit you make with the issuer, which serves as collateral if you default on your payments. This deposit also typically determines your credit limit.
While a secured credit card can help you build or rebuild your credit, choosing one wisely is important. Some secured cards come with high fees and interest rates, which can offset any benefit you might get from using the card. Additionally, not all secured cards report to the major credit bureaus, so you’ll want to make sure you choose one that will help you improve your credit score.
Bottom Line
A credit score of 700 was considered good until a few years ago. That meant you had made some mistakes but were on the road to recovery. But now, with so many people having credit scores in the 800s and 900s, a score of 700 isn’t as impressive.
Still, it’s a good credit score and will help you qualify for loans and get the best interest rates possible. Just know that you may not be considered the most creditworthy borrower if your score is only 700.
