Is 707 a Good Credit Score?

A 707 FICO® credit score is considered “good” and can open the door to a variety of credit and lending products, often at competitive rates. That said, a score of 707 is slightly below the average consumer credit score of 717 and sits below FICO’s top two credit tiers — “very good” and “exceptional.” Read on to learn what kinds of credit cards and loans you can get with a 707 credit score.
Key Points
• A 707 credit score is considered “good” and grants access to a range of credit and lending products.
• This score is slightly below the average consumer credit score of 717.
• Though competitive rates are often available, a 717 score may not unlock a lender’s best-available terms.
• Improving your credit habits, such as making timely payments and maintaining low credit card balances, can help you build your credit.
• Higher scores can unlock better financial opportunities, including lower interest rates and higher credit limits.
What Does a 707 Credit Score Mean?
A credit score is a three-digit number, typically between 300 and 850, that lenders use to assess how much risk you pose as a borrower. It’s calculated using information found in your credit reports, including your history of on-time payments, the total amount of available credit you’re using, the length of your credit history, and the various types of credit on your file. All of these factors are important to lenders, who (naturally) prefer to lend to borrowers with a proven track record of financial responsibility.
The FICO scoring model is the one most commonly used by lenders. Here’s how it breaks down:
• 300 to 579: Poor
• 580 to 669: Fair
• 670 to 739: Good
• 740 to 799: Very Good
• 800 to 850: Exceptional
A 707 score falls in the “good” credit range and signals to lenders that you are an acceptable borrower. You’ll likely have access to a range of loans and credit products, though not necessarily at the lender’s best-available terms. According to FICO, 21% of U.S. consumers have credit scores in the good range.
You may have good — rather than “very good” or “exceptional” — credit due to a short credit history, a few late or missed payments in the past, or a tendency to use a lot of your available credit. Late payments (30 days or more past due) appear in the credit reports of 29% of people with FICO Scores of 707.
Since 707 is on the lower end of the good range, you’ll want to be careful not to drop into the more limiting “fair” credit zone (580 to 669).
What Else Can You Get With a 707 Credit Score?
A score of 707 provides access to a broad array of credit products, including credit cards, auto loans, mortgages, and personal loans. Here’s a look at what you may be able to get in each category.
Can I Get a Credit Card With a 707 Credit Score?
You can likely qualify for a wide range of credit cards with a 707 credit score. While premium credit cards might require a higher score, many banks will offer travel, cash back, or points-based rewards cards to consumers with good credit. You might even be able to score a card with an introductory 0% annual percentage rate (APR) offer on purchases, balance transfers, or both.
With a range of options at your disposal, the key is finding the right card for your needs. If you plan to use a card for everyday purchases that you’ll pay off at the end of the month, you might consider rewards cards. If you’re looking to make a big-ticket purchase or a balance transfer that will take several months to pay off, you might be better off with a card that offers a low or 0% introductory APR for 18 or 21 months.
Keep in mind that lenders will also look at your income, employment history, and debt-to-income ratio (how much of your monthly income currently goes toward paying down debts) when you apply for a credit card.
Can I Get an Auto Loan With a 707 Credit Score?
A 707 credit score puts you in a good position for an auto loan. According to a report by Experian®, roughly 71% of cars financed in the third quarter of 2024 were for borrowers with credit scores of 661 or higher.
With good credit, lenders are likely to offer you competitive interest rates, though they may not be the lowest available. The average interest rates for new car loans in the third quarter of 2024 was 6.70% for buyers with scores between 661 and 780, and 5.08% for buyers with scores between 781 and 850.
To find the best possible deal on a 707 credit score car loan, it’s a good idea to shop around. Interest rates can vary widely among lenders, even for borrowers with the same credit score. Also consider making a higher down payment. This lowers the risk to the lender and can improve your loan terms, while also reducing the cost of your loan.
Recommended: 700 Credit Score: Is It Good or Bad?
Can I Get a Mortgage With a 707 Credit Score?
With a 707 score, you shouldn’t have difficulty getting a mortgage. Your score exceeds the minimum required for most types of home loans, including conventional loans (offered by private lenders), FHA loans (insured by the Federal Housing Administration), and USDA loans (guaranteed by the U.S. Department of Agriculture).
A jumbo loan, however, may be out of reach. These larger-than-average mortgages often require a 720 minimum credit score. If you need a large mortgage, it might be worth building your credit a bit more before applying. This should give you more loan options and help you get a lower rate.
When shopping for a mortgage, keep in mind that your credit score is one of several factors a lender will look at. Whether or not you get approved, and what the terms will be, will also depend on your income, job history, debt-to-income ratio (DTI), and size of your down payment.
Can I Get a Personal Loan With a 707 Credit Score?
Personal loans provide a lump sum of money that can be used for just about any purpose — including consolidating debt, making a significant purchase, paying for a wedding or vacation, managing unexpected expenses, or completing home repairs.
With a credit score of 707, you’re in a strong position to qualify for a personal loan. If you’re considering applying, keep these key points in mind:
• Interest rate: Personal loans tend to have higher interest rates compared to mortgages and auto loans, since they’re typically not secured by collateral. Still, their rates are usually lower than credit card rates. A personal loan calculator can help you see how much you could save on your existing debt by paying it off with a personal loan.
• Loan amount: Depending on the lender and your qualifications, borrowing limits can range from a few hundred dollars to $100,000. The amount you request may impact the lender’s decision on whether or not to approve you for a loan, so carefully evaluate how much funding you need.
• Loan term: Repayment periods generally range from two to seven years. Shorter terms reduce the total interest you’ll pay over the life of the loan, while longer terms can lower your monthly payments.
To find the best personal loan for your needs, you’ll want to compare offers from at least a few lenders. Many lenders allow you to prequalify for a personal loan, which can give you an idea of the rates and terms you can expect without impacting your credit score.
The Takeaway
A 707 credit score is a strong financial metric that falls within the “good” range on the FICO scoring system. While it may not unlock the top-tier rates and perks reserved for “very good” and “exceptional” scores, it’s more than adequate for most borrowing needs, including credit cards, auto loans, mortgages, and personal loans.
Taking steps to further improve your credit profile (like paying your bills on time, not maxing out your credit cards, and aiming for a healthy mix of credit types), can help you access even better financial opportunities in the future.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
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