If you have a 700 credit score, you’re considered to have good credit. You may qualify for more competitive rates and options in terms of lending products. However, you may not get the best rates available, nor more premium products like luxury rewards credit cards.
That’s because while 700 is a good credit score, it’s not yet in the very good or exceptional range. Here’s a closer look at what a 700 credit score can get you, as well as how you can maintain — or build — this score.
Key Points
• A 700 credit score is considered good and can provide access to credit with competitive rates and options.
• This score typically qualifies individuals for loans and credit cards, though not the best rates or premium cards.
• Consistent on-time payments and low credit utilization can help maintain a 700 score.
• A longer credit history with a good track record also aids in maintaining or building a score.
• Hard inquiries from new credit applications can temporarily lower a credit score.
What Is a 700 Credit Score?
A credit score is a three-digit number ranging from 300 to 850 that is a measure of your creditworthiness. The higher your score, the less risk you pose as a lender — as in, you’re more likely to pay back loans on time. If you have a credit score of 700, it means lenders consider you likely to pay back your loans on time.
Credit scoring models use your credit history to calculate your score. This information is typically supplied by the three major credit bureaus: Experian®, TransUnion®, and Equifax®.
While a credit score of 700 falls well within the range of good, the FICO® Score and VantageScore credit rating scales vary slightly on what’s considered good credit. For the FICO Score, a score from 670 to 739 is considered good, while for VantageScore, the good category (also known as prime) is 661 to 780.
The differences in how FICO and VantageScore calculate and rate scores can also explain why you have different credit scores.
Is a 700 Credit Score Good or Bad?
A 700 credit score is considered good, or slightly above average. You may be able to more easily qualify for loans, whereas someone with a bad credit score may struggle to do so. While rates and terms will vary depending on the loan and the lender, applicants with good credit scores will generally qualify for better rates and terms compared to those with lower scores.
However, you may not qualify for some products, such as ultra premium credit cards with rewards.
What Can a 700 Credit Score Get You?
A credit score of 700 can help you achieve some of your financial goals, such as buying a house, replacing your car, or even plans like remodeling your home. That’s because you are more likely to qualify for loans that will help you achieve these goals than someone with a fair credit score or worse.
Here’s a closer look at the buying power you may get with a 700 credit score:
• Auto loans: Applicants with 700 credit scores may be likely to be approved for an auto loan. According to an Experian report released in late 2024, the average credit score for those who have auto loans for used cars was 694 and for new vehicles, 755.
• Mortgages: Many lenders, even those offering conventional loans, tend to have minimum credit score requirements below the 700 credit score range. For instance, a common minimum score for a home loan is 620. Government-backed loans may be available with lower scores, but jumbo loans tend to require at least a score of 700. Of course, your credit score is one of many other factors that affect your eligibility for a loan.
• Personal loans: In many cases, lenders will offer you a more favorable interest rate if you apply for a personal loan with a minimum of a 700 credit score vs. a score in the 600s. Still, it’s best to check to see what other minimum requirements are.
• Credit cards: You’ll likely have choices for unsecured credit cards with a credit score of 700, as this is well within the range of the minimum credit score for a credit card. Some cards may offer rewards, such as cash back or points toward flights and hotels. You may even qualify for credit cards that offer a 0% introductory annual percentage rate (APR), which can be helpful if you’re looking to make a large purchase soon or transfer a balance from a credit card with a high interest rate.
Overall, you may also be able to save more money because those with credit scores of 700 or higher can save on interest charges. The thousands of dollars you can save over the lifetime of loans can be used toward your other financial goals, whether that’s retirement savings or a family vacation.
Recommended: What Is the Starting Credit Score?
Factors That Can Affect a 700 Score
If you want to maintain or help build your credit score, it’s important to understand the factors that may affect it. Some of what can affect your 700 credit score includes information found in your credit history from all three major major credit bureaus, including late payments, the length of your credit history, and credit utilization.
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Late Payments
Your payment history is one of the most important factors credit scoring models use. That’s why it’s very important to keep track of when bills such as credit card payments are due. Even one late payment could have a negative impact — though the specifics will depend on other factors such as whether you’ve been late on payments before, how late the payment was, and how recent the late payment was.
Credit Utilization
Your credit utilization compares the overall limit you have on revolving credit and how much of it you’re using. This number is expressed as a percentage of your credit limit you’re using. Like your payment history, it’s also another major factor in calculating your credit score.
The general rule of thumb is that you should try to keep your credit utilization to 30% or less. This shows lenders that you’re not too reliant on credit and are generally responsible with your borrowing. On the flipside, a high credit utilization can negatively impact your score.
Recommended: Tips for Using a Credit Card Responsibly
Length of Credit History
The longer your credit history, the more it appears to lenders that you have experience using credit. Think of it like a work resume — you’ll have more opportunities to show how you handle various credit and debt accounts.
Hard Inquiries
Whenever you apply for a new credit card or other type of loan, lenders will conduct a hard inquiry to look at your credit report. This inquiry will usually affect your credit score negatively, albeit by a small amount (up to several points) and temporarily.
The more inquiries you have, the more it could affect your score. That’s because lenders may view too many hard inquiries as you being stretched too thin financially and needing to rely on loans.
A higher credit score could mean that you’re not applying for new accounts often, or that you’re spacing them out so you don’t seem like you’re too risky of a borrower.
Recommended: Breaking Down the Different Types of Credit Cards
The Takeaway
A 700 credit score is considered a good score and can open up more doors to credit compared to someone with a lower credit score. You may have an easier time getting approved for a range of loans and lines of credit and with more competitive terms and interest rates. Just don’t take this score for granted — there’s work required to maintain a good credit score and build it further.
Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
What can be accomplished with a 700 credit score?
You can accomplish different financial goals if you have a 700 credit score. For one, you may be able to make large purchases, such as a new vehicle, a home, or you might access funds to complete a large-scale home remodel. That’s because you are more likely to get approved for loans that can help you achieve these types of financial goals versus someone with a lower score.
Can you buy a house with a credit score of 700?
In many cases, lenders have minimum credit score requirements with scores around 620. That being said, there are many other factors that go into whether underwriters will approve you for a mortgage. Some of these qualifying criteria include your debt-to-income ratio, the amount of assets you have, and whether you have a steady source of income.
What percentage of the population has a credit rating above 700?
Nearly 60% of people in the U.S. have a 700 credit score or above. According to data from Experian, the average credit score in the U.S. in 2024 was 717.
How fast can you build a 700 credit score?
How soon you can get a 700 credit score will depend on numerous factors, such as your existing credit history and financial behavior. For instance, if you can positively impact major factors affecting your score like lowering your credit utilization or consistently paying your bills on time, it could have a noticeable effect quickly. Each person’s financial situation is different, however, so it may take someone months to build their credit score while for others it could take years.
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