What Can You Do With a 700 Credit Score?

By Sarah Li Cain · March 02, 2023 · 7 minute read

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What Can You Do With a 700 Credit Score?

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 improve — this 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 more 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 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,’ whereas for VantageScore that range is 661 to 780.

The differences in how FICO and VantageScore calculate and rate scores is also 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.

Recommended: How to Avoid Interest On a Credit Card

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 are more likely to be approved for an auto loan. According to an Experian report released in 2022, the average credit score for those who have auto loans for new vehicles is 738.

•   Mortgages: Many lenders, even those offering conventional loans, tend to have minimum credit score requirements around below the 700 credit score range. 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. Still, it’s best to check to see what other minimum requirements are.

•   Credit cards: You’ll likely have more 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. 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.

Recommended: When Are Credit Card Payments Due?

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 the available credit 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.

Recommended: What is the Average Credit Card Limit?

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 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: Does Applying For a Credit Card Hurt Your Credit Score?

The Takeaway

A 700 credit score can open up more doors for you compared to someone with a lower credit score. You may have an easier time getting approved for a range of loans, 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 there’s even room at this point to further improve your score.

If you’re looking to build your score, a great way to do so is to open a credit card and consistently make on-time payments. Consider opening a SoFi credit card, which is designed to help you with various financial goals. You can earn cash-back rewards points on qualifying purchases, get complimentary cell phone insurance coverage, and pay no foreign transaction fees.

Learn how the SoFi Credit Card can help you achieve your goals.


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 do 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.

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 2022 was 714.

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 improve 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.

Photo credit: iStock/Peopleimages

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.


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