Is a 700 credit score good or bad?

06/25/2021
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A credit score of 700 has positive implications

A 700 credit score opens a lot of doors, but there's still room for a better one.

Many people don’t know whether their credit score is good or bad. It’s important to be aware of your score and what it means since they indicate your creditworthiness and determine the risk that you pose to potential lenders.

Without mincing words, 700 is a good credit score. 

The FICO scoring model ranks 700 as a good score, while the VantageScore model also ranks it as a good score. Since these two leading scoring models rank 700 as a good score, you can rest assured that this score represents healthy credit.

The effects of a 700 score

Just like all other credit scores, a 700 credit score has implications. Thankfully, its implications are pleasant.

A credit score of 700 gives you access to various credit card products. It also makes you irresistible to lenders, and you can apply for any kind of loan. Additionally, a credit score of 700 typically grants you of favorable terms and low interest rates when you take out loans and access credit products.

Admittedly, the benefits that accrue with a 700 credit score are not as good as those of an 800 credit score. Regardless, they are still good. 

How to boost a credit score of 700

As good as a credit score of 700 is, it can still be improved. Improving a credit score of 700 is necessary for two reasons:

  • To enjoy the benefits of excellent credit scores
  • Prevent the score from dropping

Since you already have a good credit score, the only way to improve it is to maintain your good financial habits. Those habits include making early payments, maintaining a healthy credit mix, keeping a low credit utilization ratio, and maintaining old accounts.

It is also imperative for consumers to watch out for elements that might cause your credit scores to drop. Credit reporting errors and identity theft are disastrous for your credit health.

If you’ve had issues with any of these factors impacting your credit help, then contact us. We’ll be happy to help.

 


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