700 Credit Score

By: Jeff Gitlen

How can I get a 700 Credit Score?

700 Credit Score: Your credit score is within that range between 670 to 739, which is considered good. The median U.S. FICO® Score, 704, is within that range of Good. The lenders view those with scores in the Good credit score range as “acceptable” as borrowers and may provide them with different credit options; however, not all with the lowest interest rates.

How to boost your score by 700 points?

A credit score of 700 allows you to access many credit and loans. However, increasing your score could increase your chances of being approved for a higher number of loans and at lower rates.

Furthermore, since the credit score of 700 is at the lower portion in the range between Good and Fair, you’ll need to control your score to avoid sliding into the less restricted Credit score acceptable content (580 -669).

Learn the benefits of having a great credit score

A credit score within the upper range can indicate a reasonably short credit history characterized by good credit management. It can also signify the long history of credit with a few errors in the process, like periodic payment delays, non-payments or a tendency to increase the usage interest rate.

Creditors view people with scores similar to those you have as good business prospects. Many lenders will offer credit to those with credit scores in the acceptable range. Even though they may not provide the best interest rates and credit, credit card issuers might not offer the most attractive rewards or loyalty bonuses.

You were maintaining your course with your score.

A good FICO® Score means you’re fairly common with American customers. This is certainly not a negative thing; however, with some work and dedication, you’ll improve your score to that Very Good range (740-799) or even the exceptional area (800-850).

To move towards that goal, you’ll require an understanding of the credit habits which can increase your score, as well as the ones that can hinder it:

  • Payments that are late or missed

    One of the most significant impacts on your credit score is that they’re not good for your credit score. The lenders want borrowers to make their payments in time.

Statistics believe that those who are late on payments are more likely to be late (go 90 days overdue without making a payment) on debts than those who pay on time.

If you’ve had a track record of paying late (or failing to make them altogether), it will improve the credit rating of an excellent job by breaking this habit. Over one-third of the score (35 percent) is affected by the frequency (or the absence) of missed or late payments.

  • Use rate

    or usage rate describes the degree to which the goal of “maxing your” credit account.

It is possible to measure the utilization rate on an account-by-account basis by dividing each account balance by the credit card’s maximum spending limit, then multiplying it by 100 to calculate an amount in percentage.

Most experts believe that more than 30% utilization rates on individual accounts and all accounts together will cause credit scores to go down.

The closer you are to “maxing out” each card–that is, increasing their utilization rate to 100%–the more damage you do to the credit rating. Utilization is second only after paying on time for payments in terms of impact on your credit rating; it accounts for nearly one-third (30 percent) of the credit score.

  • It’s not new, but it’s still a good thing.

    Other factors are equal. The longer your credit history, the better your credit score will likely be. This isn’t much help when your credit history is slowed due to late payments or high utilization, but there’s nothing you can do in the case of a new borrower.

If you are careful with your credit and keep on top of your payments, your credit score will likely rise as time passes. The period of credit history is the reason for up to 15 percent of your credit scores.

  • New credit activity

    generally has a short-term negative impact on your score. Suppose you are applying for credit on a new basis or borrowing additional money. In that case, credit-scoring systems calculate that you have a greater chance of being able to repay your dues.

Credit scores tend to decrease a bit when this occurs, but they rebound after several months, provided you pay your bills on time.

Due to this, it’s best to “rest” for six months or more between applying for credit and avoid opening new accounts during the months before when you intend to apply for a significant loan, such as an auto or mortgage loan. Mortgage rate.

Credit-related new activity can make up approximately 10% of your credit score.

  • A wide range of different credit cards

    aids in the improvement of credit scores. People with several credit accounts, such as credit cards that revolve (accounts like credit cards that allow you to borrow against a defined spending limit and make monthly payments of varying amounts every month) or installment loans, are favored by the FICO® scoring system (e.g., auto mortgages, student loans that have set monthly payments and set time frames for repayment).

The credit mix accounts for around 10 percent of individuals’ credit scores.

  • Public documents

    like bankruptcies are not listed on every credit report. Therefore, these reports cannot be compared with other scores’ influences in percentage.

If any of these are included as credit issues on your record, this may surpass all other factors and drastically decrease the credit rating.

For instance, bankruptcy may remain in your credit file for ten years, making it impossible to gain access to various types of credit for the duration or all of the time.

In the group of consumers who have FICO® scores over 700, XX% of them have credit reports containing at least one piece of public information, for example, bankruptcy.

How to increase your credit rating

Your FICO® score is solid, and you have high odds of being eligible for various loans. However, raise your credit score and eventually get to those Excellent (740-799) or exceptional (800-850) credit scores and are eligible. You could be eligible to receive better interest rates, which could save you thousands of dollars throughout your loan.

Here are a few actions to start building your credit score.

  • Review the score of your FICO (r) often

    . Monitoring the FICO® Score can give you helpful information as you work towards increasing your score. Be aware that fluctuations in the score are a part of the course.

Observe for steady improvement if you follow good credit behavior. You might want to look into a credit monitoring program to streamline the process.

Also, you might want to investigate an identity theft protection service that could flag unusual activities on your credit reports.

  • Beware of high credit utilization rates, high credit utilization, or debt usage. Keep your utilization across all of your accounts to less than 30% to prevent lowering your score.

  • Look for a potent combination of credit.

    It is not advisable to take on loans they don’t need. However, smart borrowing can help boost credit scores in revolving credit and installment loans.

  • Make sure you pay your bill in time.

    It’s been said before. However, there’s a better method to increase your credit score than discovering a sound-fit system for you and sticking to it.

Automated tools like smartphone reminders and mechanical bill-pay services are great for other people for various notes and calendars on paper. After six months or so, you may forget without assistance. (Keep your system running, just in case.)

Find out more about the credit score you have

Although a 700 Credit Score is regarded as good, raising your score to a Very good level may qualify you for reduced interest rates and more favorable credit arrangements.

Obtaining a free credit report from Experian is the best place to start. You may examine your credit score to learn more about the elements that impact your score most. Learn more about credit ratings in the complete article, including an outstanding credit score.


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Financial Writer at Paydaypact | + posts

Jeff Gitlen is a graduate of the Alfred Lerner College of Business and Economics at the University of Delaware. Gitlen has spent the past five years writing and researching on personal finance issues which include credit cards, student loans insurance, and other. His writing has been featured in top news publications among them are Bloomberg, CNBC, Forbes along with Market Watch.

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