Money tips for everyday life
700 Credit Score: Is It Good or Bad?
When you check your credit report and see a 700 credit score, you are standing on the threshold of "good" credit. In the world of personal finance, your credit score is more than just a number—it is a snapshot of your financial reliability that lenders factor into their credit decision.
But is a 700 credit score good enough to get the best rates? Understanding how this number fits in with the broader credit landscape can help you manage your money more effectively.
What is a 700 Credit Score?
A 700 FICO credit score falls within the "Good" range, which typically spans from 670 to 739. With this credit score, you are just below the average U.S. consumer credit score of 715. While it isn't quite in the "Very Good" or "Exceptional" categories yet, a 700 credit score can signal to lenders that you are a responsible borrower.
Quick Guide: Credit Score Ranges
Credit Score Range | Category | What it Means for You |
800–850 | Exceptional | Typically gives you access to the lowest possible interest rates. |
740–799 | Very Good | Many lenders will typically approve you for most top-tier credit offers. |
670–739 | Good | A "700 credit score" falls here and you are typically seen as a reliable borrower. |
580–669 | Fair | You may face higher interest rates or stricter terms. |
300–579 | Poor | May require a cosigner or secured credit products. |
Understanding Your Credit Report
To understand how you reached a 700 credit score, you have to look at your credit report. What is a credit report? Think of it as a detailed overview of your financial history. It contains information about:
- Your payment history (whether you pay on time)
- How much debt you currently owe
- The length of your credit history
- New credit inquiries and the different types of accounts you hold
Your credit score is a numerical representation of the information found within your credit report.
What Can You Get With a 700 Credit Score?
If you have a 700 credit score, you may be able to access a variety of credit products, though not necessarily at the lowest-available interest rates. With a 700 credit score, you’re above both the “fair” and “poor” ranges, but you aren’t in the two top FICO tiers or top VantageScore tier. Depending on the lender, you may not get the best interest rates or qualify for top perks or benefits.
How to Move from "Good" to "Great"
Since a 700 credit score is at the lower end of the "Good" range, it’s possible that small changes in your habits can have a big impact. To protect your credit score and move toward the "Very Good" range (typically 740+), consider these strategies:
- Watch Your Credit Utilization: Aim to keep your credit card balances below 30%, and ideally even lower, of your total limits. Learn more about your credit utilization ratio and how you can improve it.
- Maintain On-Time Payments: Even one late payment can cause a significant drop in a 700 credit score.
- Monitor Your Report: Regularly check your credit report for errors or unauthorized accounts that could be dragging your number down.
Explore Your Options
A 700 credit score puts you in a good position to see what financing options are available to you. When you apply for a card or personal loan through Upgrade, having a 700 credit score can open doors to more flexible loan amounts and terms. Because loans through Upgrade offer fixed rates and no prepayment penalties, a "Good" credit score allows you to borrow with predictability, knowing exactly what your monthly commitment will be.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.74%-35.99% and a 1.85%-9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For certain discounts, collateral may be required. Repayment terms from 24 to 84 months. For example, if you receive a $10,000 unsecured loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR and other terms of your loan may vary and you may not be presented with multiple offers. If offered, your loan terms, including your rate, will depend on credit score, credit usage history, loan amount, and other factors. Late payments or other fees, as noted in your Borrower Agreement, may increase the cost of your fixed rate loan. Certain loan offers may not be available in all states.
Upgrade is a financial technology company, not a bank. Personal loans issued by Upgrade's bank partners: https://www.upgrade.com/bank-partners/.
