A 700 credit score is often seen as the barometer for what constitutes a good credit score. But while each credit scoring agency has slightly different criteria for determining where scores rank, a 700 score typically resides in the “good” category. Other common credit score categories include “poor,” “fair,” “very good” and “excellent.” Across the five major credit score categories, most Americans have a “good” score or better.
A financial advisor can help you improve your credit score, manage your investments and save for retirement. Connect with a local financial advisor today.
What Is a Good Credit Score?
Generally speaking, 700 is universally considered to be a good credit score. However, you may get slightly different answers depending on who you ask. For example, if you’re using FICO’s credit score ranges, 700 falls right in the middle of the “good” category. According to some other credit scoring agencies, though, a 700 score ranks in the upper half of the “good” bracket.
If you’re applying for a credit card that requires excellent credit or you’re looking to get a low-interest loan, a 700 score might not be high enough. Even still, a 700 credit score will get you approved for most credit lines, especially if you have a largely healthy credit profile with no bankruptcies.
How Does a 700 Credit Score Compare to Other Credit Score Ranges?
FICO is the premier credit scoring agency. As a result, its credit score ranges are generally seen as the industry standard. Here’s a breakdown of which scores fall into each of its five categories:
- Excellent: 800 – 850
- Very Good: 740 – 799
- Good: 670 – 739
- Fair: 580 – 669
- Poor: 300 – 579
A 2020 study by Experian, one of the three main credit bureaus, shows most Americans have a “good” credit score or better. In fact, two-thirds of the country has a credit score of 670 or higher, according to the report.
- 20% of Americans have a credit score of 800 to 850
- 25% of Americans have a credit score of 740 to 799
- 21% of Americans have a credit score of 670 to 739
- 18% of Americans have a credit score of 580 to 669
- 16% of Americans have a credit score of 300 to 579
If your credit score is 700, that’s generally considered to be good. With this score, you’re likely to be approved for most credit cards on the market. However, this also depends on the rest of your credit profile.
Although a 700 credit score doesn’t quite reach the tier of “excellent,” it means your credit profile is relatively healthy. You could even be a few good credit decisions away from reaching the upper levels.
Tips for Improving Your Credit Profile
- Building or repairing your credit score takes dedication over a long period of time. A financial advisor can help you do this, while also aiding you with investing and saving for retirement. SmartAsset’s free tool can match you with financial advisors in your area in just five minutes. Get started now.
- There are lots of ways to build or repair your credit. While time is a major factor, other things, like responsible credit card use, can help. To get yourself a safe card that can help you improve your credit, check out our list of the best secured credit cards.
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