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Having a good credit score is essential to access various financial benefits, such as better deals on credit cards, mortgages, and other types of credit.
In general, a credit score of 700 is considered good, offering a number of potential benefits. Compared to the average consumer score, it is either slightly higher or lower, depending on the model: the average FICO score published in August 2022 was 716, and the average VantageScore 3.0 score was 695 as of Q2 2021.
In this article, we’ll look at the benefits of having a 700 credit score, including the credit cards you may qualify for. We will also discuss how to improve your score if you want to take it even higher.
What is considered a good credit history?
While FICO and VantageScore have specific credit score ranges, scores above 600 or below 700 can be considered “good” by most standards.
FICO score range
- 800-850: Exclusive
- 740-799: Very good
- 670-739: Good
- 580-669: fair
- 300-579: Bad
VantageScore Range
- 781-850: Excellent
- 661-780: Good
- 601-660: fair
- 500-600: Bad
- 300-499: very bad
Benefits of a 700 Credit Score
With a credit score of 700, you can qualify for most credit cards, although some of the highest tier cards with better rewards may not be available.
You should be able to find cards that offer welcome bonuses and decent points or cash back on your day to day purchases as well as travel rewards and perks. Look for cards that match your spending habits to maximize the potential value of these rewards.
You can also qualify for a relatively low annual interest rate on a new credit card. However, you may be more likely to receive the card’s minimum APR if your score is over 700.
Credit cards for a credit score of 700
If your score is 700 or higher, you may have a good chance of getting cards in various categories. However, keep in mind that your ability to get approved for any card depends on factors other than your credit score, such as your income and the number of recent credit card applications.
Cash back
Awards and travel
Balance transfer
- Wells Fargo Reflect Card: 0 percent per annum for up to 21 months from account opening on qualifying balance transfer (then varies from 16.74 to 28.74 percent); no annual fee
- Citi Simplicity Card: 0 percent per annum for 21 months on balance transfers made within the first four months (then 17.74 to 28.49 percent variable); no annual fee
- Discover balance transfers: 0 percent APR for 18 months on balance transfers (then 15.74 to 26.74 percent variable); no annual fee
Business
How to Improve Your 700 Credit Score
Now that you know what a 700 credit score can get you, let’s take a look at how you can improve your credit score if it’s currently below that level.
Make timely payments
The easiest way to build or maintain a solid credit score is to pay your bills on time every month. Remember that credit bureaus consider a payment late if it is not received within 30 days of the due date, so if your date falls on a holiday, just make sure you pay a few days before the 30-day window closes.
Keep your credit card balance low
Another surefire way to maintain a good credit score is to keep the balance of all your credit cards as low as possible compared to their credit limits. Your credit utilization ratio – the amount you owe on your cards compared to your overall credit limit – has a big impact on your credit score. The general rule of thumb is to keep your balance below 30 percent of your credit limit in order to maintain a high score.
Have a mix of different types of credit accounts
Having a mix of different types of credit accounts also improves your credit score. A good credit score is built over time, so it’s a good idea to have a mix of installment accounts like student and auto loans, as well as revolving accounts like credit cards.
Don’t close old credit cards
Closing old credit cards can negatively impact your credit score as it removes the associated credit limit and can result in a higher credit utilization rate.
Monitor credit regularly
Regularly checking your credit history does not affect your credit score, so it’s a good idea to review your credit reports regularly to make sure the information is accurate and up to date. You can do this for free every week until 2023 at AnnualCreditReport.com. If you find something is wrong, challenge it immediately.
Avoid opening multiple accounts quickly
Opening multiple credit cards at the same time can negatively affect your account due to the effect of multiple complex requests, so be careful not to apply for new cards too soon. Having a lot of brand new accounts on your credit report can also lower the average age of the accounts, which is part of the factor in assessing the length of your credit history.
bottom line
A credit score of 700 is considered good and can qualify for a variety of credit cards with great rewards and benefits, as well as a relatively low annual interest rate. Improving a 700 credit score can be achieved through timely payments, a low credit card balance, a mix of different types of credit accounts, and only applying for credit when you need it.
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