The FICO credit score is a number between 300 and 850. As you improve your scores, different credit score ranges become available to best suit what type of lending criteria creditors use when evaluating loans applicants like yourself. With a FICO credit score of 700, you are likely to be approved for most loans and receive some the best interest rates available.
A 700 is generally considered a "good" credit score and can make getting approved without high fees or interest rates with this low of an amount on your credit report!
You may have heard that you need a 720-credit score to be considered "excellent" or even just reliable, but it is possible for 690-719 credit score range residents. A little bit of improvement will give many more options and help save lots a money!
Good credit scores can open the door to possibilities. If you have good credit score prospects, then maybe loans with better terms will be available for purchase or even an unsecured personal loan without high interest rates and fees! You might also qualify for low APR secured cards that offer some rewards plus cash back - so look at our website today if this sounds interesting :)
Credit scores are often seen as the most important factor in determining who gets loans, but they’re not all- neighborhood’s with good credit score can still have difficulty getting approved for one. It helps to know how exactly this number works before you start worrying about your own!
| Types of credit | Do you Qualify? |
|---|---|
| Store Credit Card | Yes |
| Unsecured Credit Card with No Annual Fee | Yes |
| Unsecured Credit Card with Rewards | Yes |
| Home Loan | Yes |
| Auto Loan | Yes |
| Personal Loan | Maybe |
| 0% intro APR Credit Card | No |
700 is not your limit. You'll likely easily qualify for most credit cards, personal loans and more with this score!
If you’re not in the top credit score range, it is still important to review your loan terms. You want a reasonable interest rate and manageable length for repayment since this will help keep things easy on yourself long-term!
The auto loan market is not as competitively poised reserve. But with some limits, generally speaking you may find that your credit score will dictate what kind of car and rate offers are available to suit both parties involved in the transaction - especially if they're within fair range!
Building your credit takes time and there are many things that can help you build it over a shorter period. You may be able to get better terms if you do this, but the process isn't overnight!
While the average credit score it takes to buy a house can vary widely depending on where you’re looking, if your finances are in “good" range then getting that perfect mortgage may be more challenging.
If you don't qualify for a conventional loan, there are several other types of mortgages out in the market. Some private lenders make these kinds and they're backed up by our government! You can get one with less down payment than what's needed on most houses as well.
However, if you have poor credit or are planning on applying for a conventional loan then these options may be better. While they will likely cost more interest than what your bank offers and there's always an option of paying in cash instead which could save money down the line!
The higher your credit score, the better chance you have of being approved for a personal loan. A good-credit applicant might be charged more interest and fees than someone with scores in good or excellent range!
The higher rates and fees might make the loan a less desirable proposition, depending on what you need it for. For example, if you want to consolidate credit card debt with another personal loans but they both have similar interest rates then this could end up costing more in total finance charges than before because of their different structures - especially considering all those pesky upfront costs!
You should consider whether it’s something you need now or can wait to buy. If possible, try getting the loan with lower interest rates once your credit score has been built up over time and work on paying off what was borrowed first before buying anything new in order not only save money but also avoid high monthly payments fromatures!
The 700-credit score is not a guarantee of approval for traditional unsecured cards. But if you have filed bankruptcy in the past, low income or frequent card opening history it's possible to still get denied even with an excellent rating! People who are rejected from these types often choose secured alternatives because they offer higher rates than regulars do - just make sure your finances match what they need before applying.
The good news is that student loans are some of the easiest, simplest financial obligations to take on if you have a 700 credit score. More than 60% of them go out to applicants with scores below 700! A new degree may also help make repaying your loan easier as well since it can lead into increased income down the line.
Percentage of Age Group with a 650+ Credit Score
| Age Group | 650+ Credit Score |
|---|---|
| 18-24 | 43% |
| 25-34 | 47% |
| 35-44 | 51% |
| 45-54 | 58% |
| 55-64 | 69% |
| 65+ | 83% |
Percentage of Income Bracket with a 650+ Credit Score
| Income Bracket | 650+ Credit Score |
|---|---|
| 650+ Credit Score | 23% |
| $30,000-$49,999 | 47% |
| $50,000-$74,999 | 84% |
| $75,000-$99,999 | 87% |
| $100K+ | 88% |
Great credit is the key to financial success. With better rates and more opportunities, you can work on improving your score so that it becomes even stronger! You've taken an important step today by learning what actions will help make this happen for yourself in no time at all now go forth with confidence knowing everything necessary has been laid out before us.
Call on (888) 803-7889 to know more about the credit score!