is 700 a good credit score?
Your credit score in many other ways affects your financial life. When you apply for a loan or credit lenders base approval decisions in part of your credit health. A 700 credit score is said to be a good credit score on the FICO (Fair Isaac analyzing company) score scale of 300-850. People with this credit score said to be approved for credit cards and loans with an average rate of interest. Knowing where you fall on the spectrum is important, especially if your goal is to get the best rate possible on your credit accounts.
The difference between a fair credit rating and a good credit score maybe just a few points but it can make a world of financial difference when it comes to borrowing.
How 700 is a good credit score?
FICO analysis calculates credit scores, but it’s just the lender who decides whether a credit score is excellent, good, fair, poor or bad.
Most of the credit score between 700 and 749 to be good, Lower cut off is 680 to 720. The credit score is fluid not fixed but that answers that is 700 a good credit score so answer is yes. With 700 credit score, you can avail credit cards offers, reward. The information on your credit report shapes up your credit score calculation. And that report changes every time your new data is reported according to every payment, every account, monthly balance. each scoring model has several variations mostly industrial specific.
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Benefits of Good credit score?
The 700 is a good credit score but what are the benefits of this, the short answer is that a credit score of 700 or better can make it easier to get approved for credit cards, loans, and lines of credit. A range of score suggests that you know how to use credit responsibly. Paying bills on time, you don’t get to take advantage of the credit.
A good credit score can also impact your ability to buy a car or rent a home. In future, if your landlord includes a credit check as part of the pre-screening process, your 700 or better score could put into a favorable light.
How to improve your credit score?
Transactions- The most important factor is in many credit scoring model. It depends upon your transactions and the payments done on daily basis counts the credit score. Paying all your debts make the lenders trust you more.
Credit you own- The amount of credit you use to the total amount you have available is your credit utilization ratio. You can calculate your credit utilization rate by adding up your balances on your revolving credit accounts.
The total amount of debt- You credit score totally depends on your debt. If you have a ton of debts creditors may feel you are not responsible.
How long you are using the credit- The credit scoring depends on the credits you use. The longer positive credit history one has the more positive the creditors will feel you are likely to repay the loan.
700 credit score mortgage
If you have credit score 700 you will get lots of offers and easily able to avail mortgage loan.
700 credit score auto loan
Over 700, you’re much more likely to have a wide variety of offers and easily avail auto or car loan.