A 700 credit score is considered good and will help you qualify for some of the best credit card perks and loans out there. However, it can take some time to improve your credit profile and build your score, so be patient.
Your credit score determines how easily you can get approved for loans and what interest rates lenders are willing to offer you. You can save thousands of dollars in interest by having a high credit score.
Overview of a 700 Credit Score
If you’re looking to get a credit card or loan, a 700 credit score can open up a lot of options. You’ll likely be able to get an excellent interest rate and favorable terms, depending on the creditor.
You can also save thousands of dollars in interest over time if you have a good credit score. If you have a mortgage at 6.44%, for example, that’s equivalent to $252,346 in interest over 30 years.
The best way to start building credit is by paying your bills on time and avoiding maxed-out cards. This is because a high utilization ratio, or the total amount of debt divided by your credit limit, can have a negative impact on your score.
A high credit score can mean big savings on mortgages, auto loans and personal loans. In addition, it can help you qualify for credit card offers that feature rewards like cash back or travel.
Credit Card Options with a 700 Credit Score
Those with a 700 credit score have a wide range of credit card options. They can use them for purchases, balance transfers and even travel expenses.
They can also use them to build credit history and build their score. Then they can move up to more premium rewards credit cards with big benefits.
If you want to get the best out of your credit, start by making payments on time. Paying off your credit card balances will help you reduce your credit utilization ratio, which is a factor lenders look at to determine how likely you are to make your payments on time.
If you have a credit score of 700, you can find cards that offer 0% intro APR on balance transfers and no annual fees. You can also find credit cards that offer rewards on travel and other purchases.
Auto Loans with a 700 Credit Score
There are a variety of auto loan options for buyers with a 700 credit score. These include new and used car loans from banks, credit unions, online lenders and loan marketplaces.
The interest rates on these loans vary widely by credit score and lender, so shopping around can help you find a lower rate. The best place to start is myAutoloan, which lets you source offers from a range of lenders in one place.
Credit scores are the single most important factor affecting the average interest rate on an auto loan. They are computed from a variety of factors, including the length of credit history and the amount of outstanding debt.
Buyers with credit scores in the 700s can expect to pay a low interest rate on their auto loans. These are often referred to as “prime” credit scores, since they represent little risk for lenders.
Personal Loan Options with a 700 Credit Score
There are a wide variety of personal loan options available for people with a 700 credit score. These loans can be used for anything from home improvement projects and vacations to large purchases, medical bills or family planning.
Most lenders offer loans between $2,000 and $100,000 with flexible terms that include repayment periods of two to eight years. Some also allow borrowers to choose their own interest rate and payment amount.
The best way to find a personal loan is to shop around and compare offers from multiple lenders. You can do this using websites like LendingTree or even by talking to a financial advisor. Many of these companies will also offer online prequalification, which can let you know how much you could borrow and does not impact your credit.
Mortgages with a 700 Credit Score
If you have a 700 credit score, you’ll be eligible for a variety of mortgage options. From jumbo loans to adjustable rate mortgages, your score will help you find the best terms.
Having a high credit score also can save you thousands of dollars over the lifetime of your mortgage. A low interest rate can make it easier to afford a more expensive house or car.
The amount you can borrow varies depending on the lender and your debt-to-income (DTI) ratio. The larger your down payment and lower your DTI, the more money you’ll be able to borrow.
It’s also important to keep in mind that a 700 credit score doesn’t mean you’ll get the most competitive rates or terms on your next loan. Lenders will still want to see a good history of paying your bills on time and not using more than 30% of your available credit.