Skip to main content

700 credit score: A guide to credit scores

Published March 18, 2024| minute read


    • A 700 credit score is considered to be a good credit score, potentially allowing you to unlock more financial opportunities.
    • Maintaining a 700 credit score requires a consistent approach to payments and other healthy financial habits.
    • Achieving a 700 credit score is in most cases a marker for financial success that you can continue to improve upon.

    According to Experian(TM), one of the three main credit bureaus, the average credit score in the United States in 2023 was 715. While a 700 credit score is below the national average, it is still a good range to be in. If you’re curious what your current credit score is, you can enroll in Chase Credit Journey®, a free online tool anyone can use to check their free credit score and Experian credit report without an impact to your credit.

    Maximizing the potential of your 700 credit score

    Having a 700 credit score can grant you some opportunities that lower credit scores may not be able to. To help you understand what a 700 credit score can do for you, let’s explore the potential benefits of this score in more detail below.

    Leveraging your credit score for favorable interest rates

    A 700 credit score may be able to help you get lower annual percentage rates (APRs), which translates to lower interest rates on loans and mortgages. This can help you save on interest costs over long periods of time. Additionally, you could qualify for more credit cards of your choice, including those that come with better rewards, benefits and cash back offers.

    Expanding credit opportunities and purchasing power

    A 700 credit score opens up a wide range of credit opportunities. A 700 credit score can increase your credit opportunities and, thus, your purchasing power, meaning you will more likely be approved for loans, purchases and credit cards that you desire. Additionally, you may have more access to a larger variety of credit cards, including those with more premium rewards programs and cash back offers. Note that some cards may require an even higher credit score, which is possible to achieve with some consistency and diligence (more on this later).

    Enhancing your financial flexibility

    You purchasing power can also be positively impacted by a 700 credit score because lenders are more likely to offer higher credit limits, which at the same time can help to improve your credit score over time by lowering your credit utilization ratio. Note: Your credit utilization ratio is the amount of credit you use against your total available credit limit.

    Protecting and maintaining your 700 credit score

    You’ve worked hard at improving your credit score. Now that you’re in the 700 (or good credit score) range, you’ll likely want to do whatever you can to keep this credit score (or even improve it—which we’ll discuss in greater detail down below).

    To protect and maintain your 700 credit score, consider the following:

    • Monitor your credit. According to the Federal Trade Commission, monitoring credit reports can help individuals detect and address any errors or fraudulent activities that may negatively impact their credit score. Keeping yourself regularly updated about your accounts by reviewing your credit report and credit score allows you to stay up to date and aware of potentially suspicious activity.
    • Avoid closing old credit card accounts. Even if you use certain cards sparingly, you can help maintain your 700 credit score by keeping these cards open. If you close them, you may be affecting your credit mix and length of credit history, which are an important part of generating your credit score.
    • Safeguard your information. Using strong passwords, multi-step logins or authorizations and shopping from secure websites are just a few ways you can help protect your sensitive information from being stolen and misused.
    • Maintain a healthy credit utilization ratio. Ideally, you should keep this ratio to about 30% or lower.

    Improving your 700 credit score

    You can feel proud about achieving a 700 credit score, but if you’re eyeing a particularly premium credit card or have a personal goal of reaching an even higher score, you can bring your score from good to exceptional. The next tier of credit scores isn’t too far away. You could achieve a VantageScore® or FICO® score or of 750 or more, which is considered excellent or exceptional. Note that the highest possible score you can achieve is 850 for either scoring model.

    Below are a few ways you can take your score to the next level:

    • Reduce credit card balances. Try to lower your utilization ratio to 30% or less by reducing your credit card balances.
    • Avoid applying for several new lines of credit. When you apply for a couple of new credit cards in a short period of time, for example, you may temporarily hurt your score due to the hard inquiry your lender will run. If possible, avoid opening several credit card accounts at once.
    • Diversify your accounts. On the other hand, you may be able to improve your score by diversifying your portfolio by opening a new type of credit (such as a personal loan) to show your ability to manage multiple lines of credit.
    • Continue to conduct healthy financial habits. Consistency is key. Try to maintain healthy budgeting techniques, spending habits and credit management.
    • Remain patient. It can take some time to improve your credit score. You might not see your score improve for a while, but that’s OK. Continue to stay patient and consistent and you can see your score improve over time.

    In summary

    Achieving a 700 credit score is an important marker in your financial path. It’s essential to know what to do to maintain and improve your score over time. By monitoring your credit and making healthy financial choices, you can feel confident knowing you’re working to maintain a good credit score while making informed financial decisions.

    What to read next