700 Credit Score
700 Credit Score
Having a 700 credit score is an OK place to start with good room for improvement. Of course a credit score of 800 or higher is most desirable so that’s the target you can aim for. Within the top credit ratings you will likely be able to receive a lender’s best interest rates. That gives you the luxury to shop around and demand for the most promising conditions. You will be looked upon positively when creditors are deciding whether or not you are a good risk.
However, we’re getting a bit ahead of ourselves. A credit score in the mid 700s is still considered the best risk. But with a 700 credit score, you’re not quite there either. You might want to put in some effort to improve your credit score just a little bit more so you get best interest rates you possibly can.
Keep in mind that you will probably have somewhat varying scores in each of the credit bureaus. The counterpart of that score of 700 from Experian might be a score of 670 at TransUnion. This happens because some creditors only report to one or two of the three credit bureaus. I suggest you get a credit report from each of the three, and then compare them.
700 is unquestionably a decent credit score, but increasing it by about 30-50 points can save you hundreds or even thousands of dollars over the long haul.
Improving Your 700 Credit Score
Here are some suggestions to help you improve your score. First and foremost, pay your bills on time! And then see to it that you have at least one credit card, or some kind of installment loan. Without some form of active credit you can’t get much of a score.
Also, avoid having any credit cards that are not activated. You may intend to use them during emergencies, but being inactive, they are considered as dormant accounts which can negatively affect your score.
Don’t have too many credit cards either. Three or four should be the maximum number. And never open more than one separate credit card account at a time. Doing so might cause multiple credit inquiries, which will possibly lower your credit score.
If you come upon a situation where you know in advance that you won’t be able to make credit card payments on time, just negotiate ahead of time with the creditor. And never forget to keep track of your credit report to make sure all information is precise.
If you are zeroing in on boosting your credit score, just keep these tips in mind and you might just get the oomph you need for it. Pretty soon that 700 credit score will be a thing of the past as you soar to higher levels.