Is a 700 Credit Score Good?

By MoneyLion

You probably understand that a higher credit score is a good thing. But do know what lenders consider to be a “good” score?

We’re taking a closer look at what it means to have a 700 credit score. We’ll tell you what scores lenders look for and why it’s important to have a good score. Finally, we’ll give you a few insider tips that you can use to push your score to the next level.  

Is a 700 Credit Score Good?

You’ll be happy to know that every credit reporting bureau considers your 700 score to be in the “good” range.

A good credit score is beneficial because it gives you access to more loan options and lower interest rates. Only 8% of people who have good credit scores miss multiple loan payments in the future, according to Experian. This means that you’re a less risky borrower and more lenders will want to work with you. They’ll usually offer you lower interest rates.

Improving your score by just 10 points can be seriously beneficial if it pushes your score from “fair” to “good.” Or even more beneficial if you can push your score from “good” to “excellent”! Check out Credit Builder Plus from MoneyLion, an easy-to-follow program for helping to boost your credit score quickly.

What is Considered a Good Credit Score?

Your score can vary by bureau because each bureau uses its own calculation method and may only have access to select financial data from creditors. There are three major credit reporting bureaus: Equifax, TransUnion and Experian. Each bureau issues you a score based on its own data and calculation method.

The most common calculation methods are the VantageScore model and the FICO model. These two calculation models vary slightly, but both put major importance on your repayment history and how much credit you use.

Let’s take a closer look at what a 700 score means at all three bureaus.


Equifax uses a modified version of the VantageScore scoring model. Equifax’s score ranges are as follows:

  • Poor: Below 559 points
  • Fair: 560 to 659 points
  • Good: 660 to 724 points
  • Very good: 725 to 759 points
  • Excellent:  760 to 850 points

The highest Equifax score that you can have is 850. Equifax considers a 700 credit score to be in the “good” range. 


TransUnion uses the VantageScore scoring model. TransUnion is the only credit scoring bureau that gives you a grade for your credit score instead of a ranking. Just like when you were in school, F is the worst grade and A is the best. Here are TranUnion’s scoring ranges and grades:

  • F: 300 to 600 points
  • D: 601 to 657 points
  • C: 658 to 719 points
  • B: 720 to 780 points
  • A: 781 to 850 points

TransUnion’s maximum score is 850 points. A 700 credit score will earn you a “C” grade, which is similar to a “good” rating with other bureaus. 


Experian uses the FICO scoring model, which is also the model used by most lenders. Here are Experian’s scoring ranges: 

  • Very poor: 300 to 579 points
  • Fair: 580 to 669 points
  • Good: 670 to 739 points
  • Very good: 740 to 799 points
  • Exceptional:  800 to 850 points

Experian’s maximum score is 850 points. A 700 credit score means you have a score that’s in the “good” range. 

From 700 to 800: How to Increase Your Credit Score

Are you ready to take your credit score from “very good” to exceptional? Use these tips and you’ll be able to get closer to a top-tier credit score. 

Make Your Payments On Time

Your payment history makes up about 35% to 40% of your credit score. It’s the single most important factor when you determine your score. Your score will go up if you always pay your credit card and other bills on time. A bunch of missed payments on your account means your score will go down.

The best way to push your credit score from 700 to 800 is to develop a strong and solid history of on-time payments. This can be tricky because you have to balance multiple accounts and cards with different due dates. Consider signing up for auto-pay if your credit card provider offers it. Auto-pay automatically deducts your minimum payment from a linked bank account on your payment due date. This means that you won’t have to worry about accidentally lowering your score by forgetting your payment due dates. 

Watch Your Utilization

Credit utilization refers to how much of your available credit you use on a month-to-month basis and is a very important factor when it comes to your score. 

Lenders look at your credit utilization as a ratio of used versus total credit. For example, if you have a credit card with a $10,000 limit and you put $3,000 on your card, you have a 30% credit utilization ratio.

The lower your utilization ratio, the higher your credit score will be. As a general rule, lenders like to see you use less than 30% of your total available credit. Try to use less than 10% of your total available credit to see the maximum increase in your score. Otherwise, you may want to request an increase in credit from your current provider to naturally lower your utilization ratio as long as you don’t increase your spending. 

Don’t Close Open Credit Accounts

Closing credit cards that you don’t use might seem like a natural next step. Unfortunately, this seemingly smart move can actually lower your credit score. When you close a line of credit that you already have open, it increases your utilization ratio, even if you spend the same amount of money.

For example, let’s say that you have two credit cards and each one has a $1,000 credit limit. 

Your total available credit is $2,000 between both cards. Let’s also say that you put $500 of monthly expenses on one of your cards but you don’t really use the second one. In this case, your credit utilization is 25%. If you close the second card that you don’t use, your total available credit drops to $1,000. Even if you still spend that same $500 every month, your credit utilization is now 50%, which will set off some alarms with credit reporting bureaus.

Limit New Inquiries

Lenders don’t like it when you apply for a lot of credit at once. This might mean that you’re about to take a big financial risk, which puts your ability to pay back your loans in jeopardy. A hard inquiry (when you authorize a creditor to look at your report) temporarily lowers your score.

This typically isn’t a big deal and only results in a minor hit to your credit score. However, if you plan to apply for a big loan soon (like a student loan or a mortgage), you’ll want to limit your other inquiries. Don’t apply for other sources of credit unless you absolutely need to. 

Remove Reporting Errors

Are you doing everything right, yet your score still isn’t rising? There might be an error on your credit report that’s lowering your score. About one in every five people has at least one error on one of his credit reports.

The only way to find out if you have a mistake on your credit report is to view each one of your reports and read them yourself. Under the Fair Credit Reporting Act, you’re entitled to one free view of each of your credit reports every 12 months. You can get a copy of your TransUnion, Equifax and Experian report online at

Request and download a copy of all three of your reports. Keep an eye out for inaccurate information. Some of the most common errors that lower your score include:

  • Your name misspelled or the wrong Social Security number listed
  • Accounts you paid on time listed as late
  • Accounts you closed voluntarily listed as “closed by lender”
  • Information and loans listed for someone who has a name that’s similar to yours
  • Negative credit information not removed after it has expired (for example, a Chapter 13 bankruptcy should only stay on your report for seven years)

Report any mistakes on each bureau’s website. You must contact each bureau individually if the mistake is on more than one report. The bureau must investigate your claim and fix the mistake if there is one.

Watching Your Credit with Credit Tracking by MoneyLion

It can help to sign up with a credit monitoring system like MoneyLion’s. MoneyLion’s credit tracking service keeps tabs on your credit, alerting you whenever a new item appears on one of your reports. This can help you keep your inquiries in check and spot identity theft fast. You can even check your score for free through the app without lowering it. 

Understanding the Power Behind Your Score

A credit score of 700 points is great — but are you trying to push your score to new heights? If so, you’ll need to create a plan of action to make it happen. Stay consistent with your payments, track your spending and keep your utilization low. Before you know it, you’ll be on the path to a great credit score.

Need a little boost when it comes to improving your finances? MoneyLion is here to help. Download the MoneyLion app from the Google Play or Apple App store today to get started. 

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