Who Has a 700 Credit Score?

While age isn't a direct factor in calculating your credit score, there is a clear trend of scores improving over time. Here’s a look at the average FICO score by generation as of the third quarter of 2023:

• Generation Z (ages 18-26): 680 (Good)
• Millennials (ages 27-42): 690 (Good)
• Generation X (ages 43-58): 709 (Good)
• Baby Boomers (ages 59-77): 745 (Good)
• Silent Generation (ages 78+): 760 (Very Good)

Credit Cards With a 700 Credit Score

A credit score of 700 places you firmly in the "good" category, significantly broadening your access to a wide range of credit cards. Lenders view this score favorably, often translating to approvals for cards with more attractive features, such as rewards programs, sign-up bonuses, and lower interest rates. While a 700 score is a strong starting point, remember that issuers also weigh other financial factors like your income and existing debt before making a final decision.

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Auto Loans and a 700 Credit Score

Having a 700 credit score places you in the "prime" borrower tier, which generally qualifies you for competitive auto loan interest rates. While these rates are quite favorable, lenders typically reserve their absolute lowest rates for borrowers in the super-prime category.

• Super-prime (781-850): 5.25% for new cars, 7.13% for used cars
• Prime (661-780): 6.87% for new cars, 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars, 13.92% for used cars
• Subprime (501-600): 13.18% for new cars, 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars, 21.55% for used cars

Mortgages at a 700 Credit Score

A 700 credit score puts you in a strong position, qualifying you for nearly all major mortgage types. You'll meet the requirements for conventional, FHA, VA, and USDA loans. You also generally meet the minimum 700 score needed for jumbo loans, which cover larger loan amounts. This wide range of eligibility gives you plenty of options to compare.

Your score also positively impacts your loan terms. Lenders view a 700 as a sign of a reliable borrower, leading to easier approval and better interest rates than those offered to applicants with scores in the low 600s. You can also expect to qualify for lower down payment options and potentially reduced private mortgage insurance (PMI) premiums.

What's in a Credit Score?

Understanding your credit score can feel like trying to solve a complex puzzle, as it's a blend of several key financial habits. The most common factors that determine your score include:

• Your payment history tracks whether you have paid past credit accounts on time.
• Credit utilization is the percentage of your available credit that you are currently using.
• The length of your credit history considers the age of your oldest account and the average age of all your accounts.
• Credit mix refers to the variety of credit products you have, such as credit cards, retail accounts, and loans.
• New credit inquiries and recently opened accounts can also temporarily impact your score.

How to Improve Your 700 Credit Score

No matter your current standing, improving your credit score is always within reach. Whether you have a FICO® score or VantageScore, there are proven methods to enhance your creditworthiness and build a healthier financial profile.

• Monitor your credit reports regularly. By checking for and correcting inaccuracies or signs of fraud, you ensure your score is an accurate reflection of your credit health.
• Establish automatic bill payments. This simple step prevents late payments, which is the single most important factor in your credit score calculation.
• Reduce your credit utilization ratio. Keeping your balance well below 30% of your available credit demonstrates responsible management to lenders and can significantly boost your score.
• Diversify your credit mix. Lenders like to see that you can responsibly handle different types of credit, so having a mix of revolving accounts and installment loans can strengthen your profile.

For help maximizing your credit card rewards as you build your score, the Kudos browser extension can recommend the best card for every purchase.