Is 700 a Good Credit Score?

By Marcy Lovitch

(Last Updated – 03/2024)

A 700 credit score is considered “good” by many lenders, and can make it easier to get approved when you apply for a credit card or any type of loan. Good credit can also help you qualify for lower interest rates and credit cards with extra perks, while offering some other advantages.

However, a credit score of 700 doesn’t fall into the “very good” or “exceptional” credit tiers, and generally won’t qualify for a creditor’s best interest rates or loan terms.

Read on to learn what a 700 credit score means and how good credit can help (and hurt) when it comes to getting credit cards, personal loans, car loans, mortgages, and more.

What Does a 700 Credit Score Mean?

A credit score is a three-digit number, typically ranging between 300 and 850, designed to represent the likelihood you will pay your bills on time. The higher your credit score, generally the more creditworthy you’re deemed to be by lenders and financial institutions.

Your credit score is based on information contained in your credit reports, and you actually have several — not just one — credit score. Credit scores can be calculated using different scoring models, such as FICO, VantageScore, or a lender’s own proprietary algorithm. As a result, what counts as a “good” credit by one model or lender can be different from another model or lender.

The most widely used credit scores, however, are FICO scores. According to FICO, the ranges and ratings for credit scores are:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very good credit: 740-799

•   Exceptional credit: 800-850

A 700 FICO is considered “good.” Although the majority of lenders use FICO scores, some opt to use their own credit scoring models or VantageScore, a FICO competitor. With VantageScore, someone with a credit score of 700 also falls into the “good” credit rating category. This is their second-to-highest tier and includes scores between 661 to 780.

Generally, someone with a 700 credit score is seen by creditors as a relatively low- risk borrower who will likely repay what they owe. However, even with a good credit score, you can still have a history of late payments. According to Experian, late payments (30 days past due) appear in the credit reports of 33% of people with a FICO score of 700.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

What Can You Get With a 700 Credit Score?

If you have a 700 credit score, lenders will generally view you as an acceptable or just-below average borrower, since the average FICO Score in the U.S. is 718. You may be able to access a variety of credit products, though not necessarily at the lowest-available interest rates.

With a 700 credit score, you’re above the “fair” or “poor” range but you aren’t in the two top FICO tiers or top VantageScore tier either. So, depending on the lender, you may not get the best interest rates or qualify for top perks or benefits.

Here’s a closer look at what you may be able to get with a credit score of 700.

Can I Get a Credit Card with a 700 Credit Score?

There’s no minimum credit score needed for a credit card, so you can get a credit card even if you have poor or fair credit, though those will often come with some drawbacks such as a lower credit limit and high interest rate.

With a 700 credit score however, you’ve demonstrated you’re likely to make payments on time. Having a good credit score rating generally gives you more choices when it comes to applying for credit cards, including more introductory offers, lower interest rates, and a higher credit limit, than a borrower with fair or poor credit.

You may also be able to snag a credit card without an annual fee and that offers rewards (such as cash back points you can use towards airline flights, hotels, or dining) and/or a 0% introductory annual percentage rate (APR).

To qualify for credit cards with the most generous benefits and welcome bonuses, however, you generally need to have a credit score higher than 740, which is considered “very good or “exceptional” credit.

Can I Get an Auto Loan With a 700 Credit Score?

According to a fourth-quarter 2023 report from Experian, more than 68% of cars financed were by people with a credit score of 661 or higher. This means if you’ve got a score of 700, securing an auto loan shouldn’t be a problem.

Your credit score can have a significant impact on your car loan interest rate. The average interest rate for someone with good credit who takes out a car loan is 7% for a new car and 9.73% for a used car. For borrowers with credit scores between 781 and 850, on the other hand, the average interest rate for a car loan is 5.64% for a new car and 7.66% for a used car.

While your credit score plays a significant role in determining your car loan interest rate, other factors — like the lender, amount borrowed, length of the loan, and economic conditions — also play a role in what rates and terms you can qualify for.

The best way to secure a competitive interest rate on your auto loan is to shop around and work on building an even stronger credit profile.

Recommended: Can You Get a Personal Loan for a Car?

Can I Get a Mortgage With a 700 Credit Score?

More than 40% of first mortgage loans go to borrowers with a credit score under 740. Conventional mortgages (those not backed by the government) require a score of 620, while Federal Housing Administration (FHA) loans with low down payments require a score of 580. A 700 score puts you comfortably over these requirements.

Keep in mind, though, that a 700 credit score likely won’t qualify you for a lender’s best mortgage rates, which are typically reserved for borrowers with very good or exceptional credit scores. However, with a 700 credit score, you should qualify for rates in line with national averages.

Also know that mortgage lenders will look at more than just your credit score when you apply for a home loan. They typically consider a range of criteria, including your debt-to-income (DTI) ratio and the size of your down payment.

Can I Get a Personal Loan With a 700 Credit Score?

While there’s no universal minimum credit score requirements for personal loans, generally a score of 670 and up will put you on the path for a personal loan with competitive rates and terms, and a shot at a higher loan amount than a borrower with fair or poor credit. However, not every lender may approve you. Some personal loan lenders require scores well into the 700s for consideration.

Personal loans are typically unsecured, meaning you don’t have to put up collateral like your car or savings; instead, lenders evaluate applicants’ ability to repay the loan by looking at multiple criteria. While your credit score plays a major role in whether or not you qualify for a personal loan and at what rate, it’s not the only factor that a lender will consider. Lenders will typically also look at your income and employment history, cash flow, and how much debt you already have.

💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why SoFi credit card consolidation loans are so popular.

Can I Rent an Apartment with a 700 Credit Score?

When you apply for an apartment rental, the landlord will likely run a credit check. This is because landlords want to make sure they are renting to someone who will pay rent on time, is financially responsible, and has a history of successfully managing debt payments. Having a 700 credit score can increase the likelihood you’ll get approved as a renter.

Although there’s no official credit score needed to rent an apartment, the average credit score for U.S. renters is 650. In cities and areas where there’s a huge demand for apartments, however, landlords may opt to rent to someone with a score that falls into the very good or exceptional ranges.

Still, if 700 is your credit score, and you’ve got a good past rental history plus a low DTI, you shouldn’t have too much of a problem.

The Takeaway

Having a credit score of 700 can put you in a good position to get approved for loans and credit cards with competitive interest rates and terms. Your credit score may also stand out to landlords if you’re looking to rent an apartment.

But even though a 700 credit score can open up more doors, it’s still only considered “good” in the eyes of lenders, not “very good” or “exceptional.” Working to improve your credit (by always paying your bills on time, paying down credit card balances, and limiting hard credit inquiries) can make you more desirable to lenders. It can also save you a significant amount of money in the long run.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate