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If you have a 700 credit score, you’re considered to have good credit. You may qualify for more competitive rates and options in terms of lending products. However, you may not get the best rates available, nor more premium products like luxury rewards credit cards.

That’s because while 700 is a good credit score, it’s not yet in the very good or exceptional range. Here’s a closer look at what a 700 credit score can get you, as well as how you can maintain — or build — this score.

What Is a 700 Credit Score?

A credit score is a three-digit number ranging from 300 to 850 that is a measure of your creditworthiness. The higher your score, the less risk you pose as a lender — as in, you’re more likely to pay back loans on time. If you have a credit score of 700, it means lenders consider you likely to pay back your loans on time.

Credit scoring models use your credit history to calculate your score. This information is typically supplied by the three major credit bureaus: Experian®, TransUnion®, and Equifax®.

While a credit score of 700 falls well within the range of good, the FICO® Score and VantageScore credit rating scales vary slightly on what’s considered good credit. For the FICO Score, a score from 670 to 739 is considered good, while for VantageScore, the good category (also known as prime) is 661 to 780.

The differences in how FICO and VantageScore calculate and rate scores can also explain why you have different credit scores.

Is a 700 Credit Score Good or Bad?

A 700 credit score is considered good, or slightly above average. You may be able to more easily qualify for loans, whereas someone with a bad credit score may struggle to do so. While rates and terms will vary depending on the loan and the lender, applicants with good credit scores will generally qualify for better rates and terms compared to those with lower scores.

However, you may not qualify for some products, such as ultra premium credit cards with rewards.

What Can a 700 Credit Score Get You?

A credit score of 700 can help you achieve some of your financial goals, such as buying a house, replacing your car, or even plans like remodeling your home. That’s because you are more likely to qualify for loans that will help you achieve these goals than someone with a fair credit score or worse.

Here’s a closer look at the buying power you may get with a 700 credit score:

•   Auto loans: Applicants with 700 credit scores may be likely to be approved for an auto loan. According to an Experian report released in late 2024, the average credit score for those who have auto loans for used cars was 694 and for new vehicles, 755.

•   Mortgages: Many lenders, even those offering conventional loans, tend to have minimum credit score requirements below the 700 credit score range. For instance, a common minimum score for a home loan is 620. Government-backed loans may be available with lower scores, but jumbo loans tend to require at least a score of 700. Of course, your credit score is one of many other factors that affect your eligibility for a loan.

•   Personal loans: In many cases, lenders will offer you a more favorable interest rate if you apply for a personal loan with a minimum of a 700 credit score vs. a score in the 600s. Still, it’s best to check to see what other minimum requirements are.

•   Credit cards: You’ll likely have choices for unsecured credit cards with a credit score of 700, as this is well within the range of the minimum credit score for a credit card. Some cards may offer rewards, such as cash back or points toward flights and hotels. You may even qualify for credit cards that offer a 0% introductory annual percentage rate (APR), which can be helpful if you’re looking to make a large purchase soon or transfer a balance from a credit card with a high interest rate.

Overall, you may also be able to save more money because those with credit scores of 700 or higher can save on interest charges. The thousands of dollars you can save over the lifetime of loans can be used toward your other financial goals, whether that’s retirement savings or a family vacation.

Recommended: What Is the Starting Credit Score?

Factors That Can Affect a 700 Score

If you want to maintain or help build your credit score, it’s important to understand the factors that may affect it. Some of what can affect your 700 credit score includes information found in your credit history from all three major major credit bureaus, including late payments, the length of your credit history, and credit utilization.

Recommended: What is a Charge Card?

Late Payments

Your payment history is one of the most important factors credit scoring models use. That’s why it’s very important to keep track of when bills such as credit card payments are due. Even one late payment could have a negative impact — though the specifics will depend on other factors such as whether you’ve been late on payments before, how late the payment was, and how recent the late payment was.

Credit Utilization

Your credit utilization compares the overall limit you have on revolving credit and how much of it you’re using. This number is expressed as a percentage of your credit limit you’re using. Like your payment history, it’s also another major factor in calculating your credit score.

The general rule of thumb is that you should try to keep your credit utilization to 30% or less. This shows lenders that you’re not too reliant on credit and are generally responsible with your borrowing. On the flipside, a high credit utilization can negatively impact your score.

Recommended: Tips for Using a Credit Card Responsibly

Length of Credit History

The longer your credit history, the more it appears to lenders that you have experience using credit. Think of it like a work resume — you’ll have more opportunities to show how you handle various credit and debt accounts.

Hard Inquiries

Whenever you apply for a new credit card or other type of loan, lenders will conduct a hard inquiry to look at your credit report. This inquiry will usually affect your credit score negatively, albeit by a small amount (up to several points) and temporarily.

The more inquiries you have, the more it could affect your score. That’s because lenders may view too many hard inquiries as you being stretched too thin financially and needing to rely on loans.

A higher credit score could mean that you’re not applying for new accounts often, or that you’re spacing them out so you don’t seem like you’re too risky of a borrower.

Recommended: Breaking Down the Different Types of Credit Cards

The Takeaway

A 700 credit score is considered a good score and can open up more doors to credit compared to someone with a lower credit score. You may have an easier time getting approved for a range of loans and lines of credit and with more competitive terms and interest rates. Just don’t take this score for granted — there’s work required to maintain a good credit score and build it further.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What can be accomplished with a 700 credit score?

You can accomplish different financial goals if you have a 700 credit score. For one, you may be able to make large purchases, such as a new vehicle, a home, or you might access funds to complete a large-scale home remodel. That’s because you are more likely to get approved for loans that can help you achieve these types of financial goals versus someone with a lower score.

Can you buy a house with a credit score of 700?

In many cases, lenders have minimum credit score requirements with scores around 620. That being said, there are many other factors that go into whether underwriters will approve you for a mortgage. Some of these qualifying criteria include your debt-to-income ratio, the amount of assets you have, and whether you have a steady source of income.

What percentage of the population has a credit rating above 700?

Nearly 60% of people in the U.S. have a 700 credit score or above. According to data from Experian, the average credit score in the U.S. in 2024 was 717.

How fast can you build a 700 credit score?

How soon you can get a 700 credit score will depend on numerous factors, such as your existing credit history and financial behavior. For instance, if you can positively impact major factors affecting your score like lowering your credit utilization or consistently paying your bills on time, it could have a noticeable effect quickly. Each person’s financial situation is different, however, so it may take someone months to build their credit score while for others it could take years.

Photo credit: iStock/Peopleimages

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Doctors have the potential to earn a good salary after graduating medical school and completing their residency — the average primary care physician in the U.S. earns about $260,000, according to a 2022 report by Medscape. But they also typically end up owing hundreds of thousands dollars in student loan debt.

Getting the education and training required to practice medicine in the U.S. is a long and expensive endeavor. Fortunately, there are forgiveness programs and repayment options that can help. Read on to learn about eight medical school loan forgiveness programs that doctors can use to relieve their student debt burden, plus other methods that could make it easier to manage student loan payments.

Physician Student Loan Forgiveness

According to the Association of American Medical Colleges (AAMC), the average medical school debt in 2024 was more than $200,000. Add the cost of interest, and some doctors can end up paying $400,000 or more over the life of their loans.

If you are dealing with medical school loans, here are some of the student loan forgiveness programs that might help you pay down — or even erase — your debt.

1. Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program was created by the Department of Education to encourage college graduates, including doctors, to consider public service careers.

Doctors who make 120 qualifying student loan payments while working full-time for a qualifying government, nonprofit, or public health employer, may be eligible to have their remaining federal loan balance erased through the PSLF program. The amount that’s forgiven is not subject to federal taxes.

Participants in the PSLF program must meet several requirements. Only Federal Direct Loans are eligible. (Federal Family Education Loans, Parent Plus loans, and Perkins loans must be consolidated to a Direct Consolidation Loan to qualify.) And you must be on a qualifying repayment plan, such as an income-driven repayment plan.

You can get more information about PSLF at the Federal Student Aid website. While you’re there, you can also use the loan simulator to get a personalized projection to help determine if PSLF makes sense for you based on your financial and career goals.

2. National Health Service Corps Loan Repayment Program

The National Health Service Corps Loan Repayment Program (NHSC LRP) offers doctors and other eligible health care providers an opportunity to have their qualifying federal or private student loans repaid while also earning a competitive salary in exchange for serving in communities with limited access to care.

Award amounts may vary based on the health care field you’re in. For instance, primary care providers who make a two-year full-time commitment to working at an NHSC-approved site can erase up to $75,000 in student debt. And those who serve half-time for two years may be able to cancel up to $35,000 in student loans. (If you pass a Spanish-language competency assessment, you may be eligible for an additional amount.) These awards are not subject to income tax.

Find out more about NHSC LRP program requirements to see if you qualify.

3. National Health Service Corps Students to Service Loan Repayment Program

The National Health Service Corps Students to Service Loan Repayment Program (NHSC S2S LRP) offers eligible fourth-year medical students an opportunity to receive up to $120,000 (in $30,000 installments) in tax-free student loan repayment funds to put toward qualifying federal or private student loans.

To enter the program, participants must commit to working full- or half-time at an NHSC-approved site in an underserved area for at least three years. After the initial three-year contract is completed, you may be eligible for a service extension.

Learn more information about NHSC S2S eligibility and how to apply.

4. Military Health Professionals Student Loan Repayment Programs

Several branches of the U.S. military offer medical school loan repayment programs to doctors who serve in the military. Benefits may be used to repay qualifying federal or private student loans. Eligibility requirements and benefit amounts may vary, so contact your service branch (Army, Navy, National Guard, and so on) for details and specific information.

5. Department of Veterans Affairs (VA) Specialty Education Loan Repayment Program

The VA’s loan repayment program is for recent graduates of accredited medical or osteopathic schools who are currently in a residency that’s been identified as experiencing a shortage. Eligible specialties include psychiatry, family practice, internal medicine, emergency medicine, gastroenterology, urology, and geriatric medicine. (Other specialties may be considered on an individual basis.)

The loan repayment amount is $40,000 per year for qualifying federal and private student loans, with a lifetime maximum of $160,000. In exchange, recipients agree to serve in a clinical practice at a VA facility for a minimum of two years.

6. National Institutes of Health Loan Repayment Programs

The National Institutes of Health (NIH) Loan Repayment Programs were established by Congress to recruit and retain highly qualified health professionals in biomedical or biobehavioral research careers.

These NIH programs are for medical professionals in a variety of fields, including pediatric research, health disparities research, and clinical research. Payments may be up to $50,000 annually and can be applied to qualifying federal or private educational debt.

7. Indian Health Service Loan Repayment Program

This program allows Indian Health Service (IHS) clinicians to repay up to $50,000 of their eligible health profession education loans in exchange for a two-year service commitment to practice in health facilities serving American Indian and Alaska Native communities. After their initial commitment is completed, participants can apply to extend their contract annually until their qualified federal or private student loans are repaid.

Interested physicians can applyy online.

8. State Medical Student Loan Forgiveness Programs

A number of states offer student loan repayment options to physicians and other health care professionals. Use the Association of American Medical Colleges’ searchable database to find any med school loan forgiveness and repayment opportunities in your state.

In addition, the National Health Service Corps provides grants to all 50 states and the U.S. territories through its State Loan Repayment Program. These grants allow individual states to offer their own repayment programs with a goal of incentivizing health care providers to work at their facilities. You can find out more about the available programs, eligibility requirements, and practice sites to see if one is near you.

Other Strategies to Repay Medical School Debt

If you aren’t eligible for a medical student loan forgiveness program, or you can’t find one that’s a good fit for your situation, there are other methods for managing loan payments that you may want to consider.

Here are some repayment options to explore.

Income-Driven Repayment (IDR) Plans

With a federal IDR plan, your monthly federal student loan payments are based on your discretionary income and the size of your family. So, for instance, while you’re earning a medical resident’s salary, an IDR plan could make your payments more affordable.

Under an IDR plan, you must recertify your income every year. That means if your income increases as you advance in your career, your payments may go up. However, your monthly payments will never be more than they would be under the federal 10-year Standard Repayment Plan.

You also may qualify for federal loan forgiveness with an IDR plan. If you reach the end of your payment term (which is generally 20 or 25 years), and you still have a balance, the government will forgive the remaining amount due. You won’t owe federal income taxes on the forgiven amount.

Federal Loan Consolidation

With a Federal Direct Consolidation Loan, borrowers who have federal loans from their undergraduate and medical school degrees can combine them into one loan. The interest rate of the consolidation loan is based on the weighted average of your current loan rates, so you may not save any money, but if you choose a longer loan term, you can lower your monthly payments (though you may pay more interest overall). Consolidating your federal loans may also give you access to additional federal repayment options like income-driven repayment.

There are pros and cons to student loan consolidation to consider, depending on your overall payment strategy. Be sure to compare the costs and benefits.

Employer Repayment Programs

Many employers, including health care facilities, offer student loan repayment assistance as a tool for recruiting and retention. If your employer offers an educational assistance program (EAP), you may be able to receive tax-free contributions to help pay the principal and interest on qualified federal and private student loans. You can get up to $5,250 in tax-free EAP benefits each year. (Any assistance provided above that threshold will be taxable as wages.)

Student Loan Refinancing

If you have private student loans, or you have federal loans and you aren’t pursuing federal benefits such as forgiveness, refinancing your student loans with a private loan is another alternative you might want to consider.

Student loan refinancing is offered by private lenders, such as banks, credit unions, and online lenders. The lender pays off your existing student loan balances and gives you a new private loan that ideally has a lower interest rate and more favorable terms. (It’s important to note that refinancing federal loans makes them ineligible for federal forgiveness and other federal benefits.)

If you decide to refinance only some of your loans — such as your private loans — it may make sense for your situation, especially if refinancing student loans could save you money.

A student loan refinancing calculator can help you see what your monthly payments might be.

Recommended: Student Loan Refinancing Guide

The Takeaway

The average doctor typically owes hundreds of thousands of dollars in student loan debt, and paying it off can be a challenge long after they graduate, complete their residency, and begin practicing medicine.

That’s why student loan repayment and forgiveness programs for doctors can be so helpful. Physicians who are willing to work for a nonprofit organization, pursue a career in public service, or commit to practicing in an underserved area may be able to get their student loans forgiven.

For those doctors who don’t qualify for forgiveness, there are repayment options that may reduce or make it easier to manage monthly student loan payments. These include income-driven repayment, federal loan consolidation, and student loan refinancing. Thoroughly researching all the available options can help doctors choose the best method for tackling their student loan debt.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Photo credit: iStock/andresr

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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