Depending on the type of credit card you apply for, a 700 credit score could get you approved for a decent mortgage rate. However, you should avoid balance transfers and loans, as they will lower your score. These loans transfer your debt from one credit line to another and typically come with an interest rate reprieve. A good credit score can save you thousands of dollars in interest costs. It is also important to remember that credit scores are not a permanent feature. It takes several different events to knock a credit score down. Credit card companies are not the only ones checking your credit score. You can do your own checks every month to spot any irregularities.
Your credit score is based on a variety of factors, including the average age of your loans and credit cards. Those with a score of 700 or above tend to enjoy the best deals and conditions. You can improve your score by practicing good financial habits. If you’d like to learn more about credit scores, check out WalletHub.
In general, the best way to improve your credit score is to make your payments on time and keep credit card balances low. It’s also important to catch up on late payments and make any past due accounts current. It is easier to boost your credit score than to lower it. However, if your credit score is 700 and you have a history of late payments, it may be a good idea to work on repairing it.
Refinancing existing debts at lower rates is another way to increase your credit score. It’s possible to re-finance student loans, car loans, mortgages, and more with a credit score over 700. You can also look for good deals on travel and cash-back credit cards.
If you want to apply for prestige credit cards with rewards approaching six percent, you should aim for a credit score over 700. This score will get you the best deals compared to those with scores below 600. A lender will look at your debt to income ratio and recent debt to determine whether you’re a good candidate for a card.
Increasing your credit limit can also raise your credit score. However, it’s not a viable solution for everyone. If your score is below 700, you should try to lower your utilization ratio. A low utilization ratio will improve your score and lower your interest rate. By paying off your balances on time, you can lower your debt-to-credit ratio and improve your overall score.
While a 700 credit score may not get you the best interest rates, it’s an indication that you’re a responsible borrower. Having a history of responsible repayments will help you secure a good loan. However, you should still work on improving your score before buying a car.
