How To Get A 700 Credit Score

There are numerous benefits to having a good credit score—it can help you qualify for the best rates on personal loans and access the best credit card rewards. A good score can also help you save money on car insurance and lower your payments with certain utility providers. 

A 700 credit score is considered a “good” credit score. It does fall slightly below the national average of 717 (according to FICO^®’s latest numbers from October 2023). However, there are steps you can take to increase your credit score. Let’s look at the benefits of a high score and how to get a credit score of 700.

What Are The Benefits Of A High Credit Score?

A credit score is a three-digit number ranging on a scale from 300 to 850, and 850 is the highest credit score you can receive. However, you don’t have to achieve a score of 850 to receive the benefits of having a high credit score.

If your score is over 700, you’ll receive the following benefits:

• A better chance of qualifying for loans and credit cards
• More favorable loan terms when applying for a mortgage
• Lower interest rates on lending products
• Better terms on your mortgage
• Access to better credit card rewards
• Lower insurance premiums
• Have security deposits waived on certain utilities

What Factors Impact Your Credit Score?

Three credit bureaus report your credit score — Equifax®, Experian™ and TransUnion®. Here are the main criteria they look at when determining your score: 

Payment history: The credit bureaus look at whether or not you pay your bills on time, and your payment history accounts for 35% of your FICO^® score. Paying just one credit card bill more than 30 days late can cause your credit score to drop.

Length of credit history: Your credit history accounts for 15% of your score, and the longer your history, the higher your credit score will be.

Recent credit inquiries: Every time lenders make a hard inquiry on your credit report, your score drops slightly. New credit accounts for 10% of your FICO^® Score since many new inquiries indicate you’re overextended financially.

Types of credit: The type of credit used accounts for 10% of your score. Credit scoring systems look for a mix of credit types, like installment loans and revolving credit.

Credit utilization: Your credit utilization accounts for 30% of your FICO^® Score, and this measures what percentage of your available credit you’re currently using. You should aim for a credit utilization below 30%, but the lower, the better.

Is 700 A Good Credit Score?

In general, a good credit score is 700 or higher. But there are two primary credit score models‚ FICO^® Score and VantageScore^®, and each uses slightly different parameters:

How To Increase Your Credit Score

If your credit score is lower than you’d like, here are some ways to improve your credit score.

1. Check Your Credit Report

The first step is to request a free copy of your credit report and check for any errors. Errors are more common than you might think, and one study found that over a third of participants had an error on at least one of their credit reports. Fortunately, you can dispute errors that may be dragging down your score.

2. Make On-Time Payments

Your payment history accounts for the largest portion of your credit score, so the best way to improve your score is to pay your bills on time. If you have a hard time remembering to pay your bills, setting up autopay can make this easier.

3. Pay Off Your Debts

Paying off any outstanding debt is a good way to improve your credit score. Start by paying off revolving debt, like high-interest credit cards. Paying off the credit card with the highest interest rate first will also help you save money.

4. Lower Your Credit Utilization Rate

Paying down debt will improve your utilization rate and boost your score. Just make sure you don’t cancel any of the paid off cards — it’s better to have a high overall credit limit and use very little of it.

5. Consolidate Your Debt

If you’re having a hard time paying off your debt, you might consider a debt consolidation loan. If you have multiple debts, a debt consolidation loan converts everything into one loan. This can simplify your monthly payments and may help you receive lower interest rates, so you’ll pay less over the life of the loan.

6. Become An Authorized User

Another option is to become an authorized user on someone else’s credit card. As an authorized user, you can use the other person’s credit card and benefit from their positive credit history. However, if that individual stops paying their credit card bill, their delinquent payments can also hurt your credit score.

7. Leave Old Accounts Open

You should always leave old credit accounts open so you can benefit from a long payment history. Plus, having numerous credit accounts will improve your credit utilization. Make sure to make an occasional purchase on old credit cards so the bank doesn’t close the account.

8. Open A Line Of Credit At Your Bank

Opening a line of credit at a bank to boost your credit-to-debt ratio. A new line of credit will improve your utilization rate, assuming you don’t max out the card.

9. Open A Secured Credit Card

If you’re having trouble opening a new card, you might consider applying for a secured credit card. When you take out a secured credit card, you’ll make a one-time refundable security deposit. The deposit will function as your credit line, so even borrowers with bad credit can open secured credit cards.

10. Live Within Your Means

Finally, it’s important to learn to live within your means. Start building an emergency fund to cover unexpected expenses so you don’t have to put expensive charges on a credit card. When you learn how to make good financial decisions, a high credit score will naturally follow.

How To Get A Credit Score Of 700 Up To 800

A 700 credit score is a good initial goal, but eventually, you may want to increase your score to 800. Here are a few ways to make it happen:

• Pay all your bills on time
• Never max out your credit cards
• Don’t apply for a lot of credit cards at once
• Aim for a credit utilization rate below 10%
• Continue to monitor your credit report

How To Increase Your Credit Score

Now that you know a little bit more about credit scores, you might be motivated to increase yours. Luckily, there are many ways that you can work to improve your credit score. Don’t be discouraged if you can’t increase your credit score overnight. It will take some time, but it will happen with intentional steps.

1. Check Your Credit Report

The first step you should take is to pull your credit report and check for errors. If you find errors, take the time to dispute them as errors can decrease your score. You can do this by submitting a simple, online form for each of the major credit reporting agencies.

2. Make On-Time Payments

Although it may seem obvious, on-time payments can significantly increase your credit score over time. This is especially true, given that payment history has the highest impact on your credit score. To help pay your bills on time, consider setting up auto pay or using Rocket Money^SM to remind you when bills are due.

3. Pay Off Your Debts

If you have any outstanding debt, work to pay that off as soon as possible. Unpaid debt and high balances can greatly impact your credit score.

4. Lower Your Credit Utilization Rate

A high ratio of debt to your available credit limit can negatively affect your credit score. You can either pay this debt down or apply for a credit line increase to reduce your utilization rate. Another way to do this is by paying your credit cards off early each month to keep your posted balance low.

5. Consolidate Your Debt

If you have trouble keeping track of multiple accounts and payments, consolidating debt might be a good option. By consolidating multiple debts into a single monthly payment, you’ll be free of multiple payments to keep track of. Plus, you’ll be working toward a higher credit score. Alternatively, if you can refinance your debts, you may be able to get a lower interest rate to save you money over time.

6. Become An Authorized User

If you have a trusted family member with a good credit score, you have an opportunity to dramatically increase your credit score. You can become an authorized user of their account to boost your score.

However, this can be a taxing emotional burden. If you don’t repay your debts, then you could hurt their credit score. Talk through the pros and cons with your family member before trying this method.

7. Leave Old Accounts Open

Even if you rarely use your first credit card, leave it open. Credit scores factor in the length of your accounts and a relatively old account can help to pull up your average account length. Consider making a small purchase once a year to deter banks from closing the card on your behalf.

8. Open A Line Of Credit At Your Bank

If you’re a longtime customer at your bank, you may be able to open a line of credit without a high credit score. With this line of credit, you’ll boost your credit-to-debt ratio and positively impact your credit score.

9. Open A Secured Credit Card

If you don’t qualify for unsecured credit cards, then a secured credit card could be the way to go. Secured credit cards are backed by a cash deposit, so even borrowers with no credit or lower credit scores can get one. This can help you build credit by proving your creditworthiness with on-time payments, similar to a credit card.

10. Live Within Your Means

If you cannot afford to buy something, then don’t put it on your credit card (unless it’s an absolute emergency).

To avoid taking on unnecessary debt, build an emergency fund using Rocket Money to cover unexpected expenses instead of resorting to putting expensive charges on your credit card.

How To Get A Credit Score Of 700 Up To 800

A 700 credit score is a good initial goal, but eventually, you may want to increase your score to 800. Here are a few ways to make it happen:

• Pay all your bills on time
• Never max out your credit cards
• Don’t apply for a lot of credit cards at once
• Aim for a credit utilization rate below 10%
• Continue to monitor your credit report

How Long Does It Take To Get An 800 Credit Score?

It could take anywhere from a few months to several years to go from a 700 credit score to 800. If you want to speed up the process, focus on maintaining a flawless payment history and keep your credit utilization rate as low as possible. Also, be wary of taking on any new debt since hard inquiries will affect your credit score.

The Bottom Line: Getting An 800 Credit Score Is Possible With The Right Steps

Knowing how to get a credit score of 700 or 800 and taking the steps to do it can give you access to better credit cards and allow you to borrow money with lower interest rates and better loan terms. It may take some time, but the benefits may be well worth the wait.

Start managing your money the right way with Rocket Money to stay on top of your spending and gain insights on your credit history to achieve the credit score of your dreams.