Is 700 A Good Credit Score These Days?

Is 700 a good credit score even though 700 falls below the national credit score average? The truth of the matter is that a credit score higher than 660 would be a good score. Based on a top score of 850, the national average credit score is roughly 30 points higher - 725-730. This is . While there are some differences in the way that credit scores are calculated, it comes out to pretty much the same.

Rather than asking “Is 700 a good credit score?” you should ask how you can improve that score and push it higher. A very good credit score would be at 725 and higher, ideally over 750. The higher your score is, the better off you will be when it comes to applying for prime interest rate loans and other credit.

Maintaining a good credit score throughout your lifetime will impact how you are able to transact important business matters.

Another benefit of having a higher credit score is that you will qualify for lower interest rates and better loan terms regardless of the size of the loan that you are applying for. If you stay on top of your personal credit score data and understand how it works you won't have to ask, “Is 700 a good credit score?”, ever again. Instead, you'll have the information and numerical breakdowns firmly in mind.

You're goal should be to keep your own credit score at least 680. A score of 660 is still in the range of what can be considered a good score, though it is right on the edge and is will undergo a lot of scrutiny when it comes to loan application approvals.

The next time you hear someone asking, “Is 700 a good credit score?” you can give them a better answer and explain to them how the scoring is actually calculated. Having someone you trust give you this type of information is often more meaningful than simply reading about it on a website or in a pamphlet somewhere.