Financially Tough

Getting Tough With Your Money

700 credit score – Can you get one

At what point is your credit score considered good?  Well many believe that a 700 credit score is starting point on the credit score scale.

To be good always you need to be better than most and the national credit score is somewhere around 680.  Another aspect of credit scores is the fact that are often grouped in pools.  The point recognized of going into a higher group would be a 700 credit score.  At this level you will join the individuals with scores that are as high as 750.

But this just a general rule.  This is because the lines are not really clearly drawn, but a 700 credit score is something very much accept as a good credit score.  Many individuals actually class it into the very good level.

So what does having a 700 credit score do for you?  It will have an effect on all the money you borrow but one of the largest would be an application for a mortgage.  Sites like MyFICO provide a perfect example of this.  Directly on their front page is the break down of mortgage rates based on your fico score.  If you have a 700 credit score you will pay $32 less per month compared to the next lower range of scores.  This might not seem like much but this is just one type of loan you have.  When you include your credit cards, auto loans and whatever personal loans you have, it will add up.  And it will add up to thousands over your life.

To get a 700 credit score is very achievable but there is no exact formula to follow.  If you understand the FICO score formula you should have some ideas on how to raise your credit score.  But here is a short list:

1. Dispute any errors on your credit report
2. Pay your bills on time
3. Keep your credit utilization low or at least below 50%
4. Apply for credit only when you need it
5. Don’t just use credit cards look for other types of lending

Sounds easy right. Well maybe not if you have had a credit set back. It will take some time but you can get there.

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Tags: 700 credit score, raise your credit score
Posted in Credit Score