My credit score is 700. Should I raise it?

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A credit score of 700 is by no means terrible. But you might want to work on raising it.

Key points

  • A credit score of 700 is considered good.
  • Raising your score could make it easier to get better borrowing options and credit card offers.

Your credit score tells lenders how risky a borrower you are. The higher your score, the less risk a lender takes. That’s why it’s important to get your credit score as high as possible.

A FICO credit score of 850 is considered perfect, and to be clear, most consumers do. do not have perfect credit. And you don’t even have to aim for perfect credit, because it’s extremely hard to achieve. But if your credit score is currently at 700, it might be worth working to improve it, even if it’s a good score to start with.

What can a higher credit score do for you?

Equifax, one of the major credit bureaus, says a credit score of 700 is considered good. On the other hand, a score of 740 to 799 is considered very good, while a score of 800 and above is considered excellent.

Now, these may seem like arbitrary designations, but what they’re really telling you is that while a 700 credit score is by no means bad, it’s also not exceptional. If your goal is to prepare to borrow at the most affordable rates, it pays to work to increase that score by 700.

Likewise, while it’s certainly possible to get approved for a credit card with a score of 700, some of the best credit card offers require a higher score. And if you want to qualify for them, you’ll have to raise that 700.

How to increase your credit score

Raising your credit score is not something you should expect overnight. But over time, you may be able to increase that number quite well.

There are different ways to boost your credit score, but a good place to start is to pay all your bills on time. Your payment history carries more weight when calculating your credit score than any other factor.

You can also increase your score by paying off some existing credit card debt. Credit usage is another important factor that determines your score, and it indicates how much of your total revolving credit you are using at one time.

If it’s not possible to pay off some of your credit card debt, you can reduce your usage (which will help your score) by requesting an increase in your credit card limits. Your credit card issuers may require you if you’ve had an account in good standing for a while or can prove you have more income than you had when you first applied for your cards .

Finally, it is always beneficial to check your credit report for errors. You are entitled to a free copy from each major reporting bureau (Experian, Equifax and TransUnion) once a year. Currently, credit reports are free on a weekly basis until April. If you spot an error on your credit report that could lower your score, such as a debt in your name that you never incurred, getting it corrected could give your score a relatively quick boost.

While it is not necessary to blame yourself for a credit score of 700, it could also be to your advantage to increase this number. The good news is that you’ll start off with a good score to begin with, so ideally you can work on increasing your credit without too much stress.

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