What Can You Do With a 700 Credit Score?

A credit score is a three-digit number, typically ranging from 300 to 850, that represents an individual’s credit risk, or the likelihood they will pay their bills on time. Lenders and creditors consider these scores as a factor when deciding whether to approve new accounts, and they can also influence the interest rates and other terms offered. Your credit score is calculated based on information within your credit reports, which includes payment history, amounts owed, and the length of your credit history.

A 700 credit score is generally considered “good” by most credit scoring models, such as FICO and VantageScore. This score indicates you are a low-risk borrower. While not in the highest “very good” or “exceptional” tiers, a 700 score signifies financial reliability, opening doors to a variety of financial products and services with competitive terms.

Credit Cards and Personal Loans

A 700 credit score positions individuals favorably for various credit card offerings, including premium rewards cards and those with competitive interest rates. You can typically access cards that offer benefits such as cash back, bonus points for travel, or extended warranty protections. These cards often come with more attractive terms compared to those available to individuals with lower scores, including higher credit limits.

Some cards provide unlimited cash back on categories like dining, entertainment, and groceries, or offer significant sign-up bonuses. While a 700 score grants access to many desirable options, the best rates or most exclusive perks might still be reserved for those in the “very good” or “exceptional” credit tiers.

Personal loans also become more accessible with a 700 credit score, typically offering favorable interest rates and a higher likelihood of approval for larger amounts. The average personal loan interest rate for customers with a 700 FICO score was around 12.64% for a $5,000 loan with a three-year term as of July 2025. Rates can range significantly, with some lenders offering rates as low as 6.49% for those with excellent credit and high income.

Loan amounts for personal loans typically range from $1,000 to $50,000, although some lenders may offer up to $250,000. Repayment terms commonly extend from two to seven years, with fixed monthly payments. This can be advantageous for financing significant expenses like home improvements or debt consolidation.

Home and Auto Financing

A 700 credit score significantly impacts eligibility and terms for major secured loans, such as mortgages. Most conventional and government-backed mortgage programs, including FHA, VA, and USDA loans, generally require a minimum credit score of 620, making a 700 score more than sufficient for qualification. While a 700 score is good, borrowers with scores in the high 700s or above typically secure the lowest available interest rates.

As of January 2025, the average mortgage rate for someone with a 700 credit score on a conventional 30-year fixed-rate mortgage was approximately 7.42%. A higher credit score can lead to a lower interest rate, which translates to substantial savings over the loan’s duration.

A 700 credit score is beneficial when seeking auto financing. Lenders often categorize credit scores into ranges, and a 700 score usually falls within the “prime” or “good” range, allowing access to competitive interest rates. For new cars, a 700 credit score could lead to interest rates in the 3% to 6% range, while used car loans might see rates between 5% and 9%.

As of the first quarter of 2025, the average auto loan interest rate for new cars was 6.73%, and for used cars, it was 11.87%. This strong credit standing can also provide leverage for negotiating better terms and qualifying for special offers from dealerships or financial institutions.

Other Financial Considerations

Beyond traditional loans and credit cards, a 700 credit score offers advantages in other financial aspects. When seeking rental agreements, landlords frequently consider credit reports to assess a tenant’s financial reliability. A good credit score can increase the chances of approval, and some landlords may offer more favorable lease terms, such as lower security deposit requirements or waived application fees.

While there is no universal minimum credit score for renting, a score of 670 or above is generally considered good by most landlords. A strong credit history indicates responsible financial behavior. Some landlords may focus more on payment history rather than the score itself.

Credit scores influence insurance premiums for products like auto, home, and renters insurance. Many insurers use credit-based insurance scores, derived from credit report information, to assess risk and calculate policy rates. Higher credit scores correlate with a lower likelihood of filing insurance claims, leading to lower premiums.

A good credit score can impact utility services. Utility companies may review credit history when setting up new accounts, and a lower score can result in a requirement for a security deposit, typically ranging from $100 to $250. With a 700 credit score, you are less likely to be asked for such a deposit, or you might avoid it entirely. While employers cannot see your credit score, some may review a modified version of your credit report as part of background checks for certain positions, particularly those involving financial management or sensitive data.