This is a question that has no definitive only a direction. Why? This is because each lender makes their own decisions on who they will give a loan to and at what interest rate. So if you have a 700 interest rate you might not get the best interest rate out there and it could be different from one lender to the next. If you just looking at the facts, you will find 700 is a good credit for four reasons.
The first reason why 700 is a good credit score is the credit score scale. The rule is the higher the better and the credit score scale goes from 300 to 850. That does mean that 700 is near the top of the scale and makes it a good credit score just based on the range.
The second reason why 700 is a good credit score is based on the average American consumer. The average consumer has a credit score somewhere near 692 as reported by Experian. This means a 700 is better than half of all American and puts you in the top group.
The third reason why 700 is a good credit score is the standard of 620 used by the majority of lenders. This is usually designated as the point when you will be not accepted for a loan. If you have a 700 you should have less worries about be accepted, making it a good credit score.
The last reason why 700 is a good credit score is the default rate. If you have a 700, you are less likely to default on a loan. With the growing number of foreclosures, lenders are looking for reliable borrowers. A person with a 700 credit score is more than likely who the lenders are looking for making it a good credit score.
The name of the game is the higher the credit score the better. 700 is better than half of all American consumers, but it is not considered excellent. You should also be trying to improve you credit score. You will see benefits of lower interest rates and lower monthly payments the higher your credit score is.
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