Most of us know what our credit score it. Let’s face it, how could you not know? But so what? what does that number mean? Many American’s have asked “is 700 a good credit score?” Well, it’s time to find out.
One reason many ask “is 700 a good credit score?” is because only one-third of all American’s can give an informed answer. The first reaction is “Hey it’s better than 600,” but how hard is that anyway?! Take the time, right now, to finally annalyze what a credit score means.
When it comes to dissecting and analyzing a credit score there are a few standard rules and a few that are quite subjective. Is 700 a good credit score? I don’t know, is it? See, it all depends on who you ask. A national bank may draw the line for the lowest mortgage rates at 740, where a hometown bank may decide that when asked “is 700 a good credit score?” to answer, “why yes!.”
Credit scores are notorious for being the measuring stick for many important life events that you will face. Trying to rent your first place? Most likely a credit score of 700 will be more than sufficient to get the “A-OK” for the first available apartment. It truly is amazing how many things a person’s credit score is pulled for.
Employers love to pull applicant’s credit. The fact that there is a definite number attached to one’s credit gives the impression that one’s credit is an object measure of a person’s trustworthiness and responsibility. Really? Well, o.k., I’ll succeed a bit. Granted, a score of 400 did not get that way by one late credit card payment. But if you’re flashing a 700, then yes to the questions “is 700 a good credit score.” 700 is a score to hold your head high and be proud about. However, attaining even a respectable 700 will not get you all the perks available.
Let’s assume you’re past the “getting my first apartment” and I’m stealing mom and dad’s dishes phase. Let’s push it a bit further and even assume that you’ve lived a bit of life and are looking to build your financial portfolio. Have an interest in real estate? Fantastic! Real estate offers a bevvy of wealth opportunity. Time to go back to our original question “is 700 a good credit score?” Yes and no.
When one begins to expand their financial power, the higher the credit score the better, period. There are specific home investing loans that you will need to have a credit score of 740 or better to take advantage of. Some lenders will require 780 for the most liberal of loans. Can’t say that I blame them. We’re talking about hundreds of thousands of dollars with minimal proof required and a low interest rate!
Let’s all agree at this point to answer “is 700 a good credit score?” with a wholehearted “Yes!”?” I never said you couldn’t do better.
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