It has everything; it has the white picket fence, the squeaky swing set on the yard and a pool near the patio. The dream house you had back when you were a kid playing with your Raggedy-Ann doll. Then one day, that perfect house at the end of your lane was suddenly placed on the real estate market!
Is it a sign from the gods you ask? But how can you afford it at a time that you are paying for your child’s tuition fees and school expenses, not to mention that the prices of fuel has gone so high, you already plan on joining that noisy carpool your office offers.
Let us say you plan to take a house financing plan for that dream house. But you are very concerned because the last time you checked, you credit score is around the corners of a low 700. Is 700 a Good Credit Score? Is it good enough? Will such as score allow you to get that financing deal?
Is 700 a Good Credit Score? The Good Answer
Credit scores range from around 300-850, and the rule is the higher your score is the better. But what if you fall near the low 700’s, or maybe, 700 flat? According to Ryan Sjoblad, a public-relations executive at Fair Isaac said, “’A score of 700 or above is considered healthy.”
So if you do have a score of 700 and up, it will be fairly easy to have good deals on loans (those with poor credit ratings usually end up having bigger interest rates to pay) and faster processing of financing applications. An article in the CBS News even said that those with a score of 720 are already classified together with those having mid 800’s scores.
Is 700 a Good Credit Score? The Bad Answer
The three US Credit bureau, Experian, TransUnion, or Equifax, sometimes would have different information. So you may have a nice and comfortable 710 in Expiran but a nasty number with TransUnion, then it would be best to check the details of how that number was derived at TransUnion. You can check with them, they may have a credit card record on their end that was already deactivated by you years ago but has some odd change still outstanding.
Also, some lenders will only report your details to one credit bureau but will miss the others. So that unattractive number may actually be your correct credit score. Thus it is highly advisable to check your credit rating on all credit bureau, just to be on the safe side.
Is 700 a Good Credit Score? The Verdict
To answer the question “Is 700 a good credit score?” All things considered and if all information is correctly documented, then the answer is yes. Especially if your consider some people who have credit ratings of 550 and below who end up either not getting financed at all or getting deeper and deeper in debt with the high interest rates they have to pay.