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Having a good credit score opens up a world of opportunities when it comes to credit cards and loans. But what exactly does a 700 credit score qualify you for? In this article, we’ll break down the credit limit ranges you can expect with a 700 score, the factors that determine your limits, and tips for getting higher limits approved.
What is Considered a Good Credit Score?
First it’s helpful to understand credit score ranges so you know where a 700 score fits in. The FICO credit score model ranges from 300 to 850. Here’s how the scores break down
- 800-850: Exceptional
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Very Poor
So a score of 700 falls into the “good” range. It’s an above-average score that demonstrates responsible credit management. You can get the best terms if your credit score is above 740, but a score of 700 is still good and will get you rates that are competitive with other lenders.
What Credit Limit Can I Expect with a 700 Score?
In general a credit score of 700 will qualify you for the following initial credit limits
- Regular Credit Cards: $5,000 – $10,000
- Premium/Rewards Cards: $10,000 – $25,000
- Secured Cards: Up to $5,000 (based on security deposit)
Of course, these are just suggestions. Your actual credit limit will depend on a number of factors that are unique to your credit history, which is what we’ll talk about next.
It’s also important to note that the above ranges are for initial credit limits you can qualify for. Over time as you build your credit history with responsible use of credit, issuers will often grant credit line increases. So you can surpass those initial limits.
What Factors Determine My Credit Card Limit?
When credit card issuers look at your application, they look at many parts of your credit report to decide what limit they will give you. These parts include:
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Credit utilization ratio— issuing banks would rather see utilization below 30% Higher utilization may result in lower limits.
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Credit history length – The longer your positive credit history, the higher your limits are likely to be.
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Types of credit – Experience with different types of credit (credit cards, loans, etc) is favorable.
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Recent credit inquiries – Too many new accounts may signal credit risk resulting in lower limits.
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Income – Higher verified income often leads to higher credit limits.
So even with the same credit score, your individual profile details will impact the limits for which you can qualify.
Tips for Getting Higher Initial Credit Limits
If you want to qualify for the highest limit possible with your current 700 score, here are some tips:
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Lower your credit utilization – Get balances on all cards as low as possible before applying. This signals lower risk to issuers.
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Hold off on new applications – Give it some time between applying for new credit to avoid too many inquiries.
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Provide income documentation – Allow issuers to verify your income sources to qualify for higher limits.
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Ask for a higher limit – You can always call the issuer and request an initial limit increase for accounts in good standing later on.
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Become an authorized user – Being added as an authorized user on someone else’s account can give your credit access to higher limits.
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Improve your score – Raising your score closer to 750 can bump you up into the next credit tier qualifying you for better terms.
So while a 700 credit score alone can qualify you for $5,000+ initial limits with most issuers, taking steps to optimize your profile can potentially get you approved for the highest limits possible.
The Bottom Line
A credit score of 700 is considered a good score by credit bureaus and will qualify you for competitive interest rates and credit limits. You can generally expect initial regular card limits between $5,000 – $10,000 and premium card limits between $10,000 – $25,000. However, your specific credit history details also play a role in determining the limits for which you’ll be approved. Maintain a strong 700 score, keep credit utilization low, and manage new credit carefully to optimize your chances of getting the highest credit limit possible.
How to get an excellent credit score
Getting to an excellent credit score will take time and patience. But you can build your credit toward the excellent tier with these tips:
- Keep credit utilization low: Your credit utilization ratio is the amount of credit you use against the total amount available to you. Keep your utilization below 30 percent to maintain and increase your credit score.
- Pay on time: Pay your card balance on time and in full whenever possible to avoid interest charges and establish a strong payment history.
- Keep old credit cards open: You might think closing old credit cards will help you stay organized, but it won’t do your credit score any favors. Keep old cards open so you increase the age of your credit history, a key scoring factor.
- Don’t settle: Once you see your score climbing and you’re close to excellent, don’t settle. You can get your score even higher if you maintain positive credit habits.
Whether a credit score of 700 is your goal or you’re aiming even higher, keep practicing good credit habits. Although several cards are available with a score of around 700, even better cards are available the higher your score. Stay patient, keep consistent habits and you’ll be well on your way to an excellent score soon enough.
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FICO credit scores, the industry standard for determining credit risk, range from 300 to 850 — with 670 to 739 considered a good score, 740 to 799 is very good and 800 to 850 is exceptional. A 700 score puts you in the middle of the good range but still slightly below the average credit score of 716.
With an average credit score, expect to pay around the average credit card interest rate. However, you might qualify for an APR that’s higher or lower based on your creditworthiness. Credit card APRs vary, so research your options before deciding.
To help you find the right card for a 700 credit score, we’ve compiled several options that applicants with a score of 700 may qualify for. Options vary from those with generous rewards rates to low ongoing APRs, and several are on the list of the best credit cards for good credit.
What Credit Card To Get By Credit Score
FAQ
How much credit limit can I get with a 700 credit score?
| VantageScore 3.0 credit score range | Average credit card limit |
|---|---|
| 300–640 | $3,481.02 |
| 640–700 | $4,735.10 |
| 700–750 | $5,968.01 |
| 750+ | $8,954.33 |
What’s the biggest loan you can get with a 700 credit score?
With a 700 credit score, you can likely qualify for a wide range of loan amounts, potentially including large personal loans or mortgages.
What credit card can I get with a credit score of 700?
Comparing the best cards for 700 credit scoresCard nameAnnual feeRecommended credit scoreCapital One Venture Rewards Credit Card$95 (See Rates & Fees)670 – 850Blue Cash Everyday® Card from American Express$0Good to ExcellentCiti Custom Cash® Card*$0670 – 850Wells Fargo Active Cash® Card$0670 – 850.
How to get a $10,000 credit card limit?
To get approved for high-limit credit cards, you’ll most likely need to have good or excellent credit and a steady income to support a higher credit limit. Picking the right card is important, too. You may be able to find the minimum starting credit limits listed in some cards’ terms and conditions.