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Having a good credit score opens up a lot of borrowing options If your credit score is around 700, you’re in a great position to qualify for competitive loan offers. But not all loans are created equal The type of loan you choose should align with your financial needs and goals. In this comprehensive guide, we’ll explore the different loan types you can get approved for with a credit score of 700.
An Overview of 700 Credit Scores
Before we dive into the loan options, let’s recap what it means to have a credit score of 700. The FICO credit scoring model rates credit scores as follows:
- 300 to 579: Poor
- 580 to 669: Fair
- 670 to 739: Good
- 740 to 799: Very good
- 800 to 850: Exceptional
So a 700 credit score falls into the “good” category, This means lenders see you as a low-risk borrower who is likely to repay debts responsibly,
As a result you should have a decent shot at qualifying for most types of credit. That said some lenders may offer better rates and terms to borrowers with “very good” or “exceptional” credit.
Now let’s explore some of the loans that a 700 credit score can help you obtain.
Mortgage Loans
One of the most common uses for good credit is qualifying for a mortgage. The larger the loan amount, the higher your credit score needs to be. With a 700 score, you should be able to qualify for a conventional mortgage in the range of $200,000 to $400,000.
Mortgages allow you to finance a home over an extended repayment term, usually 15 to 30 years. Having good credit means you can likely lock in a competitive interest rate between 3% to 5% on a fixed-rate mortgage.
Before applying for a mortgage, make sure to compare offers from multiple lenders. Even a small difference in interest rates can impact your total costs significantly over the life of the loan.
Auto Loans
A 700 credit score is plenty good enough to get approved for an auto loan from most lenders. In fact, it should allow you to snag a competitive interest rate. Average used car loan rates for borrowers with good credit range from 4% to 7%.
With an auto loan, you can spread out the cost of a new or used car over several years. Loan terms are commonly 3 to 6 years, but you may find options up to 8 years for larger loan amounts. Carefully consider the repayment timeline – longer terms have lower monthly payments but higher total interest costs.
Auto loans are secured debt, meaning the lender can repossess your car if you default on the loan. This makes them lower risk for lenders compared to unsecured loans.
Personal Loans
Personal loans allow you to borrow a lump sum of cash for any purpose, from debt consolidation to home renovations. These are installment loans, meaning you repay them in fixed monthly payments over a set timeline.
With a 700 credit score, you should qualify for a personal loan up to $40,000 from many lenders. Interest rates and terms will vary, but expect rates between 6% and 12% for borrowers with good credit.
The term of your payments has a big effect on how much you pay each month. Some lenders offer terms of up to 7 years, but the interest rates are much lower for terms of 2 to 3 years. Make sure to crunch the numbers before committing.
Personal loans are one of the easiest loan types to qualify for with a 700 credit score. The unsecured nature just means you don’t have to put up an asset like your home or car as collateral.
Balance Transfer Credit Cards
Credit cards offer a revolving line of credit that works differently from installment loans. With a balance transfer card, you can roll over debt from other credit cards while benefitting from an intro 0% APR period.
For borrowers with good credit, many balance transfer cards offer 0% intro APRs for 12 to 18 months. This can help you save substantially on interest while paying down credit card balances.
Just be sure to make payments on time and pay off the full balance before the intro period ends. Otherwise, the ongoing APR will kick in and accrue interest quickly. The best offers go to borrowers with very good or exceptional credit scores.
HELOCs
A home equity line of credit (HELOC) allows you to borrow against the equity value you hold in your home. It works similarly to a credit card, offering a revolving credit line you can draw from as needed.
HELOCs offer variable interest rates, so your monthly costs fluctuate but usually remain lower than fixed-rate options. Lenders will approve you for a credit line up to a certain percentage of your home equity – usually around 80%.
If you have bad credit and want a HELOC, you’ll need enough equity in your home. Minimum scores vary by lender but 700 is often adequate. Look around to find the best deals and rates.
How to Choose the Right Loan
With a 700 credit score, chances are you can qualify for an array of loans. But how do you determine which option works for your situation? Here are a few key factors to consider:
Loan amount – Make sure to only borrow what you need. Some loans allow larger amounts, but bigger isn’t always better.
Interest rates: The less interest you pay, the less you pay in total. Compare options to find the most competitive rate.
Repayment terms – Consider what timeline works for your budget. A longer term has lower monthly payments but higher total interest costs.
Fees – Look out for origination fees and prepayment penalties that can drive up costs.
Usage – Make sure the loan suits your intended purpose, whether that’s financing a car or consolidating debt.
At the end of the day, the right loan comes down to finding an affordable financing option that works for your situation. With some savvy shopping around, a 700 credit score puts a wide range of loans within reach.
Bottom Line
A good credit score around 700 opens up affordable financing opportunities that may not be accessible to borrowers with lower scores. You should be able to qualify for a personal loan up to $40,000, competitive mortgage rates, auto loans with low rates, balance transfer credit card offers, and more.
Before taking out a loan, make sure you compare all the fees and terms. With smart borrowing, a 700 credit score lets you use credit to pay for big purchases and reach your financial goals. Just don’t let being able to get more credit make you spend more than you have.
How long does it take to improve my 700 credit score to 740?
Lenders report to the credit bureaus regularly. Because of this, your score can change pretty quickly. Sometimes it can take a few months to increase your score. In other circumstances, it can take 12 months or more.
There are some steps you can take to increase your score:
Get a copy of your credit report. If there are any errors, be sure to dispute them and have them corrected.
Take a look at your credit balances relative to your limits. Keeping your borrowings to 30% of your limit will help improve your score and reduce your debt. For example, if your credit card limit is $5000, make sure your balance is $1,500 or less.
Make all your payments on time, every time. Late payments significantly impact your score, so its best to avoid them.
Dont apply for new credit.
Hard pulls are made on your credit bureau when you apply for new credit and will drag down your score, and so will new accounts. It can take up to 12 months for your credit score to go back up after you apply for or open a new account.
Where is the best place to get a loan with a good credit score?
If you have good credit, you already know that you should have the ability to access lower interest rates and more flexible terms of payment. However, if you are on the lookout for some of the best places to get this sort of loan, here are some great places to start: Acorn Finance LightStream SoFi Payoff Marcus by Goldman Sachs At Acorn Finance, you can access top lenders such as SoFi and LightStream all in one place. If you have a 700 credit score we strongly encourage you to apply online at Acorn Finance. Most likely, you are an ideal borrower for our top national lenders and partners. Within seconds you can explore multiple personal loan offers without impacting your credit score.
How Much Can I Borrow With A 700 Credit Score?
FAQ
How big of a loan can you get with a 700 credit score?
A 700 credit score typically allows you to borrow a significant amount of money, but the exact loan amount depends on several factors beyond just the credit score. Lenders will also consider income, debt-to-income ratio, and the type of loan being sought.
What credit limit can I get with a 700 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 credit score do I need for a $10,000 personal loan?
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
What credit score do you need for an $50,000 car loan?
The best chance of getting an auto loan with almost any credit score is to be in the prime credit score range, with a score of 661 or higher. (Mar 31, 2025)