3 ways to get your credit score above 700, according to a financial planner (2024)

FAQs

3 ways to get your credit score above 700, according to a financial planner? ›

Pay on Time, Every Time

Your payment history is the most important factor in determining your credit score. Making on-time payments every month is crucial to getting your credit score above 700.

Pay on Time, Every Time

Your payment history is the most important factor in determining your credit score. Making on-time payments every month is crucial to getting your credit score above 700.

You can accomplish different financial goals if you have a 700 credit score. For one, you may be able to make large purchases, such as a new vehicle, a home, or do a large-scale home remodel. That's because you are more likely to get approved for loans that can help you achieve these types of financial goals.

To reach an 800 credit score, you'll want to demonstrate on-time bill payments, have a healthy mix of credit (meaning accounts other than just credit cards), use a small percentage of your available credit, and limit new credit inquiries.

Your credit score is an important factor when locking down financing. 700 is a good credit score to buy a car because it proves you are a responsible borrower with a credit history in the prime range.

While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.

How to raise your credit score 100 points in 30 days? ›

There is no set maximum amount that your credit score can increase by in one month. It all depends on your unique situation and the specific actions you're taking to improve your credit.

Positive Impact: Tradelines with a positive payment history on accounts in good standing can be beneficial. They can Increase the number of credit lines you have, which factors into your credit mix (10% of your score). Lengthen your credit history, especially if the tradelines are seasoned accounts (15% of your score).

While buying tradelines may provide a quick boost to your credit scores, it also comes with risks and potential downsides. There's no guarantee that paying for tradelines will improve your credit scores, and it will likely be more expensive than doing it yourself.

Make all of your payments on time and regularly scan your report for negative information: late payments, collection accounts, mistakes, incorrect amounts, missing payoffs, and inflated balances. When you find incorrect information, dispute it.

If your score is between 650 and 700, you have a consistent payment history and low credit utilisation, it may take only a few months to reach a score of 750.

A score of 850 can only be achieved with 10+ years of credit, excellent on-time payment history, low credit utilization, and no recent hard inquiries, which is a tall ask. At the very least, you can take these 12 steps to improve your score.

For those who have never missed a payment and have been responsible with loan repayment, building the credit score from 500 to 700 will be simple. It may be difficult for people whose payments are routinely late and who lack discipline while making repayments to increase their credit score.