700 Credit Score- Is this Good?

Although  700 credit score is good there are still things you can do to improve it and maintain it.

If you recently applied for a loan on a car or a new home, you already know the significance of your credit score number. Some creditors will not even consider you if your credit score is below 700. A credit score of 700 is considered to be good credit, therefore learning ways to maintain and improve your credit score is vital.

In 2003 the U.S populations overall credit scores looked like this:

Up to 499: 1%

500 – 549: 5%

550 – 599: 7%

600 – 649: 11%

650 – 699: 16%

700 – 749: 20%

750 – 799: 29%

Over 800: 11%

Here are 5 ways to maintain your 700 credit score:

1. Keep track of the money you owe and pay your bills on time. This reason alone is one of the main reasons why so many people have low credit scores.

2. Don’t buy it if you can’t pay for it. If you cannot afford a luxury item wait until you can afford to pay cash for it. Many people will pay for an item on credit because they feel the n
eed to have the item immediately. This is a sure way to go into debt quickly.

3. Monitor your credit report. By law, you are eligitible to recieve a free annual credit report from the three major credit bureau’s Equifax, Trans union, and Experian.

4. Dispute  any discreptencies you find on your credit report. If you find that the information on your credit report to be incorrect you can request to have the information investigated and removed.

5. Work on Reducing your credit card balances. A good rule of thumb here is to keep your credit card balances less than twenty five percent of the limit on the credit card.

In today’s society is 700 credit score is one to be applauded. You are on the right track in keeping and protecting your financial well being.

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