How To Achieve A 700 Credit Score

Everyone always wants to know how to achieve the prestigious 850 and 800 scores, but we forget that in order to get to that score bracket, you must first achieve the 700 bracket. Both brackets are very similar, but I will show from experience what most 700 score holders have on their credit reports. 

1. They Always Check Their Credit Scores & Reports

Most 700 score holders know what their credit score is and they check it often. Whether they check it through Myfico or Credit Karma, they have an estimate of where their score is. This is very important as they know that to maintain a 700 score, you must make 98% of your payments on time with all of your accounts on your credit report. 

2. They Do Not Have Collections On Their Credit Reports

Virtually all 700 score credit reports do not have collections on them. Collections can decrease a credit score as much as 40-50 points and the higher 700 score you are, it can possibly decrease more. Since all of the accounts are paid on time every month, there is never a reason for a collection to pop up. 

3. They Average 30% Or Lower Utilization On Their Credit Cards

Utilization is calculated by taking the Balance and dividing it by the limit. For example: Lets say you have a credit card limit of $900 and your balance on that card is $500. Your utilization would be 56%. This utilization is mostly in the range of 30% or less for most 700 score holders. 

4. They Average A Credit Length History Of 3-7 Years

There are many ways to achieve a 700 score bracket but an average 700 score holder has had their accounts opened for an average of 3-7 years. Keep in mind, these accounts are always paid on time as well. This is a major factor as over time, most consumers close accounts because of non-usage or late payments. 700 Score Holders know that in order to stay in that bracket and above, you must not close accounts as this resets your credit length history. 

5. They Average 3-5 Open Accounts With A Good Mix 
Most 700 credit score holders average 3-5 open accounts of different types. This means a mix of Credit Cards, Auto Loans, Personal Loans, & Department Store Credit Cards. Keep in mind, this is only an average and there are gray areas as the FICO algorithm doesn't look for everything to be a certain way, just close enough as every report is slightly different. 

The Bottom Line
Now you know the recipe for success in achieving the 700 score bracket. Of course, these are averages of most 700 score holders. With so many factors that can affect and increase a score, there is no set way. But, following these habits and steps will put you on the path for success towards achieving the 700 score bracket. For more information or to read more topics similar to this one, please read below. 

Calvin Russell Jr is a Certified FICO Professional and the CEO & Founder of Simply Professional Credit Consultation. SP Credit Consultation has helped hundreds of people increase their credit scores, qualify for homes, cars, and lower interest rates with their personal, Step-By- Step Action Plans. Contact us today to learn more or email us at info@gosimplypro.com.

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