How Can I Go From A 700 Credit Score To An 800?

You’ve already achieved the unimaginable, a 700 credit score. However, you want to improve your FICO and head toward the 800 mark. While it may seem like this is unobtainable, and some may wonder why you would even bother, you can get a much better interest rate with a little bit of work. So how do you boost your score nearly 100 points? Here are some tips:

Raising Your 700 Credit Score

700 credit scoreBecause it is a numbers game at this point, look at your debt and make sure it is diversified. If you have too many credit cards you become a risk and it could lower your score. On the other hand, if you have too many homes or cars, this also can become a risk. The FICO scoring system evaluates the number of accounts and the diversity of them. If you have several high dollar accounts, it could be bogging your score down. Switch some credit cards and pay them off with an equity line on your home. Too many credit cards, even in good standing, can mean a point decrease you don’t need.

Be Careful in What You Apply For

Think and then think again before making any inquiries on your credit. It doesn’t sound like a big deal, but it is a huge deal to the consumer reporting agency. If you are making a lot of inquires about credit, this is a huge red flag that you are shopping around. The more you shop around, the more you could get into trouble. Never go on those web sites that shop around or a loan for you. This can end up in numerous inquiries over what was really just one.

Below 30% Is The Goal

Most people have some sort of credit card. If you have a credit card, make sure that you don’t have a balance that is more than 30% of the credit limit. If your card is $5,000 then make sure that you are not using more than $1,500 of the limit. Anything over this is bogging your credit score down. Under 30% will improve your score, over 30% of credit used is harmful to the FICO. This applies for all credit cards.

So, is 700 a good credit score? The answer is yes, but you can continue to build it. It is a ticklish balance to continue building a score, especially when it is already good. Make sure all accounts are paid on time, and make sure to always plan every action well regarding your credit.

How to Find the Best Real Estate Agent

If you’re in the market to either buy or sell your home, you’ll want to forgo the common belief this process is best done yourself and hire a professional real estate agent. These professionals are trained to fully understand the laws and regulations when it comes to buying or selling private property as well as giving you the best negotiating power when it comes to solidifying the final asking price or home offer. Regardless of your financial situation or where you wish to purchase a home, finding the best real estate agent can save you potentially hundreds of hours in research time and thousands of dollars in fees and extra costs.

Choosing an Agent | Selecting Ones With The Best Credentials

Much like any other professional organization, the real estate industry features various certifications and credentials to help consumers locate the most professional and successful within their area. When you’re looking for the best real estate agent, select an agent with at least one of the following credentials:

  • Certified Residential Specialist (CRS) – This designation refers to the extra training the agent took within the realm of residential real estate.
  • Accredited Buyer’s Representative (ABR) – This designation refers to the additional education the agent completed within the realm of representing buyers within a real estate transaction. This is an imperative designation for those who are looking to sell their home or property.
  • Seniors Real Estate Specialist (SRES) – These professionals are those who have undergone and completed an educational program geared toward assisting those who are over 50 years of age in buying on selling their home.
  • Realtor ( R ) – This designation means they are a member of the National Association of Realtors, which is the leading organization for professional real estate agents and must adhere to a strict code of ethics.

Choosing an Agent | Confirming State License

Throughout the United States, in order for a person to legally operate as a real estate agent, they must hold a state license, which requires a specific amount of training and a passing score on a national examination. Before agreeing to work with an agent, obtain their license number and confirm their status with the state by calling the State Licensing Board that oversees the licensing and certification of real estate agents.

Choosing an Agent | Contact Previous Clients

Whether you ask for a client list from the agent or you seek out previous clients through online research, it’s imperative to determine the satisfaction or dissatisfaction rate from previous clients. While many “tips” from other sources suggest going with an established real estate agent, you may be surprised your entire experience will be better with a relatively new agent than one who is established, but has a long list of dissatisfied clients. A simple name search in a major search engine will likely yield a long list of previous clients.

Is My Credit Score Good or Bad?

Is my credit score good or bad? It’s the question we all ask ourselves when we want to buy a new car, home, take out a line of credit for our business or applying for a new job. If the answer is good, it can help us to accomplish any financial obstacles in our path. If the answer is bad, it can send us on a path that is troublesome and somewhat hard to overcome. Oftentimes the next question we ask ourselves is, on average what is a good credit score?

Evaluating Your Credit Score

Evaluating one’s credit is no simple task. Credit agencies look to a number of factors in determining an individual’s credit score. Those factors include subjects such as payment history, debt levels, the age of credit, and the number of credit inquiries a person has. These factors make up a credit report that lenders use to determine whether an individual is worthy of lending credit to.

Credit Ranges

Once an individual’s credit report has been established they will be assigned a credit score. Credit scores function within a range of 301 to 850 with different categories to establish whether an individual is a high or low risk when lending to. Those categories are:

  • Excellent Credit: 781-850
  • Good Credit: 661-780
  • Fair Credit: 601-660
  • Poor Credit: 501-600
  • Bad Credit: Below 500

While the numbers above tend to be the general categories, each lender has their own categories and no two lenders are likely to agree on what is and isn’t a good or bad.

Comparing Your Credit Score

  • Excellent Credit: People who score within this range make up approximately one-fifth of the population. This score tells lenders that you are virtually a guaranteed no risk borrower and an excellent investment.
  • Good Credit: People making up this category roughly account for almost half the population. This score tells creditors that small mistakes in your financial past have kept you achieving the top honor of excellent credit but still mean you are a good investment.
  • Fair Credit: People in this category are far from the worst but are below the national average credit score of 660. Lenders view individuals in this category as moderately high risks and will likely face high loan rates when opening new credit.
  • Poor/Bad Credit: These groups also makes up about one-fifth of the population. People among these groups are considered high-risk borrowers. Unfortunately, it’s typical that most lenders will not even extend a line of credit to individuals in these categories.

Is My 700 Credit Score A Good Credit Score?

When a person has a lower consumer credit score, it is the result of late payments, a possible bankruptcy or other things that appear on the credit file that are derogatory. A low score can also be the result of not having enough on the credit history. When there is no activity for an extended period of time, the credit score will drop to the lower end of the spectrum. If you are lucky enough to have a credit score 700 or better, you fall into what is called the “good credit” ratings. Anyone who has a score from 650-740 is considered to be on the threshold of having good credit score.

What is a Good Credit Score?

The real goal when it comes to lending is to push your credit score into the 740 or higher range. When you have a score that is this high, you are able to walk away with the best interest rates and just about anything you want. Excellent credit allies to those who are closer to the 800 mark. These are the buyers that most lenders are looking for. It takes a great deal of work to get a credit score to this ranking. These are consumers who work on their scores and are meticulous about paying their bills on time.

If you are fortunate enough to be one of the people who ranks in the 700’s, you too are in good standing in most lender’s eyes. There is scarcely a bank who will turn down someone with a score this high, provided the debt to ratio is intact. Lenders love dealing with people in this range, because they are only delinquent on their bills around 5% of the time. So, if you are in the 700’s on your FICO, you are one of the lucky these days.