Is 700 a Good Credit Score?


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A 700 credit score is considered “good” by many lenders, and can make it easier to get approved when you apply for a credit card or any type of loan. Good credit can also help you qualify for lower interest rates and credit cards with extra perks, while offering some other advantages.

However, a credit score of 700 doesn’t fall into the “very good” or “exceptional” credit tiers, and generally won’t qualify for a creditor’s best interest rates or loan terms.

Read on to learn what a 700 credit score means and how good credit can help (and hurt) when it comes to getting credit cards, personal loans, car loans, mortgages, and more.

What Does a 700 Credit Score Mean?

A credit score is a three-digit number, typically ranging between 300 and 850, designed to represent the likelihood you will pay your bills on time. The higher your credit score, generally the more creditworthy you’re deemed to be by lenders and financial institutions.

Your credit score is based on information contained in your credit reports, and you actually have several — not just one — credit score. Credit scores can be calculated using different scoring models, such as FICO, VantageScore, or a lender’s own proprietary algorithm. As a result, what counts as a “good” credit by one model or lender can be different from another model or lender.

The most widely used credit scores, however, are FICO scores. According to FICO, the ranges and ratings for credit scores are:

  • Poor credit: 300-579
  • Fair credit: 580-669
  • Good credit: 670-739
  • Very good credit: 740-799
  • Exceptional credit: 800-850

A 700 FICO is considered “good.” Although the majority of lenders use FICO scores, some opt to use their own credit scoring models or VantageScore, a FICO competitor. With VantageScore, someone with a credit score of 700 also falls into the “good” credit rating category. This is their second-to-highest tier and includes scores between 661 to 780.

Generally, someone with a 700 credit score is seen by creditors as a relatively low- risk borrower who will likely repay what they owe. However, even with a good credit score, you can still have a history of late payments. According to Experian, late payments (30 days past due) appear in the credit reports of 33% of people with a FICO score of 700.

What Can You Get With a 700 Credit Score?

If you have a 700 credit score, lenders will generally view you as an acceptable or just-below average borrower, since the average FICO Score in the U.S. is 718. You may be able to access a variety of credit products, though not necessarily at the lowest-available interest rates.

With a 700 credit score, you’re above the “fair” or “poor” range but you aren’t in the two top FICO tiers or top VantageScore tier either. So, depending on the lender, you may not get the best interest rates or qualify for top perks or benefits.

Here’s a closer look at what you may be able to get with a credit score of 700.

Can I Get a Credit Card with a 700 Credit Score?

There’s no minimum credit score needed for a credit card, so you can get a credit card even if you have poor or fair credit, though those will often come with some drawbacks such as a lower credit limit and high interest rate.

With a 700 credit score however, you’ve demonstrated you’re likely to make payments on time. Having a good credit score rating generally gives you more choices when it comes to applying for credit cards, including more introductory offers, lower interest rates, and a higher credit limit, than a borrower with fair or poor credit.

You may also be able to snag a credit card without an annual fee and that offers rewards (such as cash back points you can use towards airline flights, hotels, or dining) and/or a 0% introductory annual percentage rate (APR).

To qualify for credit cards with the most generous benefits and welcome bonuses, however, you generally need to have a credit score higher than 740, which is considered “very good or “exceptional” credit.

Can I Get an Auto Loan With a 700 Credit Score?

According to a fourth-quarter 2023 report from Experian, more than 68% of cars financed were by people with a credit score of 661 or higher. This means if you’ve got a score of 700, securing an auto loan shouldn’t be a problem.

Your credit score can have a significant impact on your car loan interest rate. The average interest rate for someone with good credit who takes out a car loan is 7% for a new car and 9.73% for a used car. For borrowers with credit scores between 781 and 850, on the other hand, the average interest rate for a car loan is 5.64% for a new car and 7.66% for a used car.

While your credit score plays a significant role in determining your car loan interest rate, other factors — like the lender, amount borrowed, length of the loan, and economic conditions — also play a role in what rates and terms you can qualify for.

The best way to secure a competitive interest rate on your auto loan is to shop around and work on building an even stronger credit profile.

Can I Get a Mortgage With a 700 Credit Score?

More than 40% of first mortgage loans go to borrowers with a credit score under 740. Conventional mortgages (those not backed by the government) require a score of 620, while Federal Housing Administration (FHA) loans with low down payments require a score of 580. A 700 score puts you comfortably over these requirements.

Keep in mind, though, that a 700 credit score likely won’t qualify you for a lender’s best mortgage rates, which are typically reserved for borrowers with very good or exceptional credit scores. However, with a 700 credit score, you should qualify for rates in line with national averages.

Also know that mortgage lenders will look at more than just your credit score when you apply for a home loan. They typically consider a range of criteria, including your debt-to-income (DTI) ratio and the size of your down payment.

Can I Get a Personal Loan With a 700 Credit Score?

While there’s no universal minimum credit score requirements for personal loans, generally a score of 670 and up will put you on the path for a personal loan with competitive rates and terms, and a shot at a higher loan amount than a borrower with fair or poor credit. However, not every lender may approve you. Some personal loan lenders require scores well into the 700s for consideration.

Personal loans are typically unsecured, meaning you don’t have to put up collateral like your car or savings; instead, lenders evaluate applicants’ ability to repay the loan by looking at multiple criteria. While your credit score plays a major role in whether or not you qualify for a personal loan and at what rate, it’s not the only factor that a lender will consider. Lenders will typically also look at your income and employment history, cash flow, and how much debt you already have.

Can I Rent an Apartment with a 700 Credit Score?

When you apply for an apartment rental, the landlord will likely run a credit check. This is because landlords want to make sure they are renting to someone who will pay rent on time, is financially responsible, and has a history of successfully managing debt payments. Having a 700 credit score can increase the likelihood you’ll get approved as a renter.

Although there’s no official credit score needed to rent an apartment, the average credit score for U.S. renters is 650. In cities and areas where there’s a huge demand for apartments, however, landlords may opt to rent to someone with a score that falls into the very good or exceptional ranges.

Still, if 700 is your credit score, and you’ve got a good past rental history plus a low DTI, you shouldn’t have too much of a problem.

The Takeaway

Having a credit score of 700 can put you in a good position to get approved for loans and credit cards with competitive interest rates and terms. Your credit score may also stand out to landlords if you’re looking to rent an apartment.

But even though a 700 credit score can open up more doors, it’s still only considered “good” in the eyes of lenders, not “very good” or “exceptional.” Working to improve your credit (by always paying your bills on time, paying down credit card balances, and limiting hard credit inquiries) can make you more desirable to lenders. It can also save you a significant amount of money in the long run.

This article originally appeared on and was syndicated by

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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Where Does a $70,000 Salary Compare to the American Median Income?

Where Does a $70,000 Salary Compare to the American Median Income?

Whether or not $70,000 is considered a good salary depends on a number of factors. These include where you live, your lifestyle, what kind of work you do, your financial goals, and how many people are in your household.

While $70,000 is higher than average U.S. salary, it may be difficult to live well on this salary in certain parts of the country where the cost of living is high or if you’re supporting a family.

Here’s a closer look at whether or not earning $70,000 is a good salary and what factors influence this.

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A $70,000 salary can be considered good or not depending on various factors such as where you live, your lifestyle, and your financial obligations. Let’s explore these considerations in more detail.

Where you live: Living expenses vary significantly depending on where you live in the U.S. Your dollars won’t go as far in a metropolitan city as they would in a rural area. It’s a good idea to look into the costs of housing, groceries, transportation, and other necessities in your area and weigh them against your salary to determine if $70k is enough for you to live comfortably.

The size of your household: Whether you live alone or have a family has a major impact on how far your $70,000 salary can go. A single person may be able to live well on this income in many places. But if you’re supporting a spouse and children, it may prove more difficult. If you’re supporting others, consider your family’s monthly expenses to determine if $70,000 is enough to pay for everyone’s needs.

Debt and other obligations: You’ll also want to factor in any debt and other payments you must make each month when determining if your $70k salary is enough. If you have student loans, credit card debt, and/or mortgage payments, that could eat up a significant portion of your monthly take-home salary. Run through your essential monthly expenses and then see how much is left over for discretionary purchases. Paying down debt could help make your $70k go further.


According to the Bureau of Labor Statistics’s most recent data (May 2022), the mean, or average, salary nationwide is $61,900.

That means that on a nationwide scale, you’re earning more than most people. However, the cost of living in your area, personal lifestyle choices, and your financial expectations and goals also play a crucial role in determining whether $70k is a good salary for you or not.

What Percentage of Americans Make Over $70,000 Annually?

U.S. Census data reports that in 2022 (the most recent data available), 49.8% of Americans made $75,000 and more, and 16.2% earned between $50,000 and $75,000. Based on these statistics, at least half of Americans make $70,000.


Here’s a look at exactly how a $70,000 annual salary breaks down. Keep in mind that these numbers look at gross income, which is what you earn before any taxes and other withholdings (such as health insurance, social security, and retirement contributions) are deducted from your paycheck.

  • Monthly income: $5,833.33
  • Biweekly income: $2,916.66
  • Weekly income: $1,346.15
  • Daily income: $191.78
  • Hourly income: $7.99

Your actual take-home pay will depend on where you live, your household income, whether you’re a full-time employee or self-employed, and what employee benefits you participate in.


If you’re single and have a salary of $70k, you are part of above-average earners in the U.S. Depending on where you live, you may be able to live comfortably on a $70,000 salary as a single person. You may even be able to save for goals, like building an emergency fund, contributing to a retirement fund, and saving for a downpayment on a home.

However, in high-cost-of-living areas, this salary might require careful budgeting to maintain a good standard of living. Indeed, economists estimate that someone making $70,000 a year in other parts of the country would need to make $166,000 in New York City to enjoy the same standard of living.


Living as a family on $70,000 could be challenging. According to the Economic Policy Institute’s Family Budget Calculator, the monthly household cost for two adults and two children living in Dayton, Ohio, for example, adds up to $7,658, including housing, food, childcare, transportation, healthcare, and taxes.

If your monthly gross income is $5,833.33 (which it would be if you earn 70k a year), that would likely not be enough to support a family in a midsize midwestern city. You might find it easier, however, if you live in a more rural part of the country.


One popular guideline is to spend no more than 30% of your gross income on rent. So if your monthly gross income is $5,833.33, you would ideally try to spend no more than $1,750 per month on rent.

However, this guideline isn’t realistic for everyone. Sticking to spending 30% on rent may not be feasible in a place like New York City or San Francisco, for example, where median rents for a one-bedroom apartment are over $2,000.

If you need to spend more than 30% of your $70 salary on rent, you may need to watch your spending in other areas, such as clothing, entertainment, and dining out.


The following cities each have a median household income of below $70,000 and a lower-than-average cost of living, making them among the best places to live on a $70,000 salary.

  • Decatur/Hartselle, Alabama
  • Charleston, West Virginia
  • Rockford, Illinois
  • Knoxville, Tennessee
  • Amarillo, Texas
  • Waterloo/Cedar Falls, Iowa
  • Oklahoma City, Oklahoma
  • Anniston, Alabama
  • Winston-Salem, North Carolina
  • Great Falls, Montana
  • Morristown, Tennessee
  • Springfield, Missouri

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Here’s a look at the 12 most expensive places to live in the U.S. — and some of the worst places to live on a $70,000 salary.

  • San Diego, California
  • Los Angeles, California
  • Honolulu, Hawaii
  • Miami, Florida
  • Santa Barbara, California
  • San Francisco, California
  • Salinas, California
  • Santa Rosa, California
  • San Juan, Puerto Rico
  • Vallejo, California
  • Fairfield, California
  • New York City, New York


Living on a $70,000 budget requires careful planning and smart financial decisions. Whether you’re just starting out or looking to improve your financial situation, these tips can help you make the most of your income.

Saving Up for Retirement

One of the most important aspects of managing your finances is saving for retirement. Even on a $70,000 budget, it’s crucial to prioritize saving for your golden years. Consider contributing to a 401(k) or IRA, which can provide tax advantages and help your money grow over time. A good rule of thumb is to try to save at least 10% to 15% of your income for retirement, and increase this amount as your income grows

Getting on a Budget

Creating and sticking to a budget is key to living within your means on a $70,000 budget. Start by tracking your income and expenses to get a clear picture of where your money is going. Then, set realistic goals for saving and spending. Consider using budgeting apps or tools to help you stay on track.

Getting Out of Debt

If you have debt, such as credit card balances or student loans, it’s important to prioritize paying it off. You might start by paying off high-interest debt first, as this will save you money in the long run. Consider consolidating your debt or negotiating with creditors to lower your interest rates. Once you’ve paid off your debt, focus on staying debt-free by living within your means.

Saving Your Money

Saving money is a crucial part of living on a $70,000 budget. Look for ways to cut expenses, such as dining out less often or shopping for discounts. Consider setting up automatic transfers to a savings account to make saving easier. Additionally, consider building an emergency fund to cover unexpected expenses, such as car repairs or medical bills. This will help you avoid running up high-interest credit card debt in the event of the unexpected.


Whatever your salary, it’s important to not only live within your means but also to put some money into a high-yield savings account each month. This will give you a cushion for emergencies and help you work towards — and reach — your financial goals.

This article originally appeared on and was syndicated by

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