Is 700 a Good Credit Score? This is a common question what score is considered worthy of good rates and terms? Typically Scores range between 300 and 780. There are scores that get into the 800’s but you typically don’t get that high unless you are in your 50’s with low debt. There is a time factor in the calculations for having a score that high. You need to be around a while before it happens. You also need to have a excellent credit history with very little debt. So what are lenders looking for to consider your credit risk low? Here is the break down of what goes into the Credit Scoring process.What goes into a score?The basic credit scoring formula takes into account several factors from your credit report. The impact of each element fluctuates based on your own credit profile:* Payment history 0 A good record of on-time payments will help boost your credit score.* Outstanding debt 0 Balances above 50 percent of your credit limits will harm your credit. Aim for balances under 30 percent.* Credit account history 0 An established credit history makes you a less risky borrower. Think twice about closing old accounts […]

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