Maintaining a credit score of 700 is a good starting place but you must consistently do what is necessary to ensure your credit score does not drop lower but rather gets better over time. There is certainly no quick and easy fix to improving credit scores or recovering from past mistakes. It takes time and effort on behalf of the consumer to make sure credit histories are stable and credit scores stay high.
710 Credit Score Considerations
If you are in need of a loan, a 700 score may cost you additional cash over the life of the loan because you may be granted a mid-range interest rate instead of the lowest available. Different creditors have different requirements but it is strongly recommended that if you have time to work on improving your credit history and score before filling out your application, to do so. The money you save with a better interest rate is worth the extra time and effort.
You should work hard and come to the table with the best possible score you can have. Planning ahead should be a priority for your personal finances anyway as it is the only way to truly be ready and stay financially stable. Since credit repair is not an overnight event, you should start 6-12 months before you anticipate applying for a mortgage, personal loan or a credit card.
Since your 700 credit score is right on the cusp of getting better deals, you may find that improving your credit score to 710 – which may take a shorter period of time depending on how on top of your finances you normally are.
Find Out Your Credit Score
If you are not sure what your current credit score is, you can get three different scores to have a good idea of how lenders see you in terms of risk. Each of the three major credit reporting agencies use different credit scoring models. TransUnion credit scores can be obtained for free by signing up with CreditKarma.com; Experian credit scores can be viewed for free by signing up with Quizzle.com; and you can obtain your FICO credit score through Equifax for $15.95 at Equifax.com.
In addition to knowing what your credit score is, it’s a good idea to look at your actual credit report on a regular basis to make sure there are no mistakes or omissions to the information they contain – as they may reduce your “real” score. You may find accounts on your credit reports which do not belong to you, or see old credit cards or loans that you have paid in full that still show a balance due. Correcting these mistakes will often result in a credit score increase – try to aim for a 750 credit score.
You can order a free credit report from each of the three credit reporting bureaus once each year, at AnnualCreditReport.com. You can also pay for and receive your FICO score from that website, as well.