How Much Can I Borrow With A 700 Credit Score [2023 Updated]

How Does My Credit Score Affect How much I Can Borrow In Loans?

With a credit score of 700, you'll meet most lenders' minimum credit score requirements. However, while the credit score can secure a high loan amount, it may not secure you the highest loan amount possible that higher credit scores, like 740, would bring.

That is so because lenders consider different criteria when determining how much they can lend you and the interest they'll charge. Some of those criteria include the following;

• Income vs. Debt: Your monthly income will be analyzed per your monthly debt obligations, i.e., a Debt-to-income ratio, to see if your income can pay for the loan amount over time.

• Your history with that lender: Of course, previous honored transactions with a lender help build trust for subsequent business interactions. However, bad history with such a lender can go the other way.

• Your Credit History: The length of your credit history shows lenders how much experience you have using your credit. As a rule of thumb, a more extended credit history helps your lenders to accurately calculate the risk level they can take when determining the loan amount.

• Collateral Value: When applying for a secured loan ( a type of loan that requires you to put up a valuable item as collateral to qualify), the collateral's value will also be considered.

• Purpose Of The Loan: How you plan on using the loan can go a long way in positively or negatively influencing the decisions of your lenders. 

How Does My Credit Score Affect My Credit Limit?

Since your credit score generally measures your credit risk, a high number depicts that you are safe to lenders, meaning they will loan you a significant amount. However, they will offer you less and even charge more interest if you pose a high risk (with a low credit score). 

Your credit score also affects your credit limit on revolving credit accounts, such as credit cards. The higher/lower your credit score, the higher or lower your chance of obtaining a high credit limit on your card.

However, as stated earlier, other factors can make or mar your credit limit. Your lenders can also check your debt-to-income ratio, collateral value, credit history, transaction history, and more when deciding the maximum amount to loan to you.

What Can You Get With A Credit Score Of 700?

See how a 700 credit score can help when applying for the following loan types.

Personal Loans

Some personal loan companies favor borrowers with good credit scores. So if you have a credit score of 700, you can secure high amounts at low-interest rates. In addition, you will not have to lobby for high credit limits like those with bad credit, as the loan processing is usually straightforward.

Credit Cards

A 700 credit score can increase your chance of being approved for credit cards with higher limits. However, before applying for such cards, check their minimum requirements and choose the one that would most likely approve- Frequent application can harm your credit score.

Car Loans

A credit score of 700 will get you a car loan at a reasonable interest rate. Based on a 2022 report published by Experian, borrowers with credit scores of 661 or higher made up 65% of the car loan stats, and the average interest was 4.03% to 5.53% for new and used cars. 

Home Loans

Most house loans require a credit score of at least 620. That means a higher credit score like 700 can improve your chance significantly. In addition, it can qualify you for higher-value homes at a reasonable mortgage interest rate.

A credit score of 700 also has the following general benefits:

1. Vast Financing Options: A good credit score automatically opens doors to a broader range of financing options, from home and auto loans to high-limit personal loans.

2. Enjoy Increased Savings: Since you have a higher chance of getting loans with low interest, there will be opportunities to save more money.

3. Obtain More Buying Power: Your 700 credit score will give you an attractive loan at lower interest. That means you will have increased buying power on items such as houses, cars, etc.

Best Personal Loans for a 700 Credit Score

Here is a list of some of the best personal loans you can secure with a 700 credit score.

# LightStream

Lightstream, as a lender, offers personal loans at competitive rates, particularly to people with good credit scores. It offers personal loans from $5000 to $100,000 for various purposes, from kitchen remodeling to paying off dental bills, debt consolidation, and financing weddings. 

LightStream offers some of the most reasonable APR and has a unique feature (Rate Beat Program) that allows borrowers to enjoy a lower loan interest than its initial offer.

How the Rate Bear Program works is: If you have proof that you qualify for a lower interest rate elsewhere(as well as meet other conditions), LightStream will reduce your rate by 0.1%.

Pros

• LightStream offers low APR, usually between 5.99% to 22.49%.
• It offers loans as high as $100,000 
• No added charges.
• Offers same-day fund deposits to some borrowers that meet the required conditions.
• Offers up to 12 years for repayment of the loan

Cons

• Requires a valid Visa or Mastercard to complete verification
• Too many personal loan restrictions, as you are not allowed to use the loan for financing student loans, funding retirement savings, or financing business expenses
• You can only send the personal loan application online and not by any other means.

# SoFi

SoFi hosts a loan offer that particularly appeals to borrowers with good credit scores who want to take out huge loans at low costs. Because of their high amount yet low-cost nature, SoFi loans can be particularly good for debt consolidation, major purchases, and medical bills. 

SoFi offers unsecured personal loans within the range of $5000 to $100,000 with up to 7 years for repayment. It also allows for co-applicants and same-day funding. 

Pros:

• APRs are low, from 7.99% to 23.43%.
• Offers up to 84 months for repayment.
• Offers up to $100,000 in loans.
• There are no fees for origination, prepayment, or lateness.

Cons:

• Individuals with poorer credit scores and histories will find it much harder to qualify.
• If you're self-employed, your application may take up to 15 days before they reach a decision. 

# Discover

Discover offers personal loans of up to $35,000 and requires a minimum credit score of 660. Their extended repayment plans, between 36 to 84 months, allow borrowers time to pay off their loans in installments conveniently.

In addition, Discover offers personal loans with APR as low as 5.99%, making it suitable for people seeking to consolidate their existing debt at a reduced cost.

You can use their loan for many things, including refinancing older personal loans from other lenders. They also give borrowers a FICO scorecard that helps them monitor their credit score and approve loans between 2-10 days. 

Pros:

• Income requirements suitable for low-income earners
• Offers APRs as low as 5.99%
• No penalties for prepayment or origination fees
• There are no loan restrictions as its loans can be used for many things. 

Cons:

• There are late fees
• It doesn't allow for Co-applicants
• The maximum loan amount of $35,000 is relatively low. 

Get A Personal Loan At A Lower Interest Rate With CreditYelp

CreditYelp is an online broker that connects you with suitable loans for your financial needs. Regardless of your credit score, we will get you lenders that give personal loans at a reasonable interest rate. 

One attribute that sets up apart from other brokers is our network of lenders. They are reliable and certified with an NMLS ID. When you fill out a form with us, all our lenders will get it. After that, you will receive offers from willing lenders.

What's more? We will never leave you to sort through the offers alone. CreditYelp will provide you with evaluations and comparisons of the lenders so you can make an informed decision.

Get a Personal Loan Now!

If your credit falls into the bad credit range, most lenders and banks will likely see you as a credit risk. This is where CreditYelp comes to the rescue.

$2,500

$0

$5,000

$ 

Get Started

To access great loan deals, all you have to do is go through three steps;

1. Fill out the form: Once you sign up and fill out the form, we will share your request with our network of lenders.

2. Accept Offers: Your needs are considered, and willing lenders will revert with offers tailored to your needs. Compare offers and make your choice.

3. Get your money: Once you seal a deal with your lender, the funds are transferred to you as soon as the next business day.

    

How does CreditYelp compare

CreditYelp

Why Choose Us?

How much am I allowed to borrow?

Up to $35,000

No hidden fees or charges

How long is the loan repayment period?

Up to 36 months

Various repayment options

Do lenders check my credit?

Yes

Soft Check Only

Do lenders Accept bad credit?

Yes

Friendly to Bad Credit Borrowers

Chances of approval

Good

High Approval Rate

How to apply?

Apply online

No paperwork needed

Get Started

Why choose CreditYelp?

• Even with a bad credit score, we'll find you suitable loans.
• Our partner lenders are reliable, and all have an NMLS ID.
• We facilitate access to high loan limits.
• You only have to fill out one form to request a loan from all of our partner lenders.
• You have a higher chance of getting your loans approved with CreditYelp.
• There are no surprise fees when you choose us.
• Our partner lenders loan at a pocket-friendly interest rate.
• Expect fast funding when you go through CreditYelp.

What Credit Cards Can You Get With A 700 Credit Score?

If personal loans don't feel right, try getting a credit card. A credit card with good standing will allow you to access revolving credit, meaning you can use it for your everyday shopping and expenses as long as you're within your limit. 

A 700 credit score can get you many high-limit credit cards with good offers. If you are looking to get one, consider the three verified credit card companies below:

Chase Freedom FlexSM

Chase Freedom FlexSM is a $0 annual fee cash-back card that offers several enticing rewards to its users. It offers a $200 sign-up bonus that you can get after spending $500 in your first three months using the card.

You'll also get the following rewards over time:

• A quarterly 5% cash back bonus is available when you spend $1500 each quarter.
• A 5% cash back on the trips booked via Chase Ultimate Rewards (a points program for Chase's rewards credit cards).
• A 3% cash back on dining.
• Unlimited cash back of 1% on all purchases.
• A 3% cash back on pharmacy purchases.
• 5% cash back for cardholders on qualifying Lyft rides you book from now all through March 31, 2025

APR

When you get a Chase Freedom FlexSM card, you'll receive a 0% APR on all purchases and balance transfers for the first 15 months. Then, after the introductory bonus period lapses, you'll start to pay APR between 17.99% and 26.74%.

Pros

• Enjoy a 0% annual fee with Chase Freedom FlexSM.
• A new cardholder bonus of $200 is available when you spend $500 in the first three months.
• The Introductory 0% APR saves you a lot of cash.
• Several cash rewards are waiting when you use a Chase Freedom FlexSM.

Cons

• It requires high credit, but your 700 credit score meets the cut.
• After the introductory APR period, the charge is a bit on the high side.
• Foreign transaction fee on travels.

Capital One Quicksilver Rewards Credit Card

Capital One Quicksilver card is another $0 annual fee card to consider if you have a 700 credit score. Unlike Chase Freedom FlexSM, you will earn a flat rate on all purchases. It also offers a welcome bonus, low charges, an introductory 0% APR, and more. 

Here are the benefits you stand to gain when you use the Capital One Quicksilver Rewards Credit Card:

• A 1.5% cash back on all purchases
• A $200 sign-up reward when you spend only $500 in the first three months
• Six months of complimentary Uber One membership statement credits from now all through November 14, 2024.
• 5% unlimited cash back on rental cars and hotels booked with Capital One Travel.
• Booking trips via Capital One Travel gets you the best deal on trips.
• 0% APR on balance transfers and purchases within the first 15 months.

APR

Capital One Quicksilver Rewards Credit Card offers an introductory period of 15 months when you will not be charged on your card. After that period, you will be charged 17.99% to 27.99% APR.

Pros

• You can redeem your reward at any time, regardless of the amount.
• Several rewards are up for claims.
• There's an introductory APR period
• There is no foreign transaction fee
• Zero annual fee
• There is no limit on how much you can earn on your Capital One Quicksilver Rewards Credit Card.

Cons

• Requires minimum credit score of 680
• APR after the introductory period is high.

Citi® Double Cash Card

Citi® Double Cash Card is yet another $0 credit card you can apply for with a 700 credit score. It offers a competitive flat-rate cash back on all purchases, making it a winner for anyone who prefers rewards on every card swipe. You can expect the following benefits when you use the Citi® Double Cash Card;

• 2% cash back on all purchases (1% cash back each for when you buy and pay for the purchases). 
• 0% APR on all balance transfers (no intro period for purchases)for the first 18 months.
• Reduced transfer fee (from 5% to 3%) on $5 minimum transfers for the first four months.

APR

Citi® Double Cash Card offers a $0 APR for the first 18 months on all balance transfers. However, the $0 APR does not apply to your purchases. After that, your APR will be between 17.74% to 27.74%, depending on your credit score. 

Pros

• Zero annual fee
• High flat rate reward
• There is an intro period for balance transfer fees.

Cons

• You need a credit score of at least 680.
• There are no bonus offers and categories.
• APR after the intro period is a bit on the high side.

How To Improve Your 700 Credit Score Before Applying For Credit Cards

Having a 700 credit score is a big flex, and you're just a few steps away from reaching excellent credit. The following tips will help you reach there faster:

Never Miss A Payment Date

Paying the bills on your card timely goes a long way in improving your credit. Therefore, you should do everything possible to pay your bills on time. One way to ensure that is to set alerts for due dates, so you know when it's time to pay up.

Conversely, perpetual missed payments can harm your credit score and set you back gradually if care isn't taken.

Pay Credit Card Balances in Advance

Using your credit too frequently can harm your creditworthiness, so it's advisable to make it minimal. One way to keep your credit use under control is topping your card balance in advance. You could also use a debt consolidation loan to lower your revolving balance and reduce credit use.

Pre-qualify First Before Applying For Cards

One of the sure ways to hurt your credit score is closing down credit card accounts and applying for several new ones. Those applications usually call for hard credit pulls and may not even be approved by credit card issuers.

So, avoid doing those and take pre-qualification tests before you apply for a new card. That way, you'll be able to tell which credit card company will most likely approve and keep your credit score intact.

What Kind Of Car Loan Can I Get With A 700 Credit Score?

A 700 credit score will meet the cut-offs of many car loan companies, meaning you can easily access some of the best car loan deals available. On average, with a 700 credit score, you'd get new car loans with an interest rate of 3 to 6%, while for used cars, it's 5 to 9%. 

Average car loan interest rates by credit score

Based on actual national averages, here are the interest rates you can expect, presented in the order of score range: 

300-500(Deep Subprime); 12.84%

501-600(Subprime); 9.75%

601-660(Near prime); 6.57%

661-780(Prime); 4.03%

781-850(Superprime); 2.96%

Auto refinance Rates

The costs and rates for refinancing an auto loan are the same for taking an auto loan itself, so the same rates stated above will apply.

How To Lower Interest Rates on Your Auto Plan

• Increase your down payment for the car to reduce the loan-to-value ratio. The lower the LTV, the more likely you will secure a fairer interest rate.

• When buying an auto, aim for discounts. If the overall purchase amount reduces, there'll surely be a decrease in interest rates too.

• Applying for a car loan with a co-signer is best if you have bad credit. That will prevent high-interest charges and increase your chance of getting good offers.

• Select a shorter loan term when choosing a repayment plan. That will help reduce the interest on smaller amounts paid over an extended period.

• Go for a newer car instead of an old model. Most lenders adjust their interest rates concerning the car's age. So, it's much better and less expensive to choose never models.

Can I buy a home with a 700 credit score?

To answer simply, yes. You can buy a home with a 700 credit score. In fact, people can secure mortgages with credit scores as low as 600 or even 580. However, the drawback to buying a home with such low scores is that the interest rates would be much higher. But with 700, you can secure larger loans with better interest rates. 

Some of the mortgage types you can secure with a 700 score include;

Conventional mortgage

A conventional mortgage is a loan that a government agency does not regulate. Instead, you can get them through banks, private mortgage companies, and credit unions. However, some conventional mortgages also meet Freddie Mac's and Fannie Mae's requirements, which are government-sponsored agencies.

To get a conventional mortgage, the following documents are usually required;

• Proof of income may include additional income sources like bonuses or alimony.
• Your bank statements and investment statements as proof that the fund for a down payment, closing costs, and a cash reserve is available.
• Proof of employment to show that you have a stable work history.
• Identification Card or driver's license, SSN, Signature, and consent for lenders to pull your credit report.

The interest rate for conventional mortgages is usually higher than other mortgage loans backed by the government. It generally depends on the loan terms, type of interest (fixed or variable), current financial market standing, and more. 

VA Loan

A VA Loan is a mortgage program backed by the US Department Of Veterans Affairs, formerly the Veterans Administration. It is suitable for you with a 700 credit score, but only service members, Veterans, and their spouses can qualify for one. 

VA loans usually require little or no down payment, and you would not need private mortgage insurance to apply. The interest rates charged are also very competitive.

Jumbo Loan

Any loan that exceeds the limit ($647,000) set by the Federal Housing Finance Agency (FHFA) falls under the jumbo mortgage category. Although this loan is usually available to people with excellent credit scores (720 minimum), it will be a good deal if you qualify. 

To further increase your chance of getting approved, it is advisable to raise your credit score a bit before applying. That way, you can secure more offers at a lower interest rate.

700 credit score mortgage rates

The loans savings calculator tool on the FICO website enables you to project the interest rates a 700 credit score would secure. Based on the sample of a $200,000, 30-year mortgage, here are the credit score ranges and the rates they'll fetch you; 

• 660-679: 3.438%
• 680-699: 3.224%
• 700-759: 3.047%
• 760-850: 2.825%

Tips For Raising Your 700 Credit Score Further

Raising your 700 credit score increases your chance of getting better offers and lower interest rates. So, if you already have a 700 credit score, don't stop there- Use the tips below to raise it higher to qualify for awesome deals.

• Pay your bills consistently and timely for good standing with the credit bureaus and a chance at an increased credit score.

• Review your credit score regularly to check for inconsistencies and histories that may harm your credit score. Learn from those mistakes and prevent poor financial decisions moving forward.

• Avoid the overuse of credits by paying your credit card balance in advance.

• Improve your credit card mix by applying for installment loans and other revolving debt. That will show how well you can handle different credit types.

FAQs

1. How your FICO score is calculated

The FICO model is the most widely used credit scoring model. To calculate, FICO breaks down your financial profile and credit data into 5 different categories, each of which is a portion of your total score. How high your credit score is depends on how well you satisfy them. They include

• Payment history- 35%
• Credit utilization- 30%
• Length of credit history- 15%
• Credit mix- 10%
• New credit- 10%

2. How to Raise your Credit Score to 700?

The following quick tips will improve your credit score to 700 positively.

• Lower your credit utilization: Avoid frequent use of credit to remain in good standing and also increase your credit score.

• Limit how you apply for new credits: Do not apply for too many credit cards just because you want a better rate. You can pre-qualify first and then apply with the credit card company that's most likely to approve.

• Apply for diverse credits: Switching between revolving and installment loans shows the bureau that you can manage different credit accounts. You'll most likely receive more credits based on that.

• Don't close your old credit cards: Keeping your old credit card open will allow the bureaus access to your extended credit history. That gives them a better insight into your debt management and prevents a drop in your score.

3. How long does it take to get to a 700 credit score?

It may take some time. This is because factors like multiple credit applications and high credit utilization ratio, among others, can reduce your credit score. So you must take breaks between applications, keep your credit utilization and DTI ratios low and avoid late debt payments if you want to increase your score faster.