How to Get a 700 Credit Score: Step-by-Step Plan

A 700 credit score is a significant milestone that opens doors to better interest rates, premium credit cards, and favorable loan terms. This comprehensive guide will show you exactly how to reach this goal, regardless of where you're starting from.

Understanding the 700 Credit Score Benchmark

A 700 credit score falls within the "good" credit range (670-739) and puts you in the top 60% of American consumers. At this level, you'll qualify for:

• Competitive mortgage rates (often 0.5-1% lower than subprime borrowers)
• Premium credit card offers with rewards and perks
• Auto loans with favorable terms
• Apartment rentals without additional deposits
• Lower insurance premiums in most states

The Five Factors That Determine Your Score

Understanding what impacts your credit score is essential before implementing any [improvement](/blog/heloc-vs-home-improvement-loan) strategy:

Payment History (35%): Your track record of on-time payments is the most critical factor. Even one 30-day late payment can drop your score by 60-110 points.

Credit Utilization (30%): The ratio of your credit card balances to your credit limits. Keeping this below 30% is good; below 10% is excellent.

Length of Credit History (15%): The average age of your credit accounts. Older accounts demonstrate experience managing credit.

Credit Mix (10%): Having different types of credit (revolving credit cards, installment loans, mortgages) shows you can handle various credit responsibilities.

New Credit (10%): Recent credit applications and new accounts. Too many inquiries in a short period can signal financial distress.

Step 1: Audit Your Credit Reports (Week 1)

Start by obtaining your free credit reports from all three bureaus—Experian, Equifax, and TransUnion—through AnnualCreditReport.com.

Review for errors:

• Accounts that don't belong to you
• Incorrect payment histories
• Wrong credit limits
• Duplicate accounts
• Outdated negative information (most items should fall off after 7 years)

According to the FTC, approximately 20% of consumers have errors on at least one credit report. Disputing and removing these errors can provide an immediate score boost of 20-100 points.

Step 2: Create a Payment Calendar (Week 1-2)

Set up automatic payments or reminders for every bill, not just credit accounts. Your payment history accounts for 35% of your score, making it the single most important factor.

Implementation strategy:

• Set up autopay for minimum payments on all accounts
• Schedule payments 3-5 days before due dates to account for processing time
• Use calendar reminders for bills that can't be automated
• Consider setting up bi-weekly payments to reduce balances faster

Even if you've missed payments in the past, establishing a perfect payment history moving forward is crucial. One year of on-time payments can increase your score by 50-80 points.

Step 3: Tackle Credit Utilization Aggressively (Ongoing)

Your credit utilization ratio is the second-most important factor. Here's how to optimize it:

Immediate actions:

• Calculate your current utilization (total balances ÷ total limits)
• Pay down balances to below 30% on each card
• Request credit limit increases on existing cards
• Avoid closing old accounts, even if you don't use them

Advanced strategy: Make multiple payments throughout the month, not just one payment per billing cycle. If you charge $1,000 monthly on a card with a $5,000 limit, paying $500 mid-cycle and $500 before the due date keeps your reported utilization lower than paying $1,000 once.

Timeline for impact: Utilization changes can affect your score within 30-60 days, as soon as the new balances are reported.

Step 4: Become an Authorized User (Month 1-2)

If you have a trusted friend or family member with excellent credit, ask to be added as an authorized user on one of their oldest, well-managed accounts.

What to look for:

• Account age of 5+ years
• Credit utilization below 10%
• Perfect payment history
• High credit limit

Being added to a seasoned account can increase your score by 30-100 points, sometimes within one billing cycle. The account's entire positive history typically appears on your credit report.

Step 5: Handle Collections Strategically (Month 2-3)

If you have collections on your report, don't ignore them. However, approach them strategically:

For paid collections: Medical collections under $500 are no longer reported by major credit bureaus as of 2023. For other collections, request a "pay-for-delete" agreement in writing before paying.

For unpaid collections: Newer credit scoring models (FICO 9, VantageScore 3.0) ignore paid collections. However, paying a collection resets the "date of last activity," potentially keeping it on your report longer. Negotiate a deletion agreement first.

Statute of limitations: Know your state's statute of limitations on debt. If a debt is beyond the statute, it's legally unenforceable, though it may remain on your credit report for up to 7 years from the original delinquency date.

Step 6: Diversify Your Credit Mix (Month 3-6)

If you only have credit cards, consider adding an installment loan to your credit mix. This demonstrates your ability to manage different types of credit.

Low-risk options:

• Credit-builder loans from credit unions ($500-2,000)
• Secured personal loans using savings as collateral
• Self Lender or similar credit-building programs

Adding a new type of credit can increase your score by 10-20 points over 6-12 months, especially if you have a thin credit file.

Step 7: Monitor Progress and Adjust (Ongoing)

Track your credit score monthly using free services like Credit Karma, Experian, or your credit card issuer's score monitoring.

What to watch:

• Score trends across all three bureaus
• New accounts appearing on your report
• Changes in credit utilization
• Updates to account statuses

Remember that different scoring models may show different scores. Focus on trends rather than exact numbers.

Realistic Timeline Expectations

Starting from 600-650: With diligent effort, you can reach 700 in 6-12 months by paying down balances, maintaining perfect payments, and removing errors.

Starting from 550-600: Plan for 12-18 months. You'll need to rebuild payment history and may need to address collections or other negative items.

Starting from below 550: Expect 18-24 months. Focus first on stopping the bleeding (no new negative items), then rebuild systematically.

Common Mistakes That Delay Progress

Closing old credit cards: This reduces your available credit and shortens your credit history. Keep old cards active with small recurring charges.

Applying for too much new credit: Each hard inquiry can drop your score 5-10 points. Space applications at least 6 months apart unless rate shopping for a mortgage or auto loan.

Paying collections without negotiating: Paying a collection without getting a deletion agreement helps the collector but may not help your score.

Ignoring errors: Approximately 20% of credit reports contain errors. Disputing these can provide quick wins.

Expecting overnight results: Credit building is a marathon, not a sprint. Sustainable improvement takes time.

When to Expect Results

Different actions impact your score on different timelines:

• Disputing errors: 30-45 days
• Paying down balances: 30-60 days (next reporting cycle)
• Becoming an authorized user: 30-60 days
• Establishing payment history: 3-6 months of consistent payments
• Credit mix diversification: 6-12 months
• Recovering from major derogatory items: 12-24 months

Maintaining Your 700+ Score

Once you reach 700, maintaining it requires:

• Continued on-time payments (set up autopay and never turn it off)
• Keeping utilization below 30%, ideally below 10%
• Maintaining your oldest accounts
• Being selective about new credit applications
• Monitoring your reports for errors or fraud

Frequently Asked Questions

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

The timeline depends on your starting point and circumstances. From 600-650, it typically takes 6-12 months with consistent effort. From 550-600, expect 12-18 months. Starting below 550 may require 18-24 months. The key is establishing consistent on-time payments and reducing credit utilization.

Can I get a 700 credit score with collections on my report?

Yes, but it's more challenging. Newer scoring models (FICO 9, VantageScore 3.0 and above) ignore paid collections, making it easier to achieve 700 even with old collections. Focus on building positive payment history and maintaining low utilization. If possible, negotiate pay-for-delete agreements before paying collections.

What's the fastest way to increase my credit score to 700?

The fastest legitimate methods are: (1) Disputing and removing errors [from your credit](/blog/remove-collections-from-credit) reports (results in 30-45 days), (2) Paying down credit card balances to below 30% utilization (results in 30-60 days), and (3) Becoming an authorized user on a well-established account (results in 30-60 days). Combining these strategies can produce significant improvement in 2-3 months.

Will checking my credit score lower it?

No. Checking your own credit score is a "soft inquiry" that doesn't affect your score. Only "hard inquiries" from lenders when you apply for credit can impact your score, and the effect is typically minor (5-10 points) and temporary (12 months).

How many credit cards should I have to reach 700?

There's no magic number, but having 3-5 credit cards with low utilization, different issuers, and good payment history is optimal. The key isn't the number of cards but how you manage them. One well-managed card is better than five maxed-out cards.

Should I pay off collections or focus on building positive credit?

Do both strategically. Newer credit scoring models ignore paid collections, so paying them may not directly improve your score unless you negotiate a pay-for-delete agreement. However, many lenders manually review credit reports and view unpaid collections negatively. Prioritize building positive payment history while negotiating deletions for collections.

Can I get to 700 with a bankruptcy on my record?

Yes, though it's challenging. A bankruptcy remains on your credit report for 7 years (Chapter 13) or 10 years (Chapter 7), but its impact diminishes over time. Many people rebuild to 700 within 2-4 years after bankruptcy by establishing new positive credit, maintaining perfect payments, and keeping utilization low. Secured credit cards and credit-builder loans are valuable tools for rebuilding.

How much will requesting a credit limit increase help my score?

Requesting a credit limit increase can help significantly if it reduces your overall utilization ratio. If you have $3,000 in balances across $10,000 in credit limits (30% utilization), increasing your limits to $15,000 drops your utilization to 20%, potentially increasing your score by 10-30 points. However, some issuers perform hard inquiries for increase requests, so ask first if it will be a hard or soft pull.

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