As someone with a credit score of 700, I know how important it is to choose the right credit card. With so many options available, it can be overwhelming to decide which one is the best fit for your financial goals and lifestyle. That’s why I’ve done the research and compiled a list of the top credit cards for those with a 700 credit score.
I recently got approved for a credit card with a 700 credit score, and I couldn’t be more excited. After months of working on improving my credit score, I finally reached the “good” range and was able to qualify for some of the best credit card offers available.
One of the best credit cards for a 700 credit score is the Chase Sapphire Preferred® Card. This card offers a generous sign-up bonus and rewards program, making it a great choice for those who love to travel. Another great option is the Capital One Venture Rewards Credit Card, which also offers travel rewards and benefits, but with a lower annual fee. These cards are just a few examples of the many options available to those with a 700 credit score.
By choosing the right credit card, you can take advantage of rewards, benefits, and perks that can help you save money and achieve your financial goals. So, whether you’re looking for a card with cash back rewards, travel benefits, or low interest rates, there’s a credit card out there that’s perfect for you.
Understanding Credit Scores
As I begin to explore the best credit cards for a 700 credit score, it’s important to first understand what a credit score is and how it’s calculated. A credit score is a three-digit number that represents a person’s creditworthiness. Lenders use credit scores to determine whether or not to approve a loan or credit card application, and what interest rate to charge if approved.
The most commonly used credit score is the FICO score, which ranges from 300 to 850. A score of 700 is considered a good score, and falls within the “good” range of 670 to 739. Scores above 740 are considered “very good” or “exceptional.”
Several factors go into calculating a credit score, including payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries. Payment history is the most important factor, accounting for 35% of the score. This means that making on-time payments is crucial to maintaining a good credit score.
Credit utilization, or the amount of credit used compared to the amount of credit available, is the second most important factor, accounting for 30% of the score. It’s recommended to keep credit utilization below 30% to maintain a good score.
Length of credit history accounts for 15% of the score, and considers the age of the oldest account, the age of the newest account, and the average age of all accounts. Types of credit used (credit cards, loans, etc.) and recent credit inquiries each account for 10% of the score.
Why 700 Is a Crucial Score
Having a credit score of 700 or higher is a significant milestone in your financial journey. It shows that you have been responsible with your credit and have a good credit history. A score of 700 or higher puts you in a good position to qualify for some of the best credit card offers and loans available.
With a score of 700, you are considered to be in the good credit score range by most lenders. This means you are less of a risk to lenders and can qualify for lower interest rates and better terms on loans and credit cards. This can save you money in the long run and help you achieve your financial goals faster.
A credit score of 700 or higher can also open up opportunities for you to earn rewards and perks with credit cards. Many credit cards offer cash back, travel rewards, and other benefits that can help you save money and enjoy your purchases more.
It’s important to remember that maintaining a good credit score requires ongoing effort and responsibility. This includes paying your bills on time, keeping your credit utilization low, and monitoring your credit report regularly for errors or fraudulent activity.
I was able to get approved for discover and visa, with $1k limit. Now I have a feeling of freedom and it is great.
Best Credit Cards for 700 Score
As someone with a 700 credit score, you have a good chance of being approved for many credit cards that offer great rewards and benefits. Here are some of the best credit cards for you:
Cash Back Cards
- Chase Freedom Unlimited: This card offers 1.5% cash back on all purchases, with no limit. Plus, you can earn a $200 bonus after spending $500 in the first three months.
- Citi Double Cash Card: You can earn 2% cash back on all purchases, with no limit, as long as you pay your bill on time. There is no annual fee for this card.
Travel Rewards Cards
- Capital One Venture Rewards Credit Card: This card offers 2x miles on all purchases, with no limit. Plus, you can earn 60,000 bonus miles after spending $3,000 in the first three months.
- Chase Sapphire Preferred Card: You can earn 80,000 bonus points after spending $4,000 in the first three months. Plus, you can earn 2x points on travel and dining, and 1x point on all other purchases.
Low Interest Cards
- Discover it Balance Transfer: This card offers 0% APR for 18 months on balance transfers, with a 3% balance transfer fee. Plus, you can earn 5% cash back on rotating categories and 1% cash back on all other purchases.
- Citi Simplicity Card: You can enjoy 0% APR for 18 months on purchases and balance transfers, with no annual fee. Plus, there are no late fees or penalty APRs.
Overall, these credit cards can help you earn cash back, travel rewards, and low interest rates. Choose the one that best fits your needs and spending habits.
Factors to Consider When Choosing a Credit Card
As someone with a 700 credit score, I have learned that choosing the right credit card can be a daunting task. There are many factors to consider, such as interest rates, rewards, and fees. In this section, I will discuss these factors in more detail.
Interest Rates
One of the most important factors to consider when choosing a credit card is the interest rate. As of August 2023, the average APR for all cards was 16.43%. However, some cards offer lower interest rates, especially for those with excellent credit scores like mine. It is important to look for a card with a low interest rate, especially if you plan to carry a balance.
Rewards
Rewards are another important factor to consider when choosing a credit card. Depending on your lifestyle and spending habits, you may want a card that offers cash back on every purchase, travel rewards, or other perks. Some cards even offer sign-up bonuses or rewards for spending a certain amount within a certain timeframe. It’s important to choose a card that offers rewards that align with your needs and preferences.
Fees
Lastly, it’s important to consider the fees associated with a credit card. Some cards charge annual fees, balance transfer fees, foreign transaction fees, and more. It’s important to read the fine print and understand all of the fees associated with a card before applying. In some cases, the rewards may outweigh the fees, but in others, it may be better to choose a card with fewer fees.
How to Maintain and Improve Your Credit Score
As someone with a 700 credit score, it’s important to maintain and improve your credit score. Here are a few tips to help you do just that:
Regular Payments
One of the most important things you can do to maintain and improve your credit score is to make your payments on time. Late payments can have a negative impact on your credit score, so it’s important to make sure you pay your bills on time each month.
Monitor Your Credit Report
It’s also important to monitor your credit report regularly to make sure there are no errors or inaccuracies. You can get a free copy of your credit report once a year from each of the three major credit reporting agencies. Review your report carefully and dispute any errors you find.
Control Your Debt
Another important factor in maintaining and improving your credit score is controlling your debt. You should aim to keep your credit utilization ratio below 30%. This means that if you have a credit limit of $10,000, you should try to keep your balance below $3,000.
The Excitement of a 700 Credit Score
Achieving a credit score of 700 is a significant accomplishment that can open up a world of financial opportunities. As someone who recently obtained a credit card with a 700 score, I can attest to the excitement and sense of pride that comes with this achievement.
With a credit score of 700, I am now considered a low-risk borrower in the eyes of lenders. This means I am more likely to be approved for loans and credit cards with favorable interest rates and terms. Additionally, having a good credit score can also lead to lower insurance premiums and better rental terms.
Obtaining a credit card with a 700 score has also allowed me to take advantage of various rewards programs and perks. For example, I was able to secure a card with cashback rewards and no annual fee, which has already saved me money on everyday purchases.
Furthermore, having a good credit score has given me peace of mind knowing that I am in a strong financial position. I feel more confident in my ability to handle unexpected expenses and emergencies, and I am better prepared for future financial goals such as buying a home or starting a business.