People Who Have a Credit Score Under 700 Should Make These 5 Moves ASAP (2024)

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You really try to be responsible with your money.

But, no matter what you do, your credit score never seems to make it over that 700 hump.

Yup — you’ve got some algorithm spitting out a three-digit number that’s basically controlling your entire life. We get it: It’s frustrating.

Don’t give up just yet, though! These five moves just might be the kickstart you need to finally get your credit score moving in the right direction.

Best of all? You can do all these things by the end of this week.

1. Write a Love Letter

…to your creditors.

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When you log into your bank account, how do your savings look? Probably not as good as you’d like.

It always seems like an uphill battle to build (and keep) a decent amount in savings. But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help….

If you generally have a pretty solid credit history, save for a few missteps, then sending a well-executed goodwill letter to those you owe could help get you back in good graces with them and improve your credit score.

You’ll want your letter to cover the following bases:

  • Explain why and how long you’ve been a loyal customer of the creditor.
  • Take responsibility for the mistakes that led to the blemishes on your credit history.
  • Describe the steps you’re taking to ensure these mistakes don’t happen again.
  • Appeal to their sense of empathy. Show that you want forgiveness but also that you are determined to do better going forward. Show them you deserve this!
  • Keep your letter clear and to the point.

Don’t forget to include important information, like your account number and the date and amount of the missed payment you want removed from your credit history. Once you’ve written your goodwill letter, address it using the information on the creditor’s website.

2. Let This Site Show You Exactly How to Improve Your Score

Your credit score is like your financial fingerprint. Everyone’s is different and for different reasons. One person’s credit score might be under 700 because they have an error on their report. Another person’s credit score might be under 700 because they have a bill in collections.

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That means everyone’s strategy to improve their credit score will look different… but how in the world are you supposed to know where to start?

Thankfully, a free website called Credit Sesame will take a look at your credit report and let you know exactly what you need to do to improve yourscore.

Take, for example, James Cooper. He didn’t know anything about credit, but Credit Sesame showed him the exact steps he needed to take to improve his score — from a 524 to 801.*

Then there are people like Salome Buitureria, a working mom in Louisiana who, in using Credit Sesame, found a major error on her report. The site helped her fix the mistake and take additional steps to raise her credit score nearly 200 points.*

Want Credit Sesame to show you exactly how to finally get your score over that 700 hump? It takes 90 seconds to sign up and get started.

People Who Have a Credit Score Under 700 Should Make These 5 Moves ASAP (1)

3.Ask This Website to Help Pay Your Credit Card Bill This Month

No, like… the whole bill. All of it.

While you’re stressing out over your debt, your credit card company is getting rich off those insane interest rates. But a website called Fiona could help you pay off that bill as soon as tomorrow.

Here’s how it works: Fiona can match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.

If your credit score is at least 620, Fiona can help you borrow up to $100,000 (no collateral needed) with fixed rates starting at 5.20% and terms from 4 to 144 months.

Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.

4.Raise Your Credit Scores — Instantly

Improving your credit scores can take a lot of time and effort, and for what? Where do you even start?

We found a way you could potentially add points to your credit scores right now — which could make more of a difference than you think.

Credit scores are split into five categories: very poor, fair, good, very good, or exceptional. Getting tipped over the edge into the next-highest bracket can save you thousands of dollars on a mortgage or car loan. It also can help you qualify for a better credit card — one that gives you points or cash back.

Experian® — you know them from your free credit report — has a free feature called Experian Boost* that gives you credit for the phone and utility bills you’re already paying to your Experian Credit Report. This helps show lenders you have a history of making on-time payments — an important factor in credit-score calculations. In fact, users who saw a FICO® Score increase with Experian Boost added an average of 13 points to their FICO Score** instantly.

You might be thinking: What will 13 points even do for me? But the difference between a “fair” and “good” credit score is ONE point, and that can make all the difference.

Here’s how it works: When you create your free account, you’ll link up the bank account you use to pay your phone and utility monthly bills. Experian Boost then looks for bill payments that wouldn’t otherwise be reported to the credit bureau, such as cell phone and utility bills, and adds them to your Experian Credit Report. (Your info stays completely private and encrypted, by the way.)

By reporting these on-time payments, Experian has already added more than 39 million points to people’s credit scores — see if you can add points to your credit scores today.

5. Pay off Debt by Saying Goodbye to Your Car Insurer

Paying off debt is a great way to boost your credit. And one of the best ways to pay off debt is to clear up some extra room in your budget. Easier said than done, we know. But when was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.

If it’s been more than six months since your last car insurance quote, you should look again.

And if you look through a website called Pretected, you could save yourself up to $500 a year.

It takes just two minutes to answer some questions, and Pretected’s smart matching technology will show you the insurance companies that are the best fit for you. And don’t worry — Pretected uses advanced data security and encryption technology, so all your details are safe.

The website is free to use and can even save you up to an additional 20% if you add another vehicle to your policy. That’s a decent chunk of money to put back in your pocket!

Millions of Americans have already used Pretected’s smart matching technology to find affordable car insurance. See how much money you could save with a new policy.

*average expenditure $88/mo

Now you’ve got five tactics you can use to get your credit score right where you want it. Good luck — you’ve got this!

*Like Cooper andBuitureria, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.

Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

** Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more at Experian.com.

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People Who Have a Credit Score Under 700 Should Make These 5 Moves ASAP (2024)

FAQs

People Who Have a Credit Score Under 700 Should Make These 5 Moves ASAP? ›

In other words, a 700 credit score will still qualify you for better deals on credit cards, personal loans, mortgages and other types of credit, but it won't give you access to the same types of terms someone with very good credit, or a credit score above 740, would have.

What can you do with a 700 credit score? ›

In other words, a 700 credit score will still qualify you for better deals on credit cards, personal loans, mortgages and other types of credit, but it won't give you access to the same types of terms someone with very good credit, or a credit score above 740, would have.

How to improve credit fast? ›

15 steps to improve your credit scores
  1. Dispute items on your credit report. ...
  2. Make all payments on time. ...
  3. Avoid unnecessary credit inquiries. ...
  4. Apply for a new credit card. ...
  5. Increase your credit card limit. ...
  6. Pay down your credit card balances. ...
  7. Consolidate credit card debt with a term loan. ...
  8. Become an authorized user.
Jan 18, 2024

How to break a credit score of 700? ›

How to Bring Your Credit Score Above 700
  1. Pay on Time, Every Time. ...
  2. Reduce Your Credit Card Balances. ...
  3. Avoid Taking Out New Debt Frequently. ...
  4. Be Mindful of the Types of Credit You Use. ...
  5. Dispute Inaccurate Credit Report Information. ...
  6. Don't Close Old Credit Cards.
Feb 7, 2021

How to improve a 770 credit score? ›

Taking these steps could help you increase your credit score from the fair range to the good range and potentially nab you future savings:
  1. Check your credit reports.
  2. Pay all your bills on time.
  3. Focus on paying down your debts.
  4. Don't max out your credit cards.
  5. Maintain a variety of credit accounts.
Oct 28, 2023

How many people have over 700 credit score? ›

Percentage of the Population by Credit Score
Credit ScorePopulation Share
800-85021%
740-79925%
670-73921%
580-66917%
1 more row
Apr 13, 2023

Is a credit score below 700 bad? ›

FICO says scores of 580 to 669 are considered "fair" and 740 to 799 are considered "very good." Anything at 800 or above is considered "exceptional." NerdWallet's credit score bands, used for general guidance, are pictured above.

What is the fastest way to fix your credit? ›

Reduce the amount of debt you owe

Pay off debt rather than moving it around: the most effective way to improve your credit scores in this area is by paying down your revolving (credit card) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.

How do I rebuild my credit ASAP? ›

Here are eight tips that could help you rebuild your credit.
  1. Review your credit reports. ...
  2. Pay your bills on time. ...
  3. Catch up on overdue bills. ...
  4. Become an authorized user. ...
  5. Consider a secured credit card. ...
  6. Keep some of your credit available. ...
  7. Only apply for credit you need. ...
  8. Stay on top of your progress.

How can I improve my credit score in 5 days? ›

Paying your bills on time Is one of the most important steps in improving your credit score. Pay down your credit card balances to keep your overall credit use low. You can also phone your credit card company and ask for a credit increase, and this shouldn't take more than an hour.

Is a 900 credit score possible? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

How to raise your credit score 200 points in 30 days? ›

How to Raise your Credit Score by 200 Points in 30 Days?
  1. Be a Responsible Payer. ...
  2. Limit your Loan and Credit Card Applications. ...
  3. Lower your Credit Utilisation Rate. ...
  4. Raise Dispute for Inaccuracies in your Credit Report. ...
  5. Do not Close Old Accounts.
Aug 1, 2022

How long does it take to go from 700 to 850 credit score? ›

A score of 850 can only be achieved with 10+ years of credit, excellent on-time payment history, low credit utilization, and no recent hard inquiries, which is a tall ask. At the very least, you can take these 12 steps to improve your score.

How to raise your credit score overnight? ›

How to Raise Your Credit Score 100 Points Overnight
  1. Become an Authorized User. This strategy can be especially effective if that individual has a credit account in good standing. ...
  2. Request Your Free Annual Credit Report and Dispute Errors. ...
  3. Pay All Bills on Time. ...
  4. Lower Your Credit Utilization Ratio.

How to improve credit score from 700 to 800? ›

To reach an 800 credit score, you'll want to demonstrate on-time bill payments, have a healthy mix of credit (meaning accounts other than just credit cards), use a small percentage of your available credit, and limit new credit inquiries.

How to raise fico score fast? ›

4 tips to boost your credit score fast
  1. Pay down your revolving credit balances. If you have the funds to pay more than your minimum payment each month, you should do so. ...
  2. Increase your credit limit. ...
  3. Check your credit report for errors. ...
  4. Ask to have negative entries that are paid off removed from your credit report.

How much will I get approved for with a 700 credit score? ›

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Is a 700 credit score good to buy a house? ›

Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.

Is a 700 credit score good to buy a car? ›

As you can see, a 700 credit score puts you in the “good” or “prime” category for financing, making 700 a good credit score to buy a car. While it's always a good idea to get your credit score in its best possible shape before buying a car, if you're already around the 700 range you will be good to go.

What credit limit can I get with 700? ›

What credit score is needed to get a high-limit credit card?
VantageScore 3.0 credit score rangeAverage credit card limit
300–640$3,481.02
640–700$4,735.10
700–750$5,968.01
750+$8,954.33
Mar 15, 2024

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