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Your credit score is a quick way of measuring your creditworthiness. A high score means you’re likely to pay back money you borrow, so it can help you get lower interest rates on loans. Banks will also be more likely to approve you for their best credit cards.

Those are just two benefits of good credit. And if you have a credit score of 700 or higher, you’re in the good credit category. There are also quite a few other perks of having a credit score in this range, including a few you may not know about.

1. Utilities with no deposit required

Utility services aren’t a credit card or loan, but companies that offer them could still run a credit check on you. Consumers who don’t have high credit scores often need to pay a security deposit to set up utility services.

Even though you’re not borrowing money, you’re receiving service upfront and paying for it later based on how much you used. Utilities companies protect themselves by getting a deposit in case a new customer doesn’t pay their bill. Deposits are typically returned after a certain number of on-time payments.

If your credit score is 700 or higher, that could be enough for the utilities company to not require a deposit. When you’re already spending money moving to a new home, it’s nice not having to also pay deposits for water, power, and the rest of your utilities.

2. Better insurance rates

In most states, insurance carriers can and do use your credit history when setting your premiums. It’s a controversial practice. But studies have found that people with lower credit scores cost insurance companies more money on average.

To account for this, insurance companies charge those consumers higher rates, and it’s not a minor difference. Drivers with poor credit paid an average of $4,145 for auto insurance in 2023, according to data from Quadrant. Drivers with excellent credit paid $1,947.

A 700 credit score isn’t quite in the excellent credit range. It’s still good enough to save you money on insurance, and you could save even more if you continue building your credit.

3. Higher credit limits

Your credit score doesn’t just play a role in which credit cards you can get. It’s also one of the factors a card issuer will use to set your credit limit, along with your income.

Even if you don’t make a ton of money, you could still get approved for a large credit limit if your credit score is high enough. For a firsthand example, I received a $10,000 credit limit when I was early in my career and earning less than $40,000 per year.

A high credit limit is useful for a few reasons. You’ll be able to comfortably pay your bills using your credit card, without worrying about hitting your limit. It can also be good for your credit score, because it helps keep your credit utilization low. Your credit utilization is the ratio between your balances and credit limits. A lower credit utilization is better for your credit score.

How to get your credit score to 700 and beyond

As your credit score gets into the 700s, it can make the financial side of life much easier. Fortunately, building credit isn’t too complicated. Here are the credit-friendly moves you can make to get a high score:

• Always pay bills on time. Your payment history is the most important factor in your credit score.
• Track your credit using a free credit monitoring service. There are plenty available online, and many credit card issuers offer this for their cardholders.
• Review your credit report for errors that could be bringing down your score. You can pull your credit report free of charge on AnnualCreditReport.com. If you find any mistakes, dispute them online with the credit bureau that issued the report.
• Pay off credit card debt. You’ll lower your credit utilization, and you’ll save money on interest.

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Getting a good credit score isn’t an overnight process. But if you follow those tips, you’ll be well on your way to a high score and the valuable benefits that come with it.

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