Everyone always wants to know how to achieve the prestigious 850 and 800 scores, but we forget that in order to get to that score bracket, you must first achieve the 700 bracket. Both brackets are very similar, but I will show from experience what most 700 score holders have on their credit reports.
There are many ways to achieve a 700 score bracket but an average 700 score holder has had their accounts opened for an average of 3-7 years. Keep in mind, these accounts are always paid on time as well. This is a major factor as over time, most consumers close accounts because of non-usage or late payments. 700 Score Holders know that in order to stay in that bracket and above, you must not close accounts as this resets your credit length history.
5. They Average 3-5 Open Accounts With A Good Mix
Most 700 credit score holders average 3-5 open accounts of different types. This means a mix of Credit Cards, Auto Loans, Personal Loans, & Department Store Credit Cards. Keep in mind, this is only an average and there are gray areas as the FICO algorithm doesn’t look for everything to be a certain way, just close enough as every report is slightly different.
The Bottom Line
Now you know the recipe for success in achieving the 700 score bracket. Of course, these are averages of most 700 score holders. With so many factors that can affect and increase a score, there is no set way. But, following these habits and steps will put you on the path for success towards achieving the 700 score bracket. For more information or to read more topics similar to this one, please read below.