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Potential lenders use your credit score when deciding whether to grant you a loan. However, the amount you can borrow will ultimately depend on the lender’s discretion. Since 700 is considered a good credit score, you will likely qualify for most loans and be able to borrow $100,000 or more.
Key Points:
- With good credit, you will likely qualify for most loans.
- Your credit score is only one of many factors lenders use to consider your application.
- If you focus on improving your credit score before applying for a loan, you may be able to increase the amount you can borrow.
What Loans Can You Get With a 700 Credit Score
The reason for your loan will affect how much you can borrow. These are some of the most common loans you can get with a 700 credit score:
- Personal loans: such as to consolidate medical or credit card debt or to afford a sudden emergency expense
- Auto loans: you may only need to borrow $20,000
- Mortgages: your mortgage may require you to borrow hundreds of thousands of dollars
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