When it comes to having a good ability to buy on credit, having a 700 credit score or above seems to be the magic number that will give you the best interest rates from lenders, will make you more attractive as a customer so creditors compete over you, will result in lower fees and less hidden charges, and will open the door to many perks and bonuses that those with lower scores will never even learn about.

In today's world it is almost impossible to get along without credit, and if you have a 700 credit score, or above, you will be able to enjoy many perks and benefits that people with lower scores never get to enjoy such as fewer hidden charges and less fees, lower interest rates, and better rewards programs. In fact, with such a high score you find that lenders are wanting to compete for your business.

Even though there are many benefits to having a 700 financial rating or above, and this is a great goal to shoot for, the paradox is that gaining a great score that opens up many credit opportunities for you will come to you as you minimize the level of debt in your life and maintain a debt-to-income ratio in the neighborhood of 30 percent.

Fair Isaac Corp., or FICO, uses a variety of criteria to develop their score and this includes your payment history, the amount of debt you currently owe as well as how that relates to your income, the length of employment and how long you have been at the same address, as well as other factors. Showing that you can properly control and manage your debt consistently over time is likely to lead to a credit rating 700 or above.

Because of all the advantages to having at least a 700 credit rating, many people want to know how to boost credit score to 700 fast. One way, touted as the fastest route, is to find someone who will share their seasoned account history with you by making you an authorized user on one of their bank card accounts. This is called "renting" their credit and there are companies that offer to get you connected with this sort of arrangement for a fee. The problem is that the folks at Fair Isaac are starting to think this kind of activity is not fair to lenders and could lead to outright fraud, so they are taking steps to change their system so that being an authorized user on someone else's account is not likely to get a 700 debt score for them.

Because it is advantageous in so many ways to have a 700 credit rating or higher, there is a great deal of interest in the marketplace about how to boost credit score to 700 fast. Recently, there's been a new approach that promoters claim is a fast way to add 100 to 200 points to your FICO score. The plan is to get someone with excellent credit to make you an authorized user on their account. This does not give you the ability to charge things to their account but it connects your reports with their history, resulting in an increased score. However, the credit agencies are catching on to this scheme and are in the process of changing this aspect of reporting, so the ability to get a 700 debt score is this way will soon be eliminated.

To increase your scores legitimately, you do have to use credit so that your creditors will be reporting the activity on your accounts to the three credit bureaus. As a general guideline, you will be able to reach a good credit score 700 or above if you have four major loans, which would be with a $1,500 credit limit or higher, that all reflect a minimum of 36 months of perfect payment history, and with balances that are maintained at 60%, or below, of the available limits.

A 700 credit score is great to strive for because it is the stage at which your lenders shift from begrudgingly granting you loans to where they start to actively go after your business and will fight to offer you better deals. Like anything that is worthwhile, it will take effort and patience on your part but achieving a 700 debt report will make your financial life easier and better.

Striving to achieve a 700 credit score is a worthy goal, because it is at this juncture that creditors will suddenly start seeking your business rather than you having to convince them you should be extended a loan. Just like any worthwhile endeavor, building up your score will take work and it will take time you you will need to be diligent and patient, but finally earning a 700 debt report will bring you many valuable rewards.