700 Credit Score in Australia — What It Means & Next Steps

Quick Answer: A 700 credit score on the Equifax scale (0–1,200) is in the Good band. Most lenders will approve at competitive rates. A few final entries may still be holding you back. The key to moving your score from 700 toward higher bands is understanding exactly what's causing it — whether that's defaults, late payment markers, high credit utilisation, or excess enquiries — and addressing each one systematically. If incorrect entries are suppressing your score, Australian Credit Solutions can dispute them under the Privacy Act 1988. 98% success rate. No Win No Fee. ASIC ACL 532003. Industry Excellence Award 2022, 2023 & 2024. 4.9/5 from 976+ reviews. Over 5,000 Australians helped since 2014.

What a 700 Score Means in Australia

Australian credit scores are not universal — different bureaus use different scales. Here's where 700 sits across all three: For more, see our guide on 800 credit score in australia: what it means & next steps.

Your score may vary slightly between bureaus depending on which lenders report to which bureau — check all three.

What Typically Causes a 700 Score

A score around 700 is generally the result of: a mostly clean credit file with perhaps one older minor negative entry, low-moderate credit enquiries, and a reasonable repayment history length. You're eligible for most credit products — the question is whether you're getting the best available rate. For professional assistance, see our credit repair for home loan approval service.

What Lenders Think When They See 700

Big 4 banks: Generally accessible — some rate premiums may apply. Second-tier banks: Fully accessible — competitive rates. Specialist lenders: Best available rates from this tier. Home loan: Accessible at most lenders — 5–10% deposit typically sufficient.

How to Move Your Score from 700 Toward 800+

Priority 1 — Check for any removable remnant entries: A score of 700 with one older entry still showing may jump significantly if that entry has dispute grounds. Worth checking before accepting 700 as your ceiling.

Priority 2 — Manage utilisation tightly: Below 20% utilisation is where scoring improves from Good toward Very Good.

Priority 3 — Extend repayment history depth: Keep existing accounts open and active. A 5-year-old credit card in regular use is a positive scoring signal.

Case Study: Ben, Melbourne — From 693 to 748 in 50 Days

Ben, 41, an accountant from Richmond in Melbourne, had a 693 score — frustratingly just below the Good tier. A 2-year-old Telstra default of $340 was the culprit. Australian Credit Solutions identified that the Section 21D notice had been sent to Ben's former employer's address (he'd used his work address at the time). A residential address, not a work address, is the relevant address for Section 21D purposes. Telstra removed the default within 50 days. Score moved from 693 to 748. Home loan at Big 4 bank approved at standard rate. For more, see our guide on what is a good credit score in australia?.

Ben paid nothing until we succeeded.

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Frequently Asked Questions

Is 700 a good credit score in Australia? A 700 credit score on the Equifax scale is in the Good band. This is a Good score — most lenders will work with you at generally competitive rates. You're close to the Very Good band where the best rates become available.

What does a 700 credit score mean for a home loan in Australia? A 700 credit score gives access to most home loan lenders at standard rates. You may face slightly higher rates than the best-credit customers, but the premium is typically small. Most banks will approve with standard deposit requirements (5–10% with LMI or 20% without).

What is causing my 700 credit score in Australia? A 700 score typically reflects a mostly clean file with perhaps one minor older entry, moderate enquiry activity, or utilisation in the 30–50% range. Small improvements in any of these areas can push the score into the Very Good band.

How can I improve my 700 credit score in Australia? From 700 upward: (1) check for any remaining disputable entries — even one older default removal can add 50–80 points, (2) reduce utilisation to below 20%, (3) keep existing accounts open and active, (4) avoid unnecessary new applications.

How long does it take to go from 700 to a higher credit score in Australia? Moving from 700 to 750+ can happen in 30–90 days if a remaining disputable entry is removed. Without active dispute, organic improvement through clean history and utilisation management typically takes 6–18 months.

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Australian Credit Solutions Pty Ltd holds Australian Credit Licence ACL 532003. Credit repair services are subject to individual assessment. Results may vary. This article provides general information only and does not constitute legal or financial advice.