Would You Rather: $10K in Savings or a 700 Credit Score?

It’s a classic personal finance dilemma: would you rather have $10,000 in your savings account or a 700 credit score?

At first glance, most people instinctively go for the cash. After all, $10,000 is tangible. You can touch it, move it, spend it. But let’s unpack what a 700 credit score actually gives you — and you might be surprised at just how powerful it really is. 

Why $10,000 in Savings Sounds Tempting 

Let’s be real — having a $10,000 buffer gives you a sense of security. You can: 

• Handle emergencies without borrowing 
• Pay off a chunk of debt 
• Take a short break from work if needed 
• Put down a deposit on a car or furniture 

Having cash in the bank is emotionally rewarding, and for many Australians living week to week, it’s a safety net they desperately need. 

But here’s the catch: if your credit score is poor, that $10,000 may not get you very far. 

What a 700 Credit Score Can Do for You 

A 700 credit score sits in the “Good” range in Australia and opens up real financial opportunities — ones that often have long-term value. 

Here’s what a solid credit score can give you: 

1. Access to Better Interest Rates

Banks and lenders offer lower interest rates to people with strong credit. Even a 1–2% lower interest rate on a home or car loan can save you tens of thousands of dollars over time — far more than that $10K in the bank. 

Example: On a $500,000 home loan, a 1% lower interest rate could save you over $100,000 in interest across the life of the loan. 

2. More Approval Power

With a 700 score, you’re more likely to get approved for: 

• Home loans 
• Personal loans 
• Credit cards 
• Rental applications 
• Utility services without high upfront bonds 

If your credit score is low, you could be forced into higher-cost options like payday lenders or rejected altogether. 

3. Lower Deposits and Bond Requirements

Many landlords and utility companies charge higher upfront bonds or deposits to people with bad credit. A good credit score often removes those hurdles — keeping more money in your pocket. 

4. Leverage, Not Just Liquidity

Cash gives you liquidity (you can spend it now), but a good credit score gives you leverage — the ability to access larger sums of money when you need it, on better terms. 

The Real Power Is in Having Both 

The truth is: you don’t have to choose. The smartest financial position is to build both your savings and your credit score. 

But if you’re starting from scratch or trying to prioritise, remember: 

• $10K in the bank is great for today
• A 700 credit score sets you up for tomorrow

And if your score is holding you back from accessing finance, refinancing a loan, or buying a home — that’s where Credit Repair Australia can help. 

How We Help 

At Credit Repair Australia, we help everyday Australians clean up their credit reports by: 

• Identifying and challenging incorrect or unfair listings
• Helping you deal with defaults, late payments, and high inquiry counts
• Boosting your score so you can apply with confidence 

Whether you’re aiming for home ownership, a car loan, or simply more financial freedom, we can work with you to make your credit report work for you — not against you. 

If you’re still asking yourself, “Would I rather have $10K in savings or a 700 credit score?” — the answer might be:  A great credit score can help you access a lot more than $10K.  And if you’re not there yet, we’ll help you get there. 

Gavin Symes MBA, Dip FS (FP)

Gavin holds an MBA and a Diploma in Financial Services (Financial Planning). He has been a driving force behind the growth of Credit Repair Australia since its inception in 2003.