In effect, yes, a 700 is good, but it’s not great.  You are not considered much of a risk to lenders, so your chances of being approved for a loan are high, perhaps just as good as someone with an even higher score.  The only difference for you would be the terms of the loan; you will most likely have to pay a higher interest rate than the person with the better score.

The interest rate is a way for the creditor to safeguard their investment as much as possible, making sure they’ll get it back.  The lower your score, the riskier of an investment you present, and the higher your interest rate goes.  And that goes for all loans: mortgages, auto loans, equity loans, personal loans, etc.

To guarantee yourself the best rates possible, you should consider working to raise your score.  Even a 720 will be better than a 700, as you’re officially part of the “excellent” category then.  A higher score is also a better way to ensure that there is less discrepancy between your scores from each of the three credit bureaus.  Each one will rank you differently according to their scoring formula; so you could have a 720 from Experian and a 726 from Equifax but a 710 from Trans Union, leaving one in the “good” category instead of “excellent”.

A discrepancy like the example isn’t really enough to ruin your chances of getting a good loan, but even that tiny jump into the next category could be the difference between an okay interest rate and a great interest rate.  You can raise your score by paying your bills on time and in full, keeping your balances low, and using your credit responsibly.  After that, let time do its work—the longer your positive history, the higher your score can go.