Is 605 a Good Credit Score?

By Ashley Kilroy

A 605 credit score falls into the fair range, which sits just below good. However, it’s on the lower end of the fair range — closer to the poor tier below it. Having a credit score of 605 can make borrowing more challenging and costly.

In 2024, most Americans (71.2%) had a FICO® credit score of 670 or higher, with an average of 715. Because a 605 credit score is below the good range, lenders might charge you higher interest rates or give you less favorable loan terms. In some cases, they might even turn down your application for certain types of credit. Here’s what to expect with a 605 score.

What Does a 605 Credit Score Mean?

According to FICO®, the most widely used credit scoring system, a credit score between 580 and 669 is considered fair. While it’s not ideal, many lenders may offer loan options at this level, but they might have less favorable terms.

Wondering what counts as a good credit score? Here’s a breakdown of the FICO® scale, which ranges from 300 to 850:

•   A score between 670 and 739 is considered good.

•   The very good range runs from 740 to 799.

•   The exceptional or excellent range is 800–850.

Rounding out the scale are these two tiers:

•   The fair category goes from 580 to 669.

•   The poor tier ranges from 300 to 579.

Your score is based on such factors as whether you pay your bills on time, how much debt you already have, and how long you’ve been using credit. A higher score tells lenders you’re responsible, keep up with payments, and know how to manage different types of credit. But if you have a lower credit score, lenders may see you as a bigger risk. That could translate to higher interest rates or, in some cases, getting denied for credit altogether.

Building your credit score first could save you money and open the door to better borrowing choices. Implementing responsible credit habits like paying your bills on time and lowering your debt can positively impact your score over time.

What Else Can You Get with a 605 Credit Score?

Having a 605 credit score means your credit is below average, also known as the subprime category. However, that doesn’t mean you’re out of loan and credit options. You may still be able to get approved for a credit card, a mortgage, car loan, or personal loan. However, you will likely have different terms than those that folks with good to excellent credit scores would be offered.

Can I Get a Credit Card with a 605 Credit Score?

Yes, you’ll probably qualify for a basic credit card with a 605 credit score. However, the best credit cards with the lowest interest rates are usually reserved for those with scores above 700.

Generally speaking, credit card interest rates are considered high interest rates. And if your credit score isn’t great, you could get hit with even steeper rates. That means carrying a balance on your credit card can get really expensive, really fast.

The best way to avoid paying all that interest? Pay off your balance in full each month.

Another option could be a secured credit card. With this kind of card, you make a deposit that sets your spending limit — similar to how a prepaid card works. Once you’ve spent that amount, you can reload it. This way, you can build your credit without racking up sky-high interest or worrying about late fees. If you use a secured credit card responsibly, you may be able to graduate to an unsecured card.

If you have a considerable amount of credit card debt already, you might want to explore a credit card consolidation loan. With this type of personal loan, you can consolidate your credit card debt into one loan with a potentially lower interest rate and more favorable terms. It can also be more convenient to pay just one vs. multiple bills per month.

You might also want to run the numbers with a personal loan calculator to see if a credit card debt consolidation loan makes financial sense.

Can I Get an Auto Loan with a 605 Credit Score?

You can likely get a car loan with a 605 credit score, but the interest rate you get will depend on the lender. Keep in mind, though, that while there’s no exact credit score cutoff, different lenders have their own lending and credit score criteria, which can impact your loan approval.

That said, people with great credit usually get the best interest rates. As of the 3rd quarter of 2024, they were seeing an average rate of around 5.08% APR (annual percentage rate) for a new car loan. But if your credit is just fair, you might end up paying almost double that — about 9.73% on average. So while you can still get a loan, it might cost you more in the long run.

Can I Get a Mortgage with a 605 Credit Score?

If you have a 605 credit score, you might not have as many mortgage options as you would if your score were a bit higher. While lending requirements vary, most lenders require at least a 620 credit score for a conventional loan.

Government-backed loans,like FHA loans, have more flexible requirements. If you can put down 3.5%, you’ll need at least a 580 credit score. But if you can put down 10%, you may qualify with a score as low as 500. To be eligible, the home must be your primary residence, and you’ll need to provide proof of employment.

Can I Get a Personal Loan with a 605 Credit Score?

You can get approved for a personal loan with a fair credit score since some lenders accept scores of 580 and above. You could then use the funds as a wedding loan or to pay off a big dental bill.

Whatever your decision, it pays to shop around and gather several offers, if possible, before making a choice of lender.

Recommended: How to Apply for a Personal Loan

The Takeaway

A 605 credit score isn’t good: It falls into the category below that, which is considered fair. But that doesn’t mean you don’t have options. You may still qualify for credit, but the interest rates and terms may not be as favorable as those offered to borrowers with higher credit scores. You might gather your options and decide whether to get, say, that credit card or personal loan now, or wait until you can build your score and qualify for lower rates.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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