Is 612 a Good Credit Score?

612 credit score

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    By Bob Haegele

    A 612 credit score is not a good score. It falls in the fair range, which is the category below what’s considered good. It is also significantly lower than the average credit score in the U.S., which is currently 717.

    Credit scores can be complex calculations with several moving parts, but the good category typically ranges from 670 to 739. With a 612 score, you may be able to access loans and lines of credit, but not with as favorable rates and terms as someone with a higher score. Read on to learn the details.

    Key Points

    •   A 612 credit score is considered fair, below the good range and the U.S. average, and may result in higher interest rates and fees when seeking credit.

    •   Secured credit cards, requiring a deposit, can aid in building credit for individuals with a 612 score.

    •   Auto loans and mortgages are available, but terms may be less favorable without a cosigner or larger down payment.

    •   Personal loans may be available with a 612 score. As credit is built, they could help consolidate high-interest debts.

    •   Building a credit score involves timely payments, reducing credit card balances, and minimizing hard credit inquiries.

    What Does a 612 Credit Score Mean?

    Typically, a 612 credit score falls in the “fair” range. Credit scores usually range from 300 to 850, so a 612 score isn’t quite at the bottom. However, it does leave much room for improvement.

    To put this into context, the typical credit score ranges according to the popular FICO® Score system are:

    •   300 to 579: Poor

    •   580 to 669: Fair

    •   670 to 739: Good

    •   740 to 799: Very good

    •   800 to 850: Excellent

    As you see, 612 sits close to the middle of the fair range. When you look at the entire credit score scale, however, you’ll see that 612 is close to a bad credit score.

    Borrowers with scores below 619 may be considered “subprime,” according to the Consumer Financial Protection Bureau, and lenders may consider them a high risk. This can lead to difficulty qualifying for new credit. You may need to show a strong and steady income, proof of employment, and minimal existing debt in this range.

    While getting approved for unsecured credit with a 612 score can be difficult, but that doesn’t mean it is impossible.

    What Else Can You Get With a 612 Credit Score?

    A 612 credit score can limit your prospects, especially if you hope to qualify for credit products with low rates and fees. That said, it doesn’t completely preclude you from qualifying for credit. Here, take a closer look at credit products that may be an option with a 612 credit score.

    Can I Get a Credit Card With a 612 Credit Score?

    Getting a credit card with a 612 credit score is possible, but your options may be limited.

    •   For instance, you may need a secured credit card. This card type generally requires putting down a deposit as your credit line. This allows you to build credit to qualify for an unsecured card later. However, it also means you must have the funds to cover your purchases in advance.

    •   You might also have some unsecured credit card options with a 612 credit score, but they might have a high annual percentage rate (APR) or fees. That can make these cards expensive to use, which can hinder your attempts to build credit. In addition, cards of this type often lack rewards, such as the ability to earn cash back.

    If you sign up for an unsecured credit card with a 612 credit score, check the interest rate and fees in advance. In addition, if the card has limited rewards, consider moving to a different card once you build your credit score.

    Can I Get an Auto Loan With a 612 Credit Score?

    Getting an auto loan with a 612 credit may be challenging, but it can often be done.

    •   It may be slightly easier if you have what your lender deems a good income and you don’t have too much existing debt. However, the interest rate might be steep, since you are still considered risky. In addition, the lender may not give you particularly good terms on the loan.

    •   If you aren’t happy with the lender’s interest rates or terms, you can use a secured credit card to build your credit before applying for an auto loan. If it can’t wait, consider adding a cosigner to your loan. However, remember that the cosigner bears full financial responsibility as well. If you struggle to make your payments on time, it’s not just your credit that may suffer — it may also hurt the cosigner’s credit. That, in turn, could impact the relationship between the two of you.

    •   Another option might be to seek an auto loan designed for those with bad credit. Again, applying for this kind of loan likely means accepting less favorable rates and terms than someone with a higher credit score. This is why it’s crucial to build your credit score before applying, if possible.

    •   If you don’t qualify for a good rate on your auto loan, one possibility is to come up with a larger down payment. This might be difficult for some borrowers, but it can increase your approval odds and reduce your monthly payment.

    Can I Get a Mortgage With a 612 Credit Score?

    Getting a mortgage with a 612 credit score is possible, but it may require some flexibility and creativity. As with other loan types, a 612 credit score will likely mean paying higher interest rates than someone with a higher score. This can significantly affect a mortgage, as a 1% difference in your interest rate can mean paying hundreds more per month.

    However, prospective homeowners may have more options than those looking for financing to buy a car, even without excellent credit.

    •   For instance, those with credit scores of 580 and up may qualify for an FHA loan with a 3.5% down payment.

    •   If your credit score is between 500 and 579, you might qualify for an FHA loan with a 10% down payment. However, you also typically must have a debt-to-income (DTI) ratio of less than 43%. This means your monthly debt payments must be less than 43% of your monthly gross income.

    •   You might qualify for a USDA loan, depending on where your prospective home is located and other factors. While most lenders like to see a credit score of 620 or 640 or higher, you may qualify for funding from some sources.

    •   If you have participated in the armed forces, you might qualify for a VA loan. This is another type of loan in which lenders typically want borrowers to have a credit score of at least 620, but you may still get approval.

    Can I Get a Personal Loan With a 612 Credit Score?

    Personal loans can be a popular way to obtain a lump sum of cash that can be used for a variety of purposes, such as paying off a major car repair bill or financing a wedding.

    Getting a personal loan with a 612 score may be possible, as lenders may approve borrowers for personal loans with scores as low as 580. They will likely consider other factors, such as your income, payment history, and DTI. For instance, with a 612 credit score, your approval odds may increase if you have a high income or a low DTI.

    You may also encounter subprime personal loan lenders who are more lenient with their credit score requirements, including those for income or DTI. However, these lenders are likely to charge higher interest rates and fees than others. Making on-time payments on any existing debts, lowering balances carried, minimizing hard credit inquiries, extending the length of your credit history, and other steps can help build your credit score and potentially qualify you for better rates and terms.

    If you are carrying high credit card balances, you might see if you can obtain debt consolidation loans as you build your score into a higher range. This can roll multiple high-interest lines of credit into one installment loan, simplifying your financial life and likely assessing a lower interest rate.

    As you consider your options, using a personal loan calculator can help you know how expensive your personal loan may ultimately be.

    Recommended: What Is a Personal Loan?

    The Takeaway

    A 612 credit score falls into the fair range, meaning it’s lower than a good rating and below the U.S. average score of 717. However, you will likely still have opportunities to access credit, such as certain mortgages, probably at higher interest rates than those who have higher scores. You can also focus on building your score to qualify for more favorable rates and terms. As you do so, you might think about paying down some debts with a personal loan.

    Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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

    View your rate

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