Is 613 a Good Credit Score?

By Lauren Ward

A 613 credit score doesn’t qualify as good. Rather, it is considered fair, which is the category below good and above poor. A credit score of 613 is below the national average of 715, and while you can likely access some forms of credit, you’ll probably pay higher interest rates and receive lower offers on loan amounts or credit limits than someone with a higher score.

Keep reading for a breakdown on where a 613 falls in the standard range of credit scores and what it means when applying for credit cards, auto loans, mortgages, or personal loans.

What Does a 613 Credit Score Mean?

FICO® is the most popular credit scoring model, which ranges from a low of 300 to a high of 850. It’s used by lenders and other creditors to evaluate how willing and able a potential borrower is to repay the borrowed funds. Not only does your credit score affect eligibility, it also affects terms like credit limits, loan amounts, and interest rates.

A higher credit score shows you have a positive history of making payments on time and generally don’t carry high outstanding debt balances.

So is a 613 credit score good or bad? According to FICO, it falls in the fair category. Here’s what that means compared to other FICO scores:

•   Poor: 300 to 579

•   Fair: 580 to 669

•   Good: 670 to 739

•   Very good: 740 to 799

•   Exceptional: 800 to 850

As you can see, a 613 is on the lower end of the credit spectrum. But that doesn’t mean you can’t qualify for loans or credit cards. You may just have to pay a higher interest rate and be flexible with the amount you can borrow.

What Else Can You Get with a 613 Credit Score?

You can still qualify for financing with a 613 credit score. But expect higher interest rates, lower loan amounts, and a stricter debt-to-income ratio requirement. When your credit score is 613, you may want to work on building your score to increase your odds of approval and the quality of terms when you apply for financing in the future. A higher score can help you get approved for such financial products as a conventional home loan and a personal loan.

If you need to apply for a credit card or loan in the meantime, here’s how you’re likely to fare with a 613 credit score.

Recommended: Using a Personal Loan to Pay Off Credit Card Debt

Can I Get a Credit Card with a 613 Credit Score?

Is 613 a good credit score for getting a credit card? It can be, although you probably won’t qualify for one with lots of benefits or a rewards program. Instead, you’ll probably qualify for a basic, no-frills card with a modest credit limit.

Another option is a secured credit card, which requires a deposit that’s equal to your credit limit. The money is held as collateral as you use your card for purchases. Your payments are reported to the credit bureaus, which helps build your credit score as long as you pay on time. After successfully managing your secured credit card, you may be upgraded to a better option and get your deposit back.

If you already have large, high-interest balances on existing cards, consider a credit card consolidation loan. This rolls your debt into one installment loan, which may offer a lower interest rate. It can also help simplify your payments into one monthly bill.

Can I Get an Auto Loan with a 613 Credit Score?

A 613 credit score car loan is possible. But just as with credit cards, you’ll probably have to pay a higher interest rate than you would with a better score. The average interest rate for a used car loan with a 613 credit score is 14.07%, while a loan for a new car averages 9.73% as of the third quarter of 2024. A borrower with a super prime score of 781 or higher averages rates of 7.41% and 5.08%, respectively.

Saving up for a larger down payment could help you qualify for a better rate. Plus, starting off with a smaller loan balance will keep your monthly payments lower. The better you stick to your budget, the more likely you are to make your payments on time — and that can help build your credit score. You might consider either trading in an older car to put toward a different model or wait as long as possible before you upgrade so you have more time to save.

Can I Get a Mortgage With a 613 Credit Score?

You’ll probably have a harder time qualifying for some mortgage programs with a 613 credit score. Here’s an overview of the most common types of home loans and how your application is likely to stack up based on credit score.

•   Conventional loan: Most lenders require a 620 credit score to be eligible for a conventional loan. That’s just out of reach if you have a 613, but building your score by seven points could help you qualify.

•   FHA loan: Although many mortgage lenders want at least a 620 credit score, it’s still possible to qualify for this government-back loan with a 613 score; some lenders will even accept a score of 500. The good news is that borrowers with a 580+ are able to make a 3.5% down payment, while those with a lower score (500 to 579) need to make a 10% down payment.

•   VA loan: Technically, VA loans (offered to military members, veterans, and survivors) don’t have a minimum credit score requirement. But as with other types of mortgages, lenders who offer this federal program for veterans often set their own credit minimum of 620.

•   USDA loan: Like a VA loan, there’s no official credit threshold set by the government, but many individual lenders will look for a 620 or higher.

Remember other factors impact mortgage decisions, including debt-to-income ratio and down payment amount. Having a co-borrower with a higher credit score may help your approval odds.

Recommended: Applying for a Loan With a Co-Borrower

Can I Get a Personal Loan with a 613 Credit Score?

Personal loans can be a valuable source of funding for everything from home improvements to vacation expenses. A few points to consider:

•   Some lenders will work with borrowers who have a 613 credit score, but many have personal loan requirements of at least a 670 score. If you do find a more flexible lender, expect higher interest rates and lower loan amounts.

•   Use a personal loan calculator to compare different loan amounts and interest rates to make sure payments stay affordable.

•   Applying for a secured personal loan can improve your chances for approval. You’ll need to provide some type of collateral, such as a car or bank deposits. If you default on the loan, the lender can recoup the loss by seizing your collateral.

The Takeaway

A credit score of 613 falls into the fair category, below good but above poor. Having a 613 credit score comes with some challenges in getting approved for financing. You will likely pay higher interest rates and have less favorable terms than you would if your score were higher. Building your score by at least several points may help your eligibility for an unsecured credit card, auto loan, mortgage, or 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. See your rate in minutes.

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

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