Is 614 a Good Credit Score?

By Dan Miller
According to the FICO credit scoring model, a 614 credit score is considered “fair.” If you have this score, lenders may see you as a subprime borrower, though you should still be able to get approved for certain types of loans and credit cards.
Find out what a 614 credit score means for borrowers and the types of lending products they can access.
Key Points
• A 614 credit score is categorized as “fair” in the FICO® scoring model.
• The average American credit score is 717, significantly higher than 614.
• Borrowers with a 614 score can qualify for some credit products, often with less favorable terms.
• Potential drawbacks include higher interest rates and down payments, and limited access to top credit offers.
• Strategies to improve a 614 score include timely payments, low credit utilization, and regular credit report checks.
What Does a 614 Credit Score Mean?
A credit score is a three-digit number that’s calculated using information in your credit reports, such as your history of on-time payments, length of credit history, and how much available credit you’re using. Lenders use this number to determine how likely a borrower is to default on a loan. The higher your score, the more likely a lender is to approve you for personal loans or lines of credit.
There are several types of credit scores, but the one most widely used is the FICO Score. FICO scores range from 300 to 850 and are organized into the following tiers:
• Poor: 300-579
• Fair: 580-669
• Good: 670-739
• Very good: 740-799
• Excellent: 800-850
As you can see, 614 falls within the “fair” category, which is one notch below “good.” It’s also well below the average American’s credit score of 717.
What Else Can You Get with a 614 Credit Score?
Here’s a look at how a 614 FICO score can affect your chances of getting different types of credit:
Can I Get a Credit Card with a 614 Credit Score?
While you probably won’t qualify for the best credit card offers with a 614 credit score, you may be approved for a traditional credit card or store credit card.
If you don’t qualify for a card — or can’t get one with the perks you want — then you may want to explore applying for a secured credit card. It works in the same way as an unsecured credit card except you could be required to put down a deposit equal to your credit limit.
Can I Get an Auto Loan with a 614 Credit Score?
Yes, it is possible to get an auto loan with a fair credit score, but you may be charged a higher interest rate or have to put down a higher down payment than prospective borrowers with better credit scores. Note that a 614 credit score car loan may not be offered by all lenders. Also, interest rates can vary by lender, so shop around for the best car loan terms.
Recommended: Smarter Ways to Get a Car Loan
Can I Get a Mortgage With a 614 Credit Score?
While you may not qualify for certain loans or programs, it is possible to get a mortgage with a 614 FICO score. An FHA loan, for example, has a minimum credit score of 500 with a 10% down payment.
If you’re able to build your credit score a bit and strengthen your finances, a conventional mortgage may be within reach. Fannie Mae and Freddie Mac require a minimum credit score of 620 for a fixed-rate mortgage. You’ll also need a down payment of at least 3% and have a low debt-to-income ratio.
Your lender may also have further restrictions or qualifications, possibly including additional fees, a higher down payment requirement, and/or higher interest rates.
Can I Get a Personal Loan with a 614 Credit Score?
It is possible to get a personal loan or credit card consolidation loan with a credit score of 614, but as with other forms of lending, you’re likely to be charged a higher-than-average interest rate. You may also face less-attractive loan terms, including a shorter loan term or additional fees.
Use a personal loan calculator to see how different interest rates, loan amounts, and term lengths affect your possible monthly payment.
The Takeaway
Is 614 a good credit score? According to a widely used credit scoring model, it’s considered “fair,” or one notch below “good.” While the score could unlock certain lending products including credit cards, mortgages, and other types of loans, you may be charged a higher interest rate and have less-desirable terms than borrowers with better credit scores. If you can work on improving your credit score before applying to borrow money, you may find yourself in a better overall financial situation.
Nonetheless, a 615 credit score is not a dead end. It’s better than bad credit, and is a good baseline from which you can build your credit over time.
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.
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