Is 618 a Good Credit Score?

By Timothy Moore

A 618 credit score is not considered good, per the traditional FICO® scoring model, which is used by 90% of lenders in the U.S. Instead, FICO labels a 618 credit score as fair — one step below good and notably below the average credit score of U.S. consumers, which is currently 715. VantageScore, another credit scoring model, considers a 618 score to be near prime but still not a good credit score.

However, with a 618 credit score, you should still be able to qualify for a wide range of loan products, including car loans and some mortgages and personal loans. And responsibly managing such loans can help you build your credit score over time and obtain more access to credit at more favorable terms.

What Does a 618 Credit Score Mean?

The standard credit score ranges run from 300 to 850 in both the FICO and VantageScore models. The higher your number, the more likely you are to be approved for loans and at better terms, meaning, among other things, lower interest rates and higher limits. Here’s what FICO credit ratings look like:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very good credit: 740-799

•   Exceptional (or excellent) credit: 800-850

FICO’s credit scoring model is based on five credit score factors, some of which have a larger impact on your score than others:

•   On-time payment history (35%)

•   How much available credit you use (30%)

•   Length of your credit history (15%)

•   Credit mix (10%), meaning responsibly handing different forms of credit, such as installment loans and lines of credit

•   How much new credit you’ve recently applied for (10%); too many applications in a short period of time can negatively impact your score

With that understanding, what does a 618 credit score mean? A 618 credit score indicates to lenders that you aren’t an ideal borrower, based on one or more of these factors. For instance, you may have limited credit history, you might have fallen behind on your rent, you could have applied for too many personal loans recently, or you may regularly max out your credit cards.

That said, a 618 credit score is considered fair by FICO’s standards and signals to lenders that they could still potentially lend to you — but perhaps at a higher interest rate and with some fees, as a precaution.

Also worth noting: It’s not just lenders that look at your credit score. Often, potential landlords, employers, and insurers will review your credit score before moving forward with your application. That’s why it’s important to work hard to improve your credit score over time.

What Can You Get With a 618 Credit Score?

While a 618 credit score is in the fair range, you’ll still be able to qualify for some types of loans. Here’s a closer look at what you can (and can’t) qualify for with a 618 FICO score.

Can I Get a Credit Card With a 618 Credit Score?

Yes, you can likely get a credit card with a 618 credit score. While there’s no universal minimum credit score to get a credit card, many credit card issuers require fair credit or better. That said, even people with poor credit or no credit at all can qualify for some credit cards. A lower credit score simply means fewer options and higher interest rates.

With a 618 credit score, you can qualify for unsecured credit cards, but expect to pay higher rates and fees. You probably won’t qualify for rewards credit cards that earn cash back, points, or miles.

Responsibly managing your credit card — using only a small portion of the credit available, and paying it off every month — can be a good way to build your credit score. In time, you may move from fair credit to good or even excellent credit, and then you’ll be able to qualify for rewards credit cards and lower interest rates.

When making approval decisions, credit card issuers may use the specialized FICO Bankcard Score, which is more industry-specific. Though this score ranges from 250 to 900, the two scoring models are similar; a fair standard credit score usually translates to a fair Bankcard Score.

Can I Get an Auto Loan With a 618 Credit Score?

You should be able to get an auto loan with a 618 credit score. In fact, there’s really no set minimum credit score for an auto loan. Even people with poor credit can sometimes get a car loan, though they may only be approved for a small amount and at a higher interest rate.

For example, with a 618 credit score, you would likely qualify for a new car auto loan with a 9.73% average annual percentage rate (APR), as of the third quarter of 2024. With a higher score of 661 to 780, that rate would drop to 6.70%.

Much like with credit cards, many auto financers use an industry-specific version of your FICO Score when making a lending decision. Instead of the standard score, they’ll use your FICO Auto Score, which ranges from 250 to 900. That said, a fair FICO Score (such as 618) usually indicates a fair FICO Auto Score.

While you might not get the best interest rates on your auto loan with a 618 score, you can use a car loan as an opportunity to improve your credit. Make on-time payments during the course of the auto loan, and you can expect your credit score to start to improve.

Recommended: Average Car Loan Interest Rate by Credit Score

Can I Get a Mortgage with a 618 Credit Score?

Though a 620 is generally considered the credit score needed to buy a house, it’s still possible to get a mortgage with a 618 credit score. That said, it wouldn’t hurt to wait a few months to buy a home so you can focus on building your score by just a few points and open up more borrowing options (and potentially lower mortgage rates).

So, what mortgage options are available if you have a 618 credit score? While you may not qualify for a VA loan (there’s typically a 620 credit score requirement) or a USDA loan (also usually a 620 credit score requirement), you will likely be able to qualify for an FHA loan. These loans require a 580 credit score, though you can get approved with a score as low as 500 if you’re able to make a 10% down payment on the home.

Otherwise, you might consider building your credit score before applying for a conventional loan. You can take such steps as always making debt payments on time and working to lower your credit utilization, among other moves.

Can I Get a Personal Loan with a 618 Credit Score?

You should be able to qualify for a personal loan with a 618 credit score. Credit score requirements for personal loans vary by lender, but a common requirement among popular lenders is 610. It’s important to recognize, though, that while even borrowers with poor credit or limited credit history can qualify for some types of personal loans, it’s usually with a high interest rate, high fees, collateral, and/or a cosigner.

As with other loans, lenders will consider more than your credit score when making a personal loan decision. For instance, lenders will consider your employment status and debt-to-income ratio. With a 618 credit score and a low enough debt-to-income ratio, you should be able to qualify for a personal loan with some lenders, but don’t expect to qualify for the largest loan amounts or lowest interest rates and fees.

Once obtained, a personal loan can be used for an array of purposes, such as:

•   Medical, dental, or car repair bills

•   Travel expenses, including honeymoon costs

•   Credit card debt consolidation

Recommended: Recommended: Personal Loan Calculator

The Takeaway

A 618 credit score is considered fair, according to the FICO credit scoring model. With this score, you should be able to qualify for many popular types of credit, including personal loans, credit cards, car loans, and some mortgages. That said, your lender options may be more limited, and you can expect to pay higher rates and fees, with less flexible loan amounts and repayment terms. Review your options carefully to find the best fit for your needs and situation.

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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