Is 622 a Good Credit Score?

By Jacqueline DeMarco

A 622 credit score doesn’t qualify as good, but it’s not bad either. It is in the fair range, which is lower than good but higher than poor. You would need to work your way up to 670 to have a good credit score. In addition, this score is almost 100 points below the current U.S. average of 717.

Here’s a closer look at what you can qualify for with a credit score of 622, why your credit score matters, and how you might build it.

What Does a 622 Credit Score Mean?

Credit scores are important because they reveal how you have handled debt in the past and therefore can indicate how likely you are to repay borrowed money in the future. For this reason, credit scores typically influence a lender’s decision to approve your application.

That said, a 622 credit score is not considered to be a good one by either of the major credit scoring models. Both FICO® and VantageScore rank their good scores higher than 622. With FICO, you need a score of 670 to 739, and with VantageScore (the VantageScore 3.0 and 4.0 models), you need to achieve a score of 661 to 780.

Here’s how the most popular credit score scale, the FICO Score, looks:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very good credit: 740-799

•   Excellent credit: 800-850

Working toward understanding your credit report and building your credit score until it is good or even higher can make it much easier to qualify for more favorable loan rates and terms — including higher loan amounts and lower fees.

What Else Can You Get With a 622 Credit Score?

In addition to helping you access better lending products at more affordable rates, having a good credit score can make other areas of your life surprisingly easier. For example, while not all employers require this, some will review applicants’ credit scores. This is more commonly seen when hiring for finance-related roles. Landlords can also take credit scores into account when screening applicants. Having a high credit score and a history of making payments on time can help you stand out in a sea of applicants.

You may find your credit score is even a topic of conversation when applying for utilities like a phone plan. Your credit score can affect whether the utility company plans to charge you a security deposit and what amount that would be.

Here’s a closer look at how your credit score can impact your qualifying for financial products.

Can I Get a Credit Card With a 622 Credit Score?

If you’re considering applying for a new credit card, it’s important to know what your credit score is before you apply. That way, you can get a better idea of which credit cards you are likely to qualify for. The higher your credit score is, the more likely you are to qualify for the best credit cards on the market.

That being said, you can find a credit card with any score ranging from 300 to 850, so don’t let a low score discourage you. While you will likely enjoy less favorable interest rates and terms than a person with a higher score, having a credit card can help you build your credit score when you make timely payments and manage your debt responsibly.

When choosing a credit card, compare several options to find the one that best fits your needs.

•   Pay attention to the annual percentage rate (APR), vs. interest rate, and any fees. Consider features like credit limits for balance transfers or the duration of a 0% introductory APR if you’re planning a big purchase.

•   Evaluate rewards (though you may not qualify for many with a 622 score; they are typically reserved for those with a 670 or higher credit score) by looking at how you earn them and how they can be redeemed, such as for travel or statement credits. Also, check for additional benefits like travel insurance, roadside assistance, and purchase protection, and pick a card that matches your lifestyle.

If you need to pay off debt to build your credit score, you can consider applying for a credit card consolidation loan, which some borrowers find makes it easier to pay off debt swiftly. These loans can combine multiple lines of credit into a single, convenient installment loan, usually at a notably lower interest rate.

You can turn to a debt consolidation calculator to get an idea of how much money you can potentially save through the consolidation process.

Can I Get an Auto Loan With a 622 Credit Score?

Technically a 622 credit score car loan is possible, but if you can build your score to 670 or higher, you stand the best chance of qualifying for competitive auto loan terms, interest rates, and loan amounts.

Otherwise, you may pay a significantly higher interest rate for the privilege of borrowing funds, which translates into paying more over the life of the loan.

To lower the amount of interest you need to pay with an auto loan, you might make a large down payment amount. The less money you borrow, the less interest you need to pay. Many lenders reward a large down payment with a lower interest rate since they take on less risk. Consider that when applying for a car loan.

Can I Get a Mortgage With a 622 Credit Score?

Buying a home is a major financial undertaking, but having a good credit score can make homeownership much more affordable. As with auto loans, you may want to work toward a higher credit score before applying for a home loan to snag a more favorable interest rate. While some lenders will accept a score of 620 for a conventional loan, many require a higher score.

A bit about mortgages: Home loans work by charging mortgage interest as a percentage of the loan balance. This interest is included in your monthly payment, along with the principal, taxes, and insurance. Early in the loan term, most of your payment goes toward interest, but as the loan balance shrinks (starting with a high down payment can help lower this balance), a greater portion is applied to the principal. This gradual shift is known as amortization.

Finding a mortgage with a 622 credit score isn’t impossible. Here are some options if you don’t find a conventional home loan that suits you:

•   FHA loan: To qualify for an FHA home loan with a 3.5% down payment, you’ll need at least a 580 credit score. What’s more, borrowers with a 500 to 579 score may also still qualify for this kind of loan. They’ll need a 10% down payment on the home.

•   USDA loan: This kind of mortgage is used for homes in designated rural communities. A USDA loan doesn’t have a firm minimum credit score. According to USDA guidelines, most lenders prefer a 620 credit score, so you will likely qualify with a 622 score. You may need to provide additional documents, like housing payment history and references, in some cases, or if your score heads lower.

•   VA loans: You may qualify for a VA loan, which is offered to veterans, active service members, and surviving spouses. The usual qualification is a minimum score of 620.

Can I Get a Personal Loan With a 622 Credit Score?

A personal loan is a type of loan offered by banks, credit unions, and online lenders that allows you to borrow a lump sum of money for almost any purpose and repay it over a set period with interest. It’s usually unsecured, meaning you don’t need collateral, and typically has a fixed interest rate.

One reason why personal loans are so popular is that they can be used for things like debt consolidation (as mentioned above), home improvements, paying for a wedding or vacation, or to cover unexpected expenses. That being said, choosing a secured personal loan can make it easier to qualify for this type of lending product if your credit score is on the lower side.

Like with other popular loan products, having a good credit score is helpful when applying for a personal loan. Ideally, you want a credit score in the 700s before applying for a personal loan (if your goal is to get a favorable interest rate), but it is possible to find a personal loan with a credit score of just 580.

The higher your interest rate is, the higher your monthly payments end up being. If you need help figuring out how much you can afford to borrow with a personal loan, use a personal loan calculator to crunch the numbers. You can see, for instance, how a personal loan would compare to putting an expense on your credit card and determine the best path forward.

The Takeaway

A 622 credit score isn’t a good score, but it’s not a bad or poor one either. It sits in between the good and poor categories in the fair range. You should be able to access many financial products, like installment loans and lines of credit, but you will likely not enjoy the most favorable rates and terms. By building your credit score, you can probably access better offers for credit cards, mortgages, car loans, and personal loans.

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.

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