Is 624 a Good Credit Score?

By Rebecca Safier

A credit score of 624 is considered fair credit, which is stronger than poor credit but weaker than good credit. It’s also well below the national average FICO® score of 717. That doesn’t mean you can’t get approved for a loan or credit card, but your options may be limited and you could face higher interest rates and fees. Here’s a closer look at what a 624 credit score means for your finances and ability to qualify for a credit card, auto loan, mortgage, or personal loan.

What Does a 624 Credit Score Mean?

When you are applying for a new loan or credit card, lenders will review your credit score to determine your risk as a borrower.

FICO scores range from 300 to 850 and are divided into five tiers:

< 580	Poor	This score is well below average and looks risky to lenders.
580 – 669	Fair	Though below average, many lenders will approve borrowers with this score.
670 – 739	Good	At near or slightly above average, lenders consider this an acceptable score.
740 – 799	Very good	This above-average score indicates you’re a highly reliable candidate for a loan.
800+	Exceptional	Well above average, this score shows lenders that you’re an exceptionally low-risk candidate for a loan.

FICO bases its credit scores on five categories of information found in your credit reports. Here’s what they are (and how much impact they have on your score):

•   Payment history (35%)

•   Amounts owed (30%)

•   Length of credit history (15%)

•   Credit mix (10%)

•   New credit (10%)

You may have a 624 credit score because you’ve mismanaged credit in the past. For example, people with fair credit often have late payments and collections accounts on their credit reports, according to Experian. In some cases, they may have a significant negative event, such as a foreclosure or bankruptcy, that caused their scores to dip into “fair” territory.

To find out why you have fair credit, it’s a good idea to take a read through your credit reports. You can get a free copy of your credit report from each of the three major credit bureaus by visiting AnnualCreditReport.com.

What Else Can You Get With a 624 Credit Score?

It can be challenging to get approved for loans and credit cards with a 624 credit score, but it’s not impossible. You’ll likely need to put in some legwork to find a lender that’s willing to work with you. You might also consider applying with a cosigner or collateral to snag a better interest rate or a higher loan amount.

Here’s a closer look at your options for getting a credit card, mortgage, auto loan, or personal loan with a credit score of 624.

Can I Get a Credit Card With a 624 Credit Score?

You should be able to get a credit card with a 624 credit score, but with a few caveats. Here’s a look at what you may be able to qualify for:

•   Traditional credit card: A traditional credit card is unsecured, meaning it doesn’t require a security deposit. You may be able to get a basic credit card with a 624 score, but it could come with an annual fee and a high annual percentage rate (APR). You likely won’t qualify for the best credit card offers, such as cards with a 0% APR promotional period or perks like cash back and travel rewards.

•   Store credit card: Store credit cards (also known as retail credit cards) tend to have more flexible credit requirements than traditional credit cards, but beware of high APRs. You can avoid paying interest on your balance if you pay it off in full each month.

•   Secured credit card: A secured credit card requires an upfront cash deposit as collateral, which then becomes your credit limit. The credit card provider will report your payments to the credit bureaus. As a result, using a secured card responsibly can help you build your credit and potentially move up to unsecured cards in the future.

Can I Get an Auto Loan with a 624 Credit Score?

You can get an auto loan with a 624 credit score, but your interest rate will likely be higher than it would be if you had a good or better score. According to Experian’s State of the Automotive Finance Market report for the second quarter of 2024, borrowers with fair credit had an average interest rate of 9.83% on new car loans and 13.92% on used car loans. By contrast, the average interest rates for borrowers with exceptional credit were 5.25% for new car loans and 7.31% for used car loans.

To get the best possible rate on a car loan with a 624 credit score, consider saving up for a larger down payment (this decreases the loan amount, reducing the lender’s risk). It’s also wise to shop around and compare offers from different lenders, including banks, credit unions, and online auto lenders.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 624 Credit Score?

Fortunately, a 624 credit score is above the threshold to qualify for a conventional mortgage (one not backed by a government agency), which requires a minimum score of 620. Unfortunately, conventional lenders typically require “very good” or “exceptional” credit to qualify for the lowest mortgage interest rates.

Whether you get approved for a mortgage, and at what rate, will depend on more than your credit score, though. A lender will also look at several other factors, including your income, debt-to-income (DTI) ratio, and down payment amount when evaluating your mortgage application.

You could get by with a down payment as low as 3.5% if you pursue an FHA loan, which is guaranteed by the Federal Housing Administration. FHA loans can be a good option for homebuyers with weak credit, but have a few downsides, including stricter appraisal standards and a mortgage insurance requirement.

Can I Get a Personal Loan with a 624 Credit Score?

While you can qualify for a personal loan with a 624 credit score, lenders tend to reserve their best personal loan rates for borrowers with scores of 740 and above. With fair credit, you may be offered midrange interest rates. In addition, you may be approved for a lower loan amount and/or a shorter loan term than a borrower with good or better credit.

Your credit score is only one element of your personal loan application, though. Other things, such as your income, employment history, and DTI will also play a role in the lender’s decision and the terms of the personal loan.

To find an affordable offer for a personal loan or credit card consolidation loan, it’s a good idea to prequalify with multiple lenders. Prequalification typically only takes a few minutes and involves a soft credit pull, which won’t impact your credit. You’ll get to see your potential loan offers, though the details won’t be finalized until you submit a full application and the lender runs a hard credit inquiry.

If you’re thinking about consolidating high-interest credit card debt, an online personal loan calculator can help you crunch the numbers to see how much interest you could potentially save.

The Takeaway

If you have a 624 credit score, you can still qualify for loans and credit cards, but may get stuck with less-than desirable rates and terms.

Fortunately, credit scores aren’t set in stone. Managing your money responsibly and taking steps to build your credit — like making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help you access lending products with lower rates and better terms in the future.

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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