Is 628 a Good Credit Score?
FICO® credit scores range from 300 to 850 and are categorized into five tiers: poor, fair, good, very good, and exceptional. A credit score of 628 falls into the “fair” category, which ranges from 580 to 669. Although fair is a step up from poor, it can still be a red flag to lenders and make it challenging to qualify for unsecured loans and credit cards. If you have a 628 credit score, here’s a closer look at what it means and how it can limit your options for credit.
Key Points
• A 628 credit score is considered fair, which can lead to challenges in qualifying for loans and credit cards.
• Fair credit may indicate financial missteps like late payments or high credit utilization.
• Having a 628 credit score can limit your lender options and result in higher interest rates.
• You may be able to get a lower rate by making a larger down payment, using collateral, or adding a cosigner.
• Strategies to build better credit include making on-time bill payments, paying down existing debt, and using a secured credit card responsibly.
What Does a 628 Credit Score Mean?
A 628 credit score means you have a fair credit score on the FICO scoring range. It’s below the average credit score among Americans, which was 717 as of March 2024.
Your credit score is based on the following factors:
• Your history of debt payments (35%)
• The amount of debt you owe (30%)
• The length of your credit history (15%)
• Your credit mix (10%)
• New credit (10%)
Because a 628 credit score is on the low side, it suggests that you may have made financial missteps in your past. For instance, you might have a history of late payments on a loan, a thin credit mix or history, or a high credit utilization ratio.
To learn why you have fair credit, you may want to look over your credit reports. You can get a free copy of your credit report from each of the three major credit bureaus — Experian®, TransUnion®, and Equifax® — by visiting AnnualCreditReport.com.
What Else Can You Get with a 628 Credit Score?
Lenders prefer a good credit score or better, so having a score of 628 could make it harder to get approved for a credit card or loan, such as a mortgage, auto loan, or personal loan. That doesn’t necessarily mean you’re out of options, but you’ll probably have to shop around and could end up with higher interest rates and fees than someone with stronger credit.
Can I Get a Credit Card with a 628 Credit Score?
You should be able to qualify for a credit card with a 628 credit score, but you may not qualify for the best credit card offers. Your options may be limited to a basic credit card or store credit card that doesn’t come with add-on perks like cash back or travel rewards. The card may also come with high interest rates and an annual fee.
An alternative option is opening a secured credit card, which can help you build credit. A secured credit card requires an upfront cash deposit that also acts as your credit limit. The credit card company will report your payments to the credit bureaus, so paying on time can positively impact your credit profile over time.
Can I Get an Auto Loan with a 628 Credit Score?
You can likely qualify for an auto loan with a 628 credit score, but you may face high interest rates. According to Experian’s State of the Automotive Finance Market report for the second quarter of 2024, consumers with fair credit paid nearly double the interest rate for both new and used car loans compared to borrowers with exceptional credit.
| FICO Credit Score | Average Interest Rate for New Car Loans | Average Interest Rate for Used Car Loans |
|---|---|---|
| 781 to 850 | 5.25% | 7.13% |
| 661 to 780 | 6.87% | 9.36% |
| 601 to 660 | 9.83% | 13.92% |
| 501 to 600 | 13.18% | 18.86% |
| 300 to 500 | 15.77% | 21.55% |
To get the best possible rate on an auto loan with a 628 credit score, it’s a good idea to shop around with multiple lenders, including banks, credit unions, and online lenders. Also consider making a larger down payment — at least 20% of the car’s purchase price. This decreases the amount you need to borrow and lowers the lender’s risk, which can result in a lower rate.
If you’re still seeing high rates, you might look into asking a family member or trusted friend with an excellent credit score to cosign your auto loan. Just keep in mind that your cosigner will be responsible for repayment if you run into trouble making your payments.
Can I Get a Mortgage with a 628 Credit Score?
You generally need a minimum credit score of 620 to qualify for a conventional mortgage, so you should be able to get approved with a 628 credit score. However, the lender may require you to have a lower debt-to-income ratio and higher down payment than someone with a stronger credit score. Plus, you’ll face higher interest rates than someone with good or exceptional credit.
You can also qualify for an FHA loan with a 628 credit score. An FHA loan is guaranteed by the Federal Housing Administration and accepts a minimum down payment of 3.5% as long as your credit score is 580 or higher. Because these loans are backed by the government, they are typically easier to qualify for than conventional loans. However, they have one-time and ongoing mortgage insurance payment requirements, as well as upper limits on loan amounts.
Can I Get a Personal Loan with a 628 Credit Score?
You can get a personal loan from some lenders with a 628 credit score, but likely won’t get the lowest interest rate available. Lenders that offer personal loans for fair credit may also charge an origination fee, which is deducted from your loan amount. In addition, they may offer lower loan amounts and shorter terms compared to loans for borrowers with good or better credit.
However, your credit score isn’t the only factor lenders consider when you apply for a personal loan. They will also look closely at your income and current debt load to determine whether or not you qualify for a loan and, if so, what the rates and terms they will offer.
You can get an idea of what type of personal loan or credit card consolidation loan you can get by prequalifying with several lenders. This process usually takes just a few minutes and involves a soft credit check, which won’t affect your credit score. Adding a co-borrower or collateral to your application may help you qualify or get a lower rate.
If you’re looking to consolidate high-interest credit card debt, using an online personal loan calculator can help you estimate potential interest savings and give you a clearer picture of your options.
The Takeaway
You can qualify for loans and credit cards with a 628 credit score, but you’ll have a shorter list of lenders available to you. Plus, you may end up with high rates and fees that will add to your costs of borrowing.
If you don’t have an immediate need for a loan, consider taking some time to build your credit before you apply. Some simple moves — like always paying your bills on time, paying down credit card balances, and taking out a credit-builder loan or secured credit card — can help you access lending products with lower rates 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 Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .SOPL-Q324-050