Is 655 a Good Credit Score?

By Jamie Cattanach

While a 655 credit score isn’t technically in the “good” category, it’s pretty darn close. A “good” FICO® credit score falls between 670 and 739, which means you’re just 15 points away from being in that category. Still, you may find your credit options more limited, and they may come with higher rates and less-flexible terms.

Below, we’ll dive into what it means to have a credit score of 655, what types of loans you might qualify for with that score, and what you can do to inch yours up into the good category.

What Does a 655 Credit Score Mean?

Although you have several different credit scores, the most commonly used one is called a FICO Score. These three-digit numbers are calculated based on your past financial behaviors and circumstances, and are meant to indicate a benchmark of riskiness to prospective lenders.

People with larger debt balances, a history of late payments, and a shorter history of borrowing are all subject to relatively lower scores. On the flip side, those with higher scores tend to have a history of making on-time payments, carry lower total balances, avoid applying for multiple loans at once, and maintain a mix of different types of credit.

So why does your credit score matter? Generally speaking, the higher your score, the more likely you are to qualify for a loan or line of credit — and receive favorable rates and terms, which can help you save money in the long run.

Though credit scores update every 45 days or so, it’s a good idea to know what yours is and how it’s categorized. Here’s a look at how FICO Scores are ranked. As you’ll see, a credit score of 655 is considered “fair.”

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

What Else Can You Get with a 655 Credit Score?

A credit score of 655 is fair, which could mean higher interest rates and fewer approvals for credit cards and loans. But with some work, you can build up your credit profile and move your score into the “good” category. Making consistent on-time payments, paying down what you owe, and avoiding taking out new loans are all strategies to try.

But what exactly can you get with a 655 credit score today? Let’s take a look.

Can I Get a Credit Card with a 655 Credit Score?

It’s possible to get a credit card with a fair credit score. Of course, a successful application depends on more than just your score. Credit card issuers will also be interested in your employment history, total income, and existing debts, among other factors.

If you’re having trouble getting approved for the card you want, you might consider a secured credit card. These cards are offered to borrowers with poor or nonexistent credit history to help them build their credit profile or repair a dinged score.

Here’s how they work: You put down a refundable cash deposit, which typically serves as your credit limit. Then, you use your card as usual, ideally building your credit history with on-time payments and a low balance. Eventually, you may be able to graduate to an unsecured credit card (and get your deposit back).

Can I Get an Auto Loan with a 655 Credit Score?

Since car loans are secured by collateral — the car itself — banks can generally afford to offer the loans to slightly riskier borrowers. After all, if the loan goes into default, they can simply repossess the car.

Still, those with better credit scores tend to get lower interest rates. This is especially important for an auto loan, which requires the borrower to pay interest on an asset that loses value over time.

You’ll likely be able to find a car dealership or lender that is willing to work with you with a 655 credit score, assuming the rest of your financial situation is in fairly good shape. Still, you may end up facing an APR of 9.73% on a new car, or 14.07% on a used vehicle, according to 2024 Experian data. Compare that to average rates offered to people with the best credit scores: 5.08% on a new car, and 7.4% on a used car.

Can I Get a Mortgage with a 655 Credit Score?

A credit score of 655 shouldn’t stop you from getting a mortgage. However, when it comes to such a big financial undertaking, your credit score isn’t all that matters.

While the minimum credit score for conventional home loans is set at 620 by Fannie Mae, some lenders may qualify homebuyers with lower scores. For instance, with a loan backed by the Federal Housing Administration, you might qualify with a score as low as 500 if you can afford a 10% down payment.

During the underwriting process, your lender will likely look at a variety of other factors, including your employment history, cash flow, and your debt-to-income ratio (DTI).

If you can qualify, but your monthly housing payments will be a big stretch with your other commitments, and you don’t have a substantial emergency fund, it’s worth thinking twice. Owning a home has plenty of hidden costs in the form of repairs and maintenance. In some cases, renting really can make more financial sense.

Can I Get a Personal Loan with a 655 Credit Score?

Personal loans allow you to use the money you borrow for just about anything, whether it’s paying off a big medical bill or consolidating credit card debt so you can make a single monthly payment rather than several.

While you may qualify for a loan with a 655 credit score, it’s a good idea to take a close look at the interest rate you’re offered and run it through a personal loan calculator. You may be surprised by how much interest adds up over time.

The Takeaway

A credit score of 655 is technically in the “fair” category, but it’s just 15 points shy of being officially considered “good.” With that score, you could face fewer approvals for loans and credit cards, and the ones you’re approved for may come with higher interest rates.

Building your credit score can help position you for more favorable terms. While making on-time payments is one of the most effective actions you can take, lowering your overall revolving debt and diversifying your credit mix can also help.

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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