Is 670 a Good Credit Score?

670 credit score

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    By Timothy Moore

    (Last Updated – 02/2024)

    A credit score of 670 is at the very lowest edge of the “good” category. So is a 670 credit score good? Technically, yes, and you should be able to qualify for most types of loans.

    But is 670 a good credit score in terms of getting the best rates and lowest fees? Not usually. You’ll need to work on building your credit score to earn lower interest rates and fees, higher borrowing amounts, and more flexible terms.

    Below, you’ll learn the full story on what a 670 credit score means and what types of loans you can get with this score.

    Below, you’ll learn what it means to have a credit score of 670, including what kinds of loans you’ll qualify for and what rates you can expect.

    What Does a 670 Credit Score Mean?

    Think of your credit score as a grade. Credit scoring companies like FICO® and VantageScore® review your credit report (you have one with each of the three major credit bureaus) and assign a number to you based on how reliable you are when borrowing money. On-time payments, a healthy credit mix, and low credit utilization are some of the factors that affect your credit score.

    The most popular credit scoring model in the U.S. is FICO, which has five credit score ranges:

    •   Exceptional: 800 to 850

    •   Very Good: 740 to 799

    •   Good: 670 to 739

    •   Fair: 580 to 669

    •   Poor: 300 to 579

    A 670 FICO score is officially in the “good” range — but just barely. To get the most out of a “good” credit score (like low interest rates and low fees), you should aim to build your score into the 700s or beyond.

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    What Can You Get with a 670 Credit Score?

    A 670 credit score is at the absolute bottom of the “good” range in the FICO credit scoring model. While the score indicates that you should qualify with lenders advertising loans for borrowers with good credit, your status right on the edge might throw your application into question.

    Even if you do qualify for loans, you likely won’t enjoy as low of interest rates and fees as you might if you were on the higher end of the “good” range or had a score in the “very good” or “exceptional” range.

    But don’t let that discourage you. With the right lenders, you should still be able to qualify for all major types of loans. Keep reading to learn more.

    Recommended: FICO Score vs. Credit Score

    Can I Get a Credit Card with a 670 Credit Score?

    The minimum credit score to get a credit card is 300, which is the absolute lowest score you can have. In fact, some credit card issuers will give you a credit card even if you haven’t established any credit history at all.

    The caveat? You’ll likely only qualify for a secured credit card (that means making a cash security deposit as collateral on the card), and interest rates will be high. However, using this card responsibly means that, over time, you can expect to build your credit history and score.

    With a 670 credit score, you’ll probably qualify for a wider range of credit cards, including unsecured credit cards (no security deposits required!). However, a 670 score is typically not good enough to get rewards credit cards that offer cash back or travel points. You may also still have a low credit limit and high interest rate until you build your score.

    Can I Get a Personal Loan with a 670 Credit Score?

    Along the same lines as credit cards, there’s no official minimum credit score to get a personal loan. Instead, each lender sets its own requirements, and many lenders — especially those found online via lending marketplaces — are available to those with poor credit. Again, these might be secured loans and have steep interest rates, which can go as high as 36%.

    With a 670 credit score, however, you don’t likely have to worry about a security deposit and interest rates that steep. Lenders that are willing to work with good credit will still likely have high interest rates and origination fees, but there may be some more flexibility with how much you can borrow and how long you have to pay it back.

    Credit scores are only one factor lenders consider when approving you for personal loans, however. They typically also consider your income streams and outstanding debts before approving you. If you’re hoping to consolidate multiple outstanding debts with the personal loan, make this known to the lender. Getting a credit card consolidation loan can be a way to combat competing payment due dates and high interest rates and pay off your debt.

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    Can I Get a Mortgage with a 670 Credit Score?

    You can get a mortgage with a 670 credit score, as long as you meet other qualification requirements. In fact, the minimum credit score needed to buy a house with a conventional mortgage is 50 points lower: 620.

    And even those prospective homebuyers with scores below 620 have options through government-backed loans, such as FHA loans, VA loans, and USDA loans.

    Buying a home with a 670 credit score is popular. According to Experian, 27% of people with a 670 credit score have a mortgage loan in their credit portfolio. Just remember that credit score is only one facet of the loan approval process; lenders will also want to see steady income, a low debt-to-income ratio, and enough funds to cover your down payment. At the very least, you’ll need 3% in cash for a down payment when purchasing a home through a conventional mortgage.

    Recommended: Different Types of Home Mortgage Loans

    Can I Get an Auto Loan with a 670 Credit Score?

    You can also get a car loan with a 670 credit score. However, auto lenders typically use a specialized auto credit scoring model, either the FICO Auto Score or VantageScore 3.0 or 4.0, instead of the traditional scoring model. The FICO Auto Score runs from 250 to 900.

    Technically, there’s no minimum credit score to buy a car. Even borrowers with subprime credit can usually find some kind of loan, though the amount they can borrow might be low, and the rate will certainly be high — and falling behind on payments means the car could be repossessed.

    Borrowers with a 670 credit score are in a much better place when it comes to financing a car. While you won’t get the lowest rates and fees available, you should be able to drive away from the dealership in a new set of wheels without much hassle. In fact, 44% of borrowers with a 670 credit score have an auto loan, according to Experian.

    Leasing a car with a 670 credit score can be more challenging. While car dealerships will lease cars to drivers with a lower credit score, 680 is the preferred threshold.

    The Takeaway

    A 670 credit score is considered a good credit score on the FICO scoring model — but only just barely. It’s on the cusp of “fair” and “good.” You’ll be able to qualify for credit cards, personal loans, mortgages, and auto loans, but 670 is not good enough to get the industry’s best rates and lowest fees. It may be wise to keep working to build your credit score, and consider applying for a loan once you’ve made it to the “very good” level (740 to 799), if possible.

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    Can I buy a house with a 670 credit score?

    Yes, you should be able to buy a house with a 670 credit score. You need at least a 620 credit score to qualify for a conventional mortgage. Lenders will also want to see steady income and employment, and you’ll need enough money to cover the down payment.

    Can I buy a car with a 670 credit score?

    While auto lenders typically look at your FICO Auto Score rather than your traditional FICO score, a 670 credit score is good enough to get a typical car loan. A 670 score may make it harder to lease a car, however.

    Photo credit: iStock/tolgart

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