Is 680 a Good Credit Score?

By Austin Kilham

(Last Updated – 03/2024)

A 680 credit score does indeed qualify as a good credit score. With a three-digit score between 670 and 739, you are classified as in the “good“ range, according to FICO^®, which produces the most commonly used credit scores by lenders.

A credit score of 680 will likely qualify you for many options when it comes to loans and lines of credit. Here’s a closer look at what a score of 680 could mean for you and your ability to secure different kinds of credit.

What Does a 680 Credit Score mean?

A credit score of 680 puts you in the “good” category per FICO credit scores. Above that is “very good” at 740 to 799, and “exceptional” at 800 to 850.

At its most basic, a credit score is a numerical representation of your credit history. It gives weight to factors such as length of credit history, how much credit you are currently using, whether you pay your bills on time, how many different types of accounts you maintain, and whether you’re actively seeking new credit.

When you apply for a new loan or line of credit, here are some considerations:

•   Your potential lender will take a close look at your score to determine your creditworthiness. They’re looking for higher scores, which demonstrate that you’ve been responsible with credit in the past, paying bills across multiple accounts on time.

•   Borrowers with numbers in the higher credit score ranges are potentially less risky to lenders. And as a result, lenders are more likely to offer them lower interest rates and favorable terms.

•   Lenders typically see borrowers with low scores as potential risks. They’re worried these individuals may be more likely to default on their loan, a process that is costly for lenders as they try to recoup their losses.

•   Lenders may choose not to extend credit to borrowers with low scores, especially those with “poor” scores of less than 580.

•   When lenders do offer credit to individuals with a lower or what you might call bad credit score, they may offset their risk with higher interest rates and fees, which increases the cost of borrowing.

How do you compare to the rest of the nation? Most people in the US have a credit score between 600 and 750, and the average score is 715. Though a credit score of 680 is a bit less than average, it does still qualify you as a “prime” borrower. In other words, lenders believe you’re likely to pay your bills on time and pay off your loan in full.

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What Else Can You Get with a 680 Credit Score?

With a credit score of 680, there will likely be a wide range of loans available to you. In addition, you may favorably impress landlords who check your credit score when you apply to be a tenant.

Can I Get a Credit Card with a 680 Credit Score?

With a credit score of 680, you’ll likely qualify for a broad range of credit cards. There may be only a few cards that are reserved for individuals with excellent credit. In addition, the higher your score, the more likely you are to qualify for lower rates and enhanced rewards, such as points, miles, and/or cash back.

Used wisely, credit cards can help you continue to build your credit. If not, they can cause you to take on more debt and potentially hurt your credit score.

•   Credit cards are a form of revolving credit that allow you to carry balance from month to month. In return, they may charge very high interest rates. These hover around 20% on average, and can make borrowing very expensive.

•   You can avoid interest payments by paying your bill in full every month, which can help build credit. If you fall behind, however, you’ll carry a balance and owe interest.

•   Beware: Credit card interest compounds. If you continue to carry a balance only making minimum payments, you’ll begin to owe interest on the interest you’ve already accrued, causing your debt to grow.

•   If you’re unable to pay off your card and you default on your loan, you could hurt your credit score.

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Can I Get an Auto Loan with a 680 Credit Score?

With a score of 680, you’ll likely qualify for an auto loan. In fact, 45.90% of new loans went to prime borrowers in 2023. Compare that to the 22.82% of loans that went to super-prime borrowers (those with a score of 720 or higher) and 12.67% of loans that went to subprime borrowers, meaning those with scores between 580 and 619. Prime borrowers, by the way, are considered those with credit scores of 660 to 719.

As a prime borrower, you’ll also likely have access to some of the best interest rates. On average, prime borrowers paid 6.88% in interest on new loans in the period most recently reviewed. Super-prime borrowers did slightly better with average rates of 5.61%, while subprime borrowers were charged a much higher rate of 11.86% on average.

•   Remember to shop around from various lenders to find the best way to finance a car purchase.

•   Building your credit score could help you qualify for lower, super-prime rates.

Can I Get a Mortgage with a 680 Credit Score?

If you’re seeking a mortgage loan, a credit score of 680 should provide a host of options. You will likely qualify for most conventional loans, which typically require a credit score of 620 or higher. These are loans that are not insured or guaranteed by the federal government and are typically what you’ll find at most banks.

Among conventional loans, you’ll likely find a variety of options, including fixed- and adjustable-rate interest rates, as well as different options for length of the loan term.

Since lenders are taking on the risk, they look for individuals with higher credit scores. They’ll also take into account the size of the down payment you can make. The higher the amount, the less risk they need to take on, and the lower your interest rates may be.

Individuals with 680 credit scores should also easily qualify for government-back loans, such as Federal Housing Administration (FHA) loans. These usually require a credit score of 580 with a 3.5% down payment. Or, if you put 10% down, you may qualify with a lower score. Homes purchased through this program must be your primary residence.

If you’ve been in the armed forces, you may qualify for a VA loan. These are offered through the U.S. Department of Veteran Affairs and usually require a credit score of 580 to qualify.

Can I Get a Personal Loan with a 680 Credit Score?

A personal loan is a lump sum payment you agree to pay back in monthly installments. There are few restrictions for how personal loans can be used. For example, they could be used for credit card consolidation, home improvements, even the cost of a wedding celebration.

Borrowers with good credit scores will likely be able to secure a personal loan. And in some cases, a personal loan may be cheaper than other forms of credit, such as high interest credit cards. Currently, the average personal loan interest rates are about 12%, compared to about 20% or higher for credit cards.

As with other forms of credit, the lowest possible interest rates will likely go to borrowers with the highest scores.

Can I Build My Credit Score?

As mentioned above, the higher your credit score, the more likely lenders will offer lower interest rates, which makes borrowing cheaper. So before you apply for a loan, you may want to take steps to build your credit score a bit. Some tips:

•   Always make on-time payments. This is the most important factor in your credit history, comprising 35% of your credit score.

•   Keep your balances low. The amount you already owe represents 30% of your score. Consider paying off debts — especially high-interest debts — to lower your debt-to-income ratio and make more credit available.

•   Work to lengthen your credit history, have a good mix of types of credit (lines of credit and installment loans, for example), and don’t apply for too much credit in a short period of time.

It can take some time to build your credit, so if you know you’ll need to borrow in the future, it can be wise to start as soon as possible.

The Takeaway

With a credit score of 680, you are in the range of what are considered “good” credit scores. That means you’ll likely have access to most types of credit. Before you apply for a loan, however, take steps to ensure you’re getting the best deal possible. Be sure to shop around to multiple lenders for the lowest interest rates and best terms.

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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