Is 690 a Good Credit Score?

690 credit score

On this page:

    By Jennifer Calonia

    (Last Updated – 02/2024)

    A 690 credit score qualifies as a good rating according to popular credit scoring models, like FICO® Score. That said, it is slightly below the current average score of 716 in America.

    If you’re wondering what 690 credit means for you if you need to borrow money, you will likely qualify for a car loan, mortgage, and other types of financing applications. However, you may not be offered the most favorable terms. Those may be reserved for people with a very good or excellent credit rating.

    Read on to learn more about your credit score, what you will likely qualify for, and how to build your credit score.

    What Does a 690 Credit Score Mean?

    As mentioned above, a 690 credit score means you are in the good range. Credit companies, like FICO, develop a proprietary credit scoring formula and establish credit score ranges. Using this calculation and your past credit activity data, your credit score is calculated. This score helps lenders understand whether your risk level for default as a borrower.

    FICO scores are between 300 to 850, and whether you’re looking at FICO scores vs. credit scores from another model, the higher your score, the better your chances at approval and getting the lowest interest rates.

    Here are the FICO Score ranges:

    •   Excellent: 800 to 850

    •   Very Good: 740 to 799

    •   Good: 670 to 739

    •   Fair: 580 to 669

    •   Poor: 300 to 579

    A 690 FICO score means that your credit is good, though a bit lower than the current national average of 719. You will likely qualify for loans and loans of credit, though perhaps not with the best terms.

    💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

    What Else Can You Get with a 690 Credit Score?

    Having a 690 score means you’ve demonstrated responsible borrowing and repayment habits in the past. Keeping a good score can be rewarding in many ways, including earning access to different types of credit. Here are some specifics.

    Can I Get a Credit Card with a 690 Credit Score?

    If you have a 690 credit score, you’ve already met one eligibility requirement for a variety of credit cards. Although some credit card issuers design cards for those with exceptional credit, others readily accept applicants with good credit, like a 690 FICO score, or higher.

    However, credit card issuers have their own minimum borrower requirements beyond your credit score. For example, it might evaluate your income, employment, monthly housing payment, and other monthly obligations to decide whether it will approve you, and at what rate and credit limit.

    Can I Get an Auto Loan with a 690 Credit Score?

    Getting an auto loan with a 690 score likely won’t be difficult assuming your income and existing monthly debt payments suggest you can afford the loan. As a point of comparison, most used car loans go to borrowers with a credit score around 675, and for new car loans, the number is around 730.

    Like other types of financing, your credit score can have a significant effect on the rate you qualify for and how much you’ll pay toward interest over time. Some dealerships offer their own financing, or you can see if you qualify through one of its financing partners. Getting prequalified in advance may help you find the best rate for your situation and keep within budget.

    You might also see what your current bank or credit union offers in terms of loans. With your existing relationship and good credit, you might have a better chance at getting approved at a competitive rate.

    Recommended: Can You Get a Personal Loan for a Car?

    Can I Get a Mortgage with a 690 Credit Score?

    With a 690 FICO score, you might also qualify for a conventional mortgage loan through a private lender, like a bank or other financial institution. Typically, you need a score of 620 or higher. However, your credit score is only one of many details a home financing lender assesses for its decision. Other factors can include your income and other assets, unpaid debt, your down payment amount, the home’s price, and where the property is located.

    When you’re ready to buy your first or next home, having a strong credit score can help you secure a mortgage loan with a better rate and advantageous borrowing terms.

    There are many types of home loan financing available to borrowers with a 690 score. For example, a Federal Housing Administration (FHA) loan is available to those with a minimum credit score of 500. Homebuyers might explore an FHA loan, for example, if they have good credit but don’t have a sizable down payment.

    Can I Get a Personal Loan with a 690 Credit Score?

    A personal loan or credit card consolidation loan can be a powerful financial tool, whether you want to simplify your debt repayment or are preparing for a large purchase. Since a 690 credit score is good by many lenders’ standards, getting a personal loan is likely possible. Some lenders will approve loans to borrowers with a 610 to 640 or higher scores.

    However, whether a lender is ultimately willing to give you a personal loan depends on the big picture of your borrower profile. The lender expects to see that your personal income can sustain your monthly payments, in addition to your other debt responsibilities. Those with higher scores may have more offers to choose among as well as those with more favorable terms.

    💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

    How to Build Your Credit Score

    Having a 690 credit score is a solid achievement. As a good score, it can help carry you through the door to approval with many lenders. However, building your credit score can be even more advantageous, helping you access more favorable terms. Here are some tactics to try:

    •   Make your debt payments on time. Thirty-five percent of your FICO score is based on your payment activity Ensure that you’re paying the minimum amount that’s due each month and that the lender receives your payment by your due date.

    •   Don’t max out your credit. Keep your unpaid balances low compared to your available credit limit (no more than 30% and preferably 10%). The amount you owe in relation to your available credit is called credit utilization. This category accounts for 30% of your FICO score.

    •   Nurture your old accounts. How long you’ve had your credit accounts impacts 15% of your score calculation. FICO considers the average age of all your credit accounts, as well as the age of your oldest open account. If you have a long-standing line of credit you rarely use, it might benefit your score to keep it active and open.

    •   Get experience with different credit types. A diversified portfolio of credit account types contributes to 10% of your credit score. For example, a healthy mix of an auto loan, mortgage, and credit cards can help this category.

    •   But space out new accounts. Ten percent of your score evaluates how many new accounts you have and how frequently you’ve sought out new credit. Even if you weren’t approved for a loan or credit card, a hard credit inquiry can go against the “new credit” category, temporarily lowering your score by several points. If possible, wait at least 12 months before getting new credit.

    The Takeaway

    Is a 690 credit score good? Yes. It’s a solid score that can help you qualify for a new loan or other credit line. This score can open doors for offers for mortgages, car loans, personal loans, and credit cards. However, it can be built further to get the most favorable borrowing options.

    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.

    View your rate


    How big of a loan can I get with a 690 credit score?

    There’s no set amount that you’re guaranteed to get approved for with a 690 score. All lenders and credit card issuers have unique underwriting criteria that determines how much they are willing to loan you.

    How to go from 690 to 750 credit score?

    You can help build your credit score from 690 to 750 with responsible repayment habits and time. Thirty-five percent of your FICO score is based on your payment history, so you might automate your payments so you never miss a due date. Also, keeping your credit utilization in check — which accounts for 30% of your score — can have a big impact. Ideally, you will only use between 10% and 30% of your credit limit.

    How good is a 690 credit score?

    A 690 score is considered a good rating. Your past borrowing behavior is in line with the average U.S. consumer, though your score is slightly below the current average credit score of 716.

    Photo credit: iStock/Alison Calazans

    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 Equal Housing Lender.

    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 .
    Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

    Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

    SoFi Mortgages
    Terms, conditions, and state restrictions apply. Not all products are available in all states. See for more information.

    Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.