Is 638 a Good Credit Score?

By Jamie Cattanach

Congratulations: If you have a 691 credit score, you officially have a good credit score — at least as far as FICO scores are concerned. (While there are different types of credit scores out there, FICO® scores are the ones most frequently used to assess borrower creditworthiness in the United States.)

Good credit scores are those that range from 670 to 739, according to Experian®.1 But that doesn’t mean good credit is the best credit you can have. Higher score ranges to aspire to include very good credit (740-799) and excellent credit (800-850). Still, if your score is 691, you should take the time to commend yourself on your solid credit history.

What Does a 691 Credit Score Mean?

A credit score of 691 puts you in the range of “good” credit. That’s higher than two other tiers: poor credit (300-579) and fair credit (580-669).

Here’s how the most popular credit score ranges at FICO stack up (you may have different credit scores depending on the system being used):

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent (or exceptional): 800-850

Being in the good credit category can unlock your ability to successfully apply for a variety of financial products, including credit cards, auto loans, personal loans, and mortgages with competitive rates. While it’s not just your credit score that’s considered, the better your score, the lower your interest rates are likely to be.

That’s why it’s important, even if you already have a good credit score, not to rest on your laurels. Continue to stay consistent with the on-time payments and other behaviors that got you here to build your score even more — and qualify for the most favorable possible loan terms.

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What Else Can You Get with a 691 Credit Score?

Along with the bragging rights of saying you have a “good” score, here are a few of the financial products you may be able to successfully apply for with a 691 credit score.

Can I Get a Credit Card with a 691 Credit Score?

You will likely qualify for a credit card if you have a credit score of 691. Credit cards are often offered to people with scores over 580. (There are even credit cards on the market for people with poor or limited credit history, though a cash deposit may be required for a secured card.)

With a good credit score (one over 670), you may be able to qualify for cards with more perks, like cash back, travel benefits, and other credit card rewards. Of course, the credit card issuer may also take other financial information, like your income, into consideration.

Can I Get an Auto Loan with a 691 Credit Score?

According to Kelley Blue Book, the average new car sold for a whopping $47,870 in August 2024. You might spend a whole lot less if you buy a used car, but still: Many people need a loan to get behind the wheel at all.

While there’s no set minimum credit score to take out an auto loan, plenty of lenders do look for a good credit score. Having a better credit score, again, could mean a lower interest rate. For instance, those shopping for a new car with a poor credit score could be charged an interest rate of 15.62% vs. 5.38% for those with excellent credit, according to one recent study.

Plus, if you are interested in buying used, you’ll likely need a better credit score than you would for a new-car loan, according to Car and Driver: “Most used auto loans go to borrowers with minimum credit scores of at least 675,” the magazine reports. (Good news: That’s you!)

Can I Get a Mortgage with a 691 Credit Score?

Aside from retiring, buying a home is one of the biggest financial goals many Americans have. If you have a credit score of 691, this major milestone may be within reach. Even people with substantially lower credit scores — as low as 500 — may qualify for certain types of mortgages, like FHA loans. But with a good credit score, you likely have more offers to choose from.

For most conventional home loans, a score of 620 will unlock opportunities. Again, though, your credit score doesn’t guarantee you a successful application. Given the massive size and scope of the loan, mortgage lenders tend to look at your holistic financial picture, including your income, job history, debt-to-income ratio (DTI), and more.

Still, your score is an important consideration during the underwriting process, and even a slightly lower interest rate could save you tens of thousands of dollars over the course of a 30-year mortgage.

Can I Get a Personal Loan with a 691 Credit Score?

Personal loans are a type of loan you can use for just about anything you want to. Unlike auto loans and mortgages, they’re not secured by a specific piece of collateral. (That’s why they’re also called unsecured loans.)

With a credit score of 691, you’re likely to qualify for a personal loan, though keep in mind that the interest rates on these types of loans tend to be higher (since unsecured loans are riskier for the lending institution). People with a credit score of 580 or higher will likely also qualify for a personal loan, but at a higher interest rate than people like you with higher scores.

Even with an affordable monthly payment, the overall cost of the loan can scale quite quickly over time. A personal loan calculator can help you understand exactly how much those up-front funds will cost you.

Of course, there are some instances where personal loans might be a smart money move. For example, some people take out personal loans to consolidate their credit card debt, which usually has even higher interest rates. Along with helping simplify your monthly payment process, debt consolidation done right can significantly lower the overall amount you stand to pay in interest. That can be a win-win.

Other uses for a personal loan include:

•   Home renovations

•   Medical, dental, or car repair bills

•   Travel

•   Weddings and other big celebrations

Some people might use personal loan funds for a passion project or side hustle (such as buying photography equipment), too.

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The Takeaway

If your credit score is 691, congratulations: You have good credit! You will likely qualify for a range of credit offers, such as a mortgage, personal loan, rewards credit cards, and more. Maintaining that score — or building it even higher — takes work and persistence. Given how much you stand to save on future loans, it’s well worth the effort.

If you’re leveraging your good credit score to access a personal loan, see what SoFi offers.

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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