Is 694 a Good Credit Score?

By Timothy Moore

(Last Updated – 03/2024)

Establishing and building credit is an important part of everyday life. You need a strong credit score to buy a house, get a car, and even pay for groceries on a credit card. But if your credit score is hovering just below 700, how can you tell if it’s strong enough?

Fortunately, a 694 credit score is considered “good” per FICO®, the country’s most popular scoring model. This score allows borrowers to more easily access competitive rates for credit cards, mortgages, personal loans, and auto loans. Keep reading to learn more about what to expect with this credit score.

What Does a 694 Credit Score Mean?

A credit score is a complex calculation that shows lenders how likely you are to repay your debts on time and in full. The higher the score, the better you are perceived as a borrower — and thus more likely to qualify for loans at more competitive rates.

The two main credit scoring models are FICO and VantageScore^®, which use proprietary algorithms to calculate your credit score. Both FICO and VantageScore have credit score ranges between 300 and 850. How they calculate credit scores differs, though both analyze elements like credit utilization, length of credit history, on-time payments, and credit mix.

Because FICO is the more popular model, we’ll look at the credit score ranges in that model:

•   800 to 850: Exceptional

•   740 to 799: Very Good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 579: Poor

As you can see, a 694 credit score means you’re in the “good” range in FICO’s scoring model and thus likely to qualify for most loans — and at decent rates.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

What Can You Get with a 694 Credit Score?

A 694 FICO score means you still have room for improvement, but generally speaking, you should have no problem qualifying for various loan types. For instance, you should expect to find at least some lenders willing to offer you:

•   Credit cards

•   Mortgages

•   Personal loans

•   Auto loans

A 694 credit score is somewhere in the middle of FICO’s “good” range. If you’re able to build your credit score to at least 740 (the bottom of the “very good” range), you may qualify with lenders that have more stringent requirements and offer better rates. For instance, you may more easily qualify for a rewards credit card with cash back or travel points.

Recommended: FICO Score vs. Credit Score

Can I Get a Credit Card with a 694 Credit Score?

A credit score of 694 is more than enough to get a credit card. In fact, the minimum credit score needed for a credit card is 300 — the lowest credit score possible. Even borrowers without any credit history at all can qualify for a credit card, though these are typically secured credit cards with limited perks, a low credit limit, and a security deposit required.

To get a standard credit card, you’ll typically need a score of 600 or above. At 694, you may even qualify for a cash-back credit card or travel credit card, meaning you can take advantage of rewards for everyday spending.

Plus, responsibly using one or more credit cards can help build your credit score even more. If possible, experts advise you to keep your credit utilization low on credit cards (below 30%) and pay them off in full every month to avoid accruing interest.

💡 Quick Tip: If you’ve got high-interest credit card debt, a personal loan is one way to get control of it. But you’ll want to make sure the loan’s interest rate is much lower than the credit cards’ rates — and that you can make the monthly payments.

Can I Get a Mortgage with a 694 Credit Score?

As long as you can meet the other requirements (such as the down payment), you can generally get a mortgage with a 694 credit score. According to Experian, 29% of people with a 694 credit score have a mortgage loan.

A credit score of 694 is well above the minimum credit score needed to buy a house with a conventional mortgage (620). Those with lower credit scores may even be eligible through government-backed loans, including FHA loans and USDA loans.

Bear in mind that, while a 694 credit score is usually more than enough to qualify for a mortgage, lenders will consider other factors as well, such as:

•   Your current income

•   Your current debts

•   The size of your down payment

Can I Get a Personal Loan with a 694 Credit Score?

As with credit cards, there’s no real minimum credit score needed to get a personal loan, though you’ll have more options at lower annual percentage rates (APRs) if you have a stronger credit score.

A 694 credit score may not get you the lowest rate advertised by lenders, but you’ll still usually avoid the high end of a lender’s APR range. Plus, responsibly repaying your personal loan can help build your score, meaning you may qualify for better rates next time, whether you’re seeking a credit card consolidation loan or a personal loan to pay off a major dental bill.

In addition to a strong credit score, lenders may have other personal loan requirements for approval, such as:

•   Collateral (for secured personal loans)

•   Proof of income and employment

•   A debt-to-income ratio below a certain threshold

Can I Get an Auto Loan with a 694 Credit Score?

A 694 credit score is generally a good sign that you’ll qualify for an auto loan, but note that auto lenders often use a different credit scoring model, such as the FICO Auto Score or VantageScore 3.0 or 4.0. These models are slightly different, with distinct algorithms and different ranges (FICO Auto Score is 250 to 900, for instance).

While there’s no minimum credit score to buy a car, technically speaking, borrowers with poor credit may be limited to low borrowing amounts and at high interest rates. Borrowers with good credit, like those with a 694 credit score, should have more luck. According to Experian, 42% of individuals with a 694 credit score have an auto loan.

And with a credit score of 694, financing isn’t your only option. Leasing is also on the table: 680 is usually the magic credit score to lease a car.

Takeaway

A 694 credit score is considered a “good” score in the FICO scoring model. With a score of 694, you should have no problem getting approved for various types of loans, including credit cards, personal loans, mortgages, and car loans. Just remember that lenders take other factors — such as your income and other debts — into account when approving your application and setting rates.

If you build your score over time, you might move into “very good” or even “exceptional” territory. With that kind of credit score, you could expect even better rates and lower fees the next time you need to borrow money.

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