Is 695 a Good Credit Score?

695 credit score

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    By Jennifer Calonia

    (Last Updated – 02/2024)

    If you check the FICO® Score ranges, you’ll find that a credit score of 695 puts you solidly in the “good” category. You can probably feel confident that your creditworthiness is in good shape. In general, a 695 credit score will help you secure access to loans and lines of credit, though not necessarily at the most favorable interest rates available.

    Here, you’ll take a closer look at what a 695 credit score means and how it will impact your qualifying for different kinds of credit.

    What Does a 695 Credit Score Mean?

    In the world of credit ratings, there are a number of different scoring models with varying ranges. For example, the commonly used Fair Isaac Corporation (FICO) scoring model uses a range of 300 to 850 while Equifax’s model ranges from 280 to 850.

    Each model’s credit range is broken down into rating groups. Below is the credit rating scale for FICO scores, which is the most popular system:

    •   300 – 580: This “poor” rating is the lowest range in the scoring model and suggests that the borrower might be a default risk.

    •   580 – 669: A “fair” rating that’s generally considered below average compared to other U.S. consumers. Some lenders might approve borrowers in this range.

    •   670 – 739: A “good” FICO score, as this range is around the average score of U.S. consumers.

    •   740 – 799: This range is considered “very good.” It’s higher than the average consumer’s score. It suggests that the borrower has been responsible with credit in the past, and it can likely open doors to favorable offers for loans and credit lines.

    •   800 or higher: This is the highest rating at “exceptional” or “excellent.” Borrowers in this credit range are viewed as being a low default risk and have the best chance at approval and the lowest loan interest rates.

    Although a FICO score vs. credit score of a different model might have slightly different ranges, a 695 credit score is generally regarded as average or good by most lenders.

    Credit Score Factors

    The activities that lead to a 695 FICO score can be complex to decipher. A couple of hints:

    •   The single biggest contributor to your score, at 35%, is payment history, meaning on-time payments. So a 695 credit score might mean that you have a late payment or two on your record which are lowering your credit score, but overall demonstrated responsible repayment habits.

    •   Or you might have a perfect payment record, but tend to have a high credit utilization, like having credit card balances that are regularly close to your limit vs. being no more than 30% of that number.

    Ultimately, a 695 score means that your credit data isn’t perfect based on the scoring model’s factors, but overall, it doesn’t raise immediate red flags for lenders. It’s somewhat below the average credit score of 716 in the U.S.

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    What Else Can You Get with a 695 Credit Score?

    Having a good credit score, like 695, is helpful in many ways. Here are a few not-so-obvious instances where good credit comes in handy:

    •   When getting an apartment rental.

    •   When applying for a new job.

    •   Avoids security deposit requirements for utilities services.

    Of course, in addition to being advantageous in other areas of your life, a 695 FICO score can help qualify you for getting new types of credit, which you’ll learn about next.

    Can I Get a Credit Card with a 695 Credit Score?

    Generally, having a 695 score is adequate enough to meet many card issuer’s minimum credit requirements, while a score that nudges over the 700 figure is likely to open even more doors.

    •   A score of 695 is typically eligible for many unsecured credit cards. Getting an unsecured credit card means you aren’t required to put forward collateral like with secured cards. Secured credit cards require a refundable security deposit that acts as the card’s limit. With an unsecured card, you can access greater borrowing power that isn’t restricted by a deposit.

    •   Some credit cards will require a higher minimum credit rating. These cards may offer lower interest rates and richer credit card rewards. For instance, some cards require excellent credit at a minimum which is at least 800.

    Can I Get an Auto Loan with a 695 Credit Score?

    Your credit score can determine whether you’ll get approved for a loan, and it directly influences the interest rate you’re offered.

    If you have a 695 credit score, you’re considered by many lenders as being a “prime” borrower in terms of your risk level. This means your borrowing history suggests you’d likely make your payments on time and pay back the entire loan as agreed. While the specifics will vary from lender to lender, usually a credit score of 610 to 640 or higher is needed for a car loan.

    Assuming you satisfy the lender’s other underwriting requirements, like income, other monthly obligations and credit utilization, you can likely get an auto loan with this score.

    Recommended: Smarter Ways to Get a Car Loan

    Can I Get a Mortgage with a 695 Credit Score?

    Yes, prospective home buyers can likely get mortgage loans with a 695 FICO score. Moreover, you have a few options in the type of home loans you can access.

    For example, Fannie Mae’s underwriting guidelines state that the minimum score for a fixed-rate manually underwritten loan is 620; for an adjustable rate, you’ll likely need a minimum 640 score. This means you can likely get a fixed- or adjustable-rate conventional mortgage loan with a 695 score.

    If a conventional mortgage isn’t for you — for example, if you have a low down payment — a 695 credit score more than meets credit requirements for a Federal Housing Administration (FHA) Loan. FHA borrowers can qualify for a loan with a down payment as low as 3.5% and a minimum FICO score of 580.

    Can I Get a Personal Loan with a 695 Credit Score?

    Personal loans are a convenient way to finance a large purchase, or they can be a useful debt consolidation tool.

    Typically, a good to exceptional credit rating is required by many personal loan lenders. A 695 credit score is good to have before applying for a personal loan, though it may not earn you the best available (lowest) interest rates. Those may be reserved for those with higher figures.

    Personal loans come with either fixed or variable interest rates. Borrowers with the highest credit scores are more likely to qualify for the most competitive loan rates, but borrowers with “average” credit can also avoid steep rates that are generally reserved for subprime borrowers (those whose scores are below 600 typically).

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    The Takeaway

    A 695 credit score is categorized as a good score, meaning you are likely creditworthy. If you need to borrow money or apply for a new credit card with a 695 credit score, you should have a broad range of options to choose from. This score signals to lenders that you’re a reliable borrower and will likely repay your debt in full over time. However, you may find that some perks (such as lower interest rates or better credit card rewards) are available if you were to build your score higher still.

    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.

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