By Timothy Moore

A 618 credit score is not considered good, per the traditional FICO® scoring model, which is used by 90% of lenders in the U.S. Instead, FICO labels a 618 credit score as fair — one step below good and notably below the average credit score of U.S. consumers, which is currently 715. VantageScore, another credit scoring model, considers a 618 score to be near prime but still not a good credit score.

However, with a 618 credit score, you should still be able to qualify for a wide range of loan products, including car loans and some mortgages and personal loans. And responsibly managing such loans can help you build your credit score over time and obtain more access to credit at more favorable terms.

What Does a 618 Credit Score Mean?

The standard credit score ranges run from 300 to 850 in both the FICO and VantageScore models. The higher your number, the more likely you are to be approved for loans and at better terms, meaning, among other things, lower interest rates and higher limits. Here’s what FICO credit ratings look like:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very good credit: 740-799

•   Exceptional (or excellent) credit: 800-850

FICO’s credit scoring model is based on five credit score factors, some of which have a larger impact on your score than others:

•   On-time payment history (35%)

•   How much available credit you use (30%)

•   Length of your credit history (15%)

•   Credit mix (10%), meaning responsibly handing different forms of credit, such as installment loans and lines of credit

•   How much new credit you’ve recently applied for (10%); too many applications in a short period of time can negatively impact your score

With that understanding, what does a 618 credit score mean? A 618 credit score indicates to lenders that you aren’t an ideal borrower, based on one or more of these factors. For instance, you may have limited credit history, you might have fallen behind on your rent, you could have applied for too many personal loans recently, or you may regularly max out your credit cards.

That said, a 618 credit score is considered fair by FICO’s standards and signals to lenders that they could still potentially lend to you — but perhaps at a higher interest rate and with some fees, as a precaution.

Also worth noting: It’s not just lenders that look at your credit score. Often, potential landlords, employers, and insurers will review your credit score before moving forward with your application. That’s why it’s important to work hard to improve your credit score over time.

What Can You Get With a 618 Credit Score?

While a 618 credit score is in the fair range, you’ll still be able to qualify for some types of loans. Here’s a closer look at what you can (and can’t) qualify for with a 618 FICO score.

Can I Get a Credit Card With a 618 Credit Score?

Yes, you can likely get a credit card with a 618 credit score. While there’s no universal minimum credit score to get a credit card, many credit card issuers require fair credit or better. That said, even people with poor credit or no credit at all can qualify for some credit cards. A lower credit score simply means fewer options and higher interest rates.

With a 618 credit score, you can qualify for unsecured credit cards, but expect to pay higher rates and fees. You probably won’t qualify for rewards credit cards that earn cash back, points, or miles.

Responsibly managing your credit card — using only a small portion of the credit available, and paying it off every month — can be a good way to build your credit score. In time, you may move from fair credit to good or even excellent credit, and then you’ll be able to qualify for rewards credit cards and lower interest rates.

When making approval decisions, credit card issuers may use the specialized FICO Bankcard Score, which is more industry-specific. Though this score ranges from 250 to 900, the two scoring models are similar; a fair standard credit score usually translates to a fair Bankcard Score.

Can I Get an Auto Loan With a 618 Credit Score?

You should be able to get an auto loan with a 618 credit score. In fact, there’s really no set minimum credit score for an auto loan. Even people with poor credit can sometimes get a car loan, though they may only be approved for a small amount and at a higher interest rate.

For example, with a 618 credit score, you would likely qualify for a new car auto loan with a 9.73% average annual percentage rate (APR), as of the third quarter of 2024. With a higher score of 661 to 780, that rate would drop to 6.70%.

Much like with credit cards, many auto financers use an industry-specific version of your FICO Score when making a lending decision. Instead of the standard score, they’ll use your FICO Auto Score, which ranges from 250 to 900. That said, a fair FICO Score (such as 618) usually indicates a fair FICO Auto Score.

While you might not get the best interest rates on your auto loan with a 618 score, you can use a car loan as an opportunity to improve your credit. Make on-time payments during the course of the auto loan, and you can expect your credit score to start to improve.

Recommended: Average Car Loan Interest Rate by Credit Score

Can I Get a Mortgage with a 618 Credit Score?

Though a 620 is generally considered the credit score needed to buy a house, it’s still possible to get a mortgage with a 618 credit score. That said, it wouldn’t hurt to wait a few months to buy a home so you can focus on building your score by just a few points and open up more borrowing options (and potentially lower mortgage rates).

So, what mortgage options are available if you have a 618 credit score? While you may not qualify for a VA loan (there’s typically a 620 credit score requirement) or a USDA loan (also usually a 620 credit score requirement), you will likely be able to qualify for an FHA loan. These loans require a 580 credit score, though you can get approved with a score as low as 500 if you’re able to make a 10% down payment on the home.

Otherwise, you might consider building your credit score before applying for a conventional loan. You can take such steps as always making debt payments on time and working to lower your credit utilization, among other moves.

Can I Get a Personal Loan with a 618 Credit Score?

You should be able to qualify for a personal loan with a 618 credit score. Credit score requirements for personal loans vary by lender, but a common requirement among popular lenders is 610. It’s important to recognize, though, that while even borrowers with poor credit or limited credit history can qualify for some types of personal loans, it’s usually with a high interest rate, high fees, collateral, and/or a cosigner.

As with other loans, lenders will consider more than your credit score when making a personal loan decision. For instance, lenders will consider your employment status and debt-to-income ratio. With a 618 credit score and a low enough debt-to-income ratio, you should be able to qualify for a personal loan with some lenders, but don’t expect to qualify for the largest loan amounts or lowest interest rates and fees.

Once obtained, a personal loan can be used for an array of purposes, such as:

•   Medical, dental, or car repair bills

•   Travel expenses, including honeymoon costs

•   Credit card debt consolidation

Recommended: Recommended: Personal Loan Calculator

The Takeaway

A 618 credit score is considered fair, according to the FICO credit scoring model. With this score, you should be able to qualify for many popular types of credit, including personal loans, credit cards, car loans, and some mortgages. That said, your lender options may be more limited, and you can expect to pay higher rates and fees, with less flexible loan amounts and repayment terms. Review your options carefully to find the best fit for your needs and situation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

By Kevin Brouillard

YA 565 credit score is not good. According to FICO® (the most popular credit scoring model), a 565 credit score is considered “poor” and below the average of U.S. consumers. Borrowers with this credit score could have a difficult time qualifying for new loans and might not receive very favorable terms if approved.

Here’s what a 565 credit score means in practice when it comes to getting a credit card, mortgage, and other types of financing.

What Does a 565 Credit Score Mean?

A credit score is a three digit number that shows a borrower’s ability to repay debt and stay current on payments. Lenders use these scores to assess the risk of lending money and make decisions about loan approval, interest rates, and credit limits.

FICO Score is the most widely used credit scoring model in the U.S. On this scale, scores range from 300 to 850. The higher your credit score, the more creditworthy you’re considered by lenders.

Here’s a breakdown of FICO Score ratings and ranges:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very Good credit: 740-799

•   Exceptional (or exellent) credit: 800-850

So is a 565 credit score good or bad? A 565 credit score falls within the “poor” credit range, which accounts for about 13% of American consumers. For comparison, the average FICO Score in the U.S. was 715 in 2024, and around 71% of Americans have a “good” score or better.

Your credit score is based on a number of factors, including payment history, amounts owed, length of credit history, credit mix, and new credit. A credit score of 565 could indicate a limited credit history, delinquency on payments, or other financial problems.

Note that a 565 credit score is just below the range for a “fair” credit score. This means that borrowers could implement some strategies to build credit and improve their chance of qualifying for financing and more competitive terms.

While borrowers with poor credit may face challenges qualifying for financing, it’ll ultimately depend on the lender’s credit requirements and how they evaluate other financial information.

What Else Can You Get with a 565 Credit Score?

If you have a 565 credit score, your options for a credit card or loan may be more limited than a borrower with fair or good credit. Instead, lenders may offer what are known as subprime loans, which typically carry higher interest rates, additional fees, and lower borrowing limits. Borrowers may also need to put down collateral to qualify and secure financing, depending on the lender.

Recommended: How to Apply for a Personal Loan

Can I Get a Credit Card with a 565 Credit Score?

Borrowers with poor credit may have difficulty getting approved for a credit card. The cards you are offered may have high interest rates and low credit limits. Typically, you need a fair score to begin to access better deals on credit cards. If you can build your score higher, you might begin to qualify for rewards credit cards.

If you’ve been rejected on a standard credit card application, you may want to look into a secured credit card.

A secured credit card requires collateral in the form of a security deposit — usually a minimum of several hundred dollars — to reduce the risk of default for the credit card issuer. The security deposit is refundable and typically equivalent to the credit limit.

Keep in mind that secured cards generally carry higher interest rates, so paying the balance in full each month can help avoid hefty interest charges. Additionally, secured cards may be subject to a variety of fees, so it’s worth comparing multiple credit card options. That said, a secured credit card, when managed well, can help you qualify for a traditional credit card.

To help build your credit score, there are several steps you can take.

•  It’s recommended to maintain a credit utilization ratio at or below 30%. Your credit utilization is the portion of your revolving credit limit, such as credit cards, that you’re using. If your credit limit is capped at $400, this means keeping a balance below $120. Thus, you might consider making a larger deposit to have some greater flexibility and wiggle room in spending.

•  Another way to positively impact your credit is to always pay bills on time. That’s the single biggest contributor to your credit score.

•  Aim for a mix of credit products, such as a line of credit and an installment loan.

•  Know that a longer credit history helps build your score. That means it’s wise to keep older accounts open, using them occasionally.

•  Avoid too many requests for credit in a short period of time. That can negatively impact your credit.

Recommended: Breaking Down the Different Types of Credit Cards

Can I Get an Auto Loan with a 565 Credit Score?

With a 565 credit score, car loan options will likely be limited to subprime loans. This means that you can expect to pay a higher interest rate than borrowers with stronger credit. For example,the average auto loan interest rate for new cars for subprime borrowers (with a score of 501-600) was 13.00% in the 3rd quarter of 2024, compared to 6.70% for those with credit scores between 661 and 780.

While some lenders may not work with borrowers with poor credit, many car dealers can help you explore options for those with lower credit scores. This could make a 565 credit score car loan possible. Having a trade-in vehicle or funds for a down payment could improve your chances of qualifying and secure better terms on an auto loan.

With any auto loan, it’s important to review the terms and how the monthly payment fits in your budget before committing.

Recommended: Personal Loans vs. Car Loans: What’s the Difference?

Can I Get a Mortgage with a 565 Credit Score?

Yes, you can get a mortgage with a 565 credit score. However, you won’t meet credit requirements to qualify for certain types of home mortgage loans. For example, you won’t meet the criteria for a conventional home loan. These typically require a score of 620 or higher. However, you may access these mortgages:

•  Federal Housing Administration (FHA) loans, which are backed by the government and reserved for first-time homebuyers, are available to borrowers with a credit score of 500 or higher. If your credit score falls between 500 and 579, however, you’ll need to make a down payment of 10%.

  FHA loans require only a 3.5% down payment for borrowers with a credit score of 580 or higher. So if you’re in the market for a house with a 565 credit score, you might consider working to build your credit score and secure a lower down payment on a FHA loan.

•  You may also be able to qualify for VA loans and USDA loans though these typically require credit scores above 565 (in the 600s) to qualify. If, however, you have a strong repayment history, you might find a lender willing to offer you financing.

Can I Get a Personal Loan with a 565 Credit Score?

You might have trouble qualifying for personal loans with a 565 credit score. A credit score in the fair vs. poor range could improve the likelihood of qualifying for a personal loan, though at a high interest rate.

Once you’re able to qualify, a personal loan can be used for almost any purpose, such as paying for a vacation or financing a wedding.

If your rationale for a personal loan is to pay off high-interest debt, such as a credit card consolidation loan, you may not secure a low enough interest rate to make it worthwhile.

To secure a more competitive rate, you might consider using collateral for a personal loan. Or you might work on building your credit score first, as outlined above.

Recommended: Personal Loan Calculator

The Takeaway

A 565 credit score isn’t good. Rather, it’s categorized as poor. With this score, you may have a hard time qualifying for credit, and the offers you do receive will likely be at a less favorable rate. Still, a 565 score is close to 580, which is the lower end of the fair range, so working to build your credit score by several points could unlock more affordable credit. Always compare offers from multiple lenders when possible to find the best deal before committing, whether for a credit card offer or a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.