Feb

2025

Is 604 a Good Credit Score?

By [email protected] | personal_loan | Comments Off

Is 604 a Good Credit Score?

What Does a 604 Credit Score Mean?

Credit scores range from 300 to 850, with the higher end representing a better score. When determining if a 604 credit score is good or bad, you need to consider which of the five credit score ranges it falls into. Here are the categories, according to the FICO® system:

• Poor: 300-579

• Fair: 580-669

• Good: 670-739

• Very Good: 740-799

• Exceptional (or Excellent): 800-850

As you see, 604 doesn’t fall into the good credit score category. Based on these ranges, it falls into the fair range.

What Factors Impact Your Credit Score?

Credit scores are based on five different types of information captured in your credit report:

• Your payment history, meaning have you paid on time

• Amount of debt owed, typically expressed as your credit utilization ratio, or how your balance stacks up against your credit limit

• Length of credit history

• Credit mix (for instance, have you managed both installment loans and lines of credit well?)

• Requests for new credit

With a 604 credit score, you might have a mixture of high levels of debt (especially credit card balances), some late payments, and new accounts.

When you check what your three-digit figure is on a credit scoring model, you may also receive insights into what areas you can focus on to build your score. That information helps you prioritize some of your financial decisions, like paying down debt to lower your amounts owed or pausing new credit inquiries until other ones fall off your report.

Recommended: How to Apply for a Personal Loan

What Else Can You Get with a 604 Credit Score?

With a fair credit score of 604, you may be able to qualify for different types of financing. However, the offers you receive will likely not have as favorable interest rates and terms as would be available if you had a higher score. Here’s how this score impacts your ability to qualify for things like credit cards, auto loans, and more.

Can I Get a Credit Card with a 604 Credit Score?

Credit card companies generally don’t have a specific minimum credit score needed to qualify. Instead, the credit terms generally become less favorable when you have a lower credit score.

For instance, you’ll likely pay a higher APR when you carry balances, since a lower credit score signals to creditors that there’s a higher risk of defaulting on payments. Additionally, you may have a lower credit limit.

When applying for credit cards with a 604 score, focus on cards that cater to those with a fair credit score. A card with a robust rewards program, for instance, is probably designed for people with very good or excellent credit. Applying for out-of-reach cards and getting denied could increase the number of inquiries on your credit report, which chips away at your score over time.

Credit card debt can be challenging to manage. Another option to potentially build your credit score and obtain more favorable financing terms is to roll current debt into a credit card consolidation loan.

This kind of personal loan typically offers a lower interest rate than credit cards offer. It also turns your revolving debt into an installment loan, which can add to your credit mix and simplify your bill paying.

Can I Get an Auto Loan with a 604 Credit Score?

Yes, it is possible to get an auto loan with a 604 credit score. But you should expect to pay a higher interest rate than you would with a higher credit score. That means your loan would cost more over time.

Here’s an example comparing auto loan interest rates for two different credit scores.

• The average APR for a new car with an excellent credit score is 5.25%, while that number jumps to 15.77% with a poor credit score.

• The average price of a new car is $47,542.

• With a 60-month loan and no down payment, the borrower with excellent credit would have a monthly payment of $903 and total interest would cost $6,616.

• For the same car but with the higher interest rate for a poor credit borrower, the monthly payment would increase to $1,150 and interest over time would cost $21,478.

So while borrowers with lower credit scores can qualify to finance a car, it can be a lot more expensive.

Can I Get a Mortgage with a 604 Credit Score?

Conventional mortgages usually require a credit score of 620 or higher. However, there are several home loan programs designed to help qualify buyers with lower credit scores. Common options include:

• FHA loans: This mortgage program has a minimum credit score of 580 in order to be eligible for a 3.5% minimum down payment. You can still qualify even with a 500 credit score, but the minimum down payment jumps to 10%.

• USDA loans: There’s no set minimum credit score for a USDA loan, which is a type of mortgage designed to finance homes in rural areas. Most lenders look for a credit score of 640 or higher. With a 604 credit score, your lender may require extra documentation, like verifying your current rent or mortgage payments and reviewing reference letters.

• VA loans: This mortgage program is for veterans, service members, and eligible surviving spouses. The minimum credit score is usually 620 for most lenders, but you may be able to find one with more flexible requirements. Like USDA loans, lower credit applicants will likely need additional documents to get approved for a VA loan.

Before you start home shopping with a 604 credit score, consider getting preapproved for a mortgage. That can help you get a realistic idea of what you’ll need to qualify and what kind of interest rate you could get. Depending on what you learn, you might decide to wait a bit before applying for a mortgage so that you can build your credit score and qualify for more options.

Can I Get a Personal Loan with a 604 Credit Score?

With a 604 credit score, you may be able to qualify for a personal loan, especially with lenders who specialize in making loans to borrowers with below average credit. As mentioned with other types of financing, you will likely pay higher interest rates. You may also be limited in how much you’re able to borrow, especially if you have a lot of outstanding debt already. However, given how flexible personal loans can be (that is, you can use the funds as a home renovation or travel loan), it may be worthwhile to research this option.

Compare different loan offers from various lenders by requesting a quote that only involves a soft vs. hard credit inquiry. That way your score won’t be impacted by shopping around. A personal loan calculator shows how different loan amounts and interest rates impact your monthly payment and the overall cost to borrow.

Recommended: A Guide to Unsecured Personal Loans

The Takeaway

A 604 credit score is not considered good. Rather, it falls into the fair category. While you may qualify for loans and lines of credit, you will likely have fewer options than if your score were higher, and you will probably be assessed higher interest rates. With a little time and strategy, you can likely build your score to unlock more opportunities. Consolidating high-interest balances into a single loan could help with this process.

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.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate

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 SoFi.com/legal. 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 .

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

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Feb

03

2025

Week Ahead on Wall Street: Labor and Earnings

By Mario Ismailanji | | Comments Off

Cloudy with a Chance of Jobs

It’s February and investors are still grappling with some of the same questions that kept them busy last month: How strong is the U.S. consumer? Will corporate earnings hold up enough to keep the market going strong? This week promises some clues, with a slew of economic data releases on deck. We’ll get updates on how many jobs are available in the U.S., as well as how consumers are feeling. But all eyes will be on Friday’s jobs report for January – the first data point for 2025, and the first report under the new administration.

The monthly snapshot of the labor market is always closely watched, but interpreting the January report may be a tougher task than usual. For one, the month was colder than usual (following a seasonally hot December), which could have temporarily affected hiring. That could make it harder to suss out what are emerging trends versus weather related one-off blips. Beyond that, the economic and social impacts from the California wildfires will also be felt for a while. For example, there could be some job losses in the short-term as normal lives have been upended, but the need to rebuild could actually boost local employment over the longer-term.

The Federal Reserve has made it clear that future interest rate decisions hinge on incoming data. And remember, jobs data represent half of the Fed’s dual mandate of maximum employment and price stability. A surprisingly strong jobs report could stoke fears that inflation could pick up again, potentially pushing the Fed to keep rates higher for longer. Conversely, a weak report could raise concerns about an economic slowdown and push the Fed to lower interest rates sooner or by more than investors currently expect (i.e. two interest rate cuts in 2025).

Meanwhile, investors will also have to digest a steady flow of corporate earnings. While over 200 companies in the S&P 500 have already reported results (including most of the big tech companies), this week still has the potential to shake things up with 136 S&P 500 constituents scheduled to report. Earnings have come in 6.5% above consensus estimates so far, and if that pattern continues this week the story of this earnings season will be one of continued strength for corporate America.

Economic and Earnings Calendar

Monday

• December Construction Spending: Construction data is a leading indicator of business activity.

• January ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.

• January Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.

• Fedspeak: Atlanta Fed President Raphael Bostic will discuss the economic outlook at the Rotary Club of Atlanta. St. Louis Fed President Alberto Musalem will give welcoming remarks at a St. Louis Fed event.

• Earnings: Clorox (CLX), Physicians Realty Trust (DOC), Everest RE Group (EG), Equity Residential (EQR), IDEXX Laboratories (IDXX), NXP Semiconductors (NXPI), Palantir Technologies (PLTR), Tyson Foods (TSN)

Tuesday

• December Job Openings: A key measure of business demand for labor is the number of job openings, since reducing openings is easier and preferable to layoffs.

• December Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

• Fedspeak: Bostic will discuss housing at a National Housing Crisis Task Force meeting. San Francisco Fed President Mary Daly will participate in a moderate conversation at an event hosted by the Commonwealth Club World Affairs of California.

• Earnings: Archer-Daniels-Midland (ADM), Amcor PLC (AMCR), Advanced Micro Devices (AMD), Ametek (AME), Amgen (AMGN), Apollo Global Management, Inc (APO), Atmos Energy (ATO), Ball (BALL), Chipotle Mexican Grill (CMG), Cummins (CMI), Centene (CNC), Electronic Arts (EA), Estee Lauder Companies (EL), Enphase Energy (ENPH), Essex Property Trust (ESS), Fair Isaac (FICO), FMC (FMC), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), Alphabet (Non-Voting Shares) (GOOG), Alphabet (GOOGL), Hubbell (HUBB), IDEX (IEX), Gartner (IT), Jacobs Engineering Group (J), Jack Henry & Associates (JKHY), Juniper Networks (JNPR), KKR & Co (KKR), Mondelez International (MDLZ), Marathon Petroleum (MPC), Merck & Co (MRK), Match Group (MTCH), Omnicom Group (OMC), PepsiCo (PEP), Pfizer (PFE), Pentair (PNR), Prudential Financial (PRU), PayPal (PYPL), Regeneron Pharmaceuticals (REGN), Simon Property Group (SPG), TransDigm Group (TDG), Veralto Corporation (VLTO), WEC Energy Group (WEC), Willis Towers Watson Public (WTW), Xylem (XYL)

Wednesday

• January ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends.

• December Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.

• January S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

• January ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.

• Fedspeak: Richmond Fed President Tom Barkin will speak in a fireside chat at an event hosted by The Conference Board. Chicago Fed president Austan Goolsbee will speak at the Automotive Insights Symposium in Detroit.

• Earnings: Aflac (AFL), Align Technology (ALGN), Allstate (ALL), AvalonBay Communities (AVB), Bunge Global S.A. (BG), Boston Scientific (BSX), CDW (CDW), AmerisourceBergen (COR), Corpay (CPAY), Cognizant Technology Solutions (CTSH), Corteva (CTVA), Dayforce Inc (DAY), Disney (DIS), Emerson Electric Co (EMR), Ford (F), Fiserv (FI), Globe Life (GL), Hologic (HOLX), Illinois Tool Works (ITW), Johnson Controls International (JCI), Mid-America Apartment Communities (MAA), McKesson (MCK), MetLife (MET), Molina Healthcare (MOH), News (NWS), News (NWSA), Old Dominion Freight Line (ODFL), O’Reilly Automotive (ORLY), PTC (PTC), Qualcomm (QCOM), STERIS (STE), Stanley Black & Decker (SWK), Skyworks Solutions (SWKS), Bio-Techne (TECH), T Rowe Price Group (TROW), Uber (UBER), UDR (UDR)

Thursday

• January Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.
4Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

• Fedspeak: Fed Governor Christopher Waller will speak on the future of payments at an event with the Atlantic Council.

• Earnings: Amazon (AMZN), Air Products and Chemicals (APD), Aptiv (APTV), Becton Dickinson and Company (BDX), Bristol-Myers Squibb (BMY), BorgWarner (BWA), CMS Energy (CMS), ConocoPhillips (COP), Camden Property Trust (CPT), Equifax (EFX), Expedia Group (EXPE), Fortinet (FTNT), Huntington Ingalls Industries (HII), Hilton Worldwide Holdings (HLT), Honeywell International (HON), Hershey (HSY), Intercontinental Exchange (ICE), IQVIA Holdings (IQV), Kellogg (K), Kenvue Inc. (KVUE), Laboratory of America Holdings (LH), Linde PLC (LIN), Eli Lilly (LLY), Microchip Technology (MCHP), Mohawk Industries (MHK), MarketAxess Holdings (MKTX), Monolithic Power Systems (MPWR), Mettler-Toledo International (MTD), Principal Financial Group (PFG), Philip Morris International (PM), Regency Centers (REG), Ralph Lauren (RL), Snap-on (SNA), Tapestry (TPR), Take-Two Interactive Software (TTWO), VeriSign (VRSN), Xcel Energy (XEL), YUM! Brands (YUM), Zimmer Biomet Holdings (ZBH)

Friday

• January Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month.

• February University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.

• December Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

• December Consumer Credit: Borrowing activity gives insight into broader economic activity.

• Earnings: Cboe Global Markets (CBOE), DTE Energy (DTE), FirstEnergy (FE), Fortive (FTV), Interpublic Group of Companies (IPG), Kimco Realty (KIM), Motorola Solutions (MSI)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

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OTM2025020302

Feb

03

2025

Spotting Scams This Tax Season: The IRS Doesn’t Text People

By Keith Wagstaff | | Comments Off

It’s relentless. The deluge of sketchy texts and emails about undeliverable packages, unpaid tolls, or suspicious activity on our bank accounts is enough to make anyone bonkers, even when you can spot the scam from a mile away. And now it’s tax season, and scammers are on the prowl to steal our hard-earned cash by impersonating the IRS.

Imposter scams are the most prevalent type of fraud, with about one in five people losing money to them, according to the Federal Trade Commission.

The most popular schemes — where the fraudsters impersonate some type of business or government agency — have become far more common since the pandemic turbocharged life online.

In fact, Americans lost over $1.2 billion to these kinds of scams in the first nine months of 2024, more than three times as much as they did in all of 2020, the latest FTC data shows. The typical loss was $500 to $1,000, and no demographic was safe. Younger Americans actually reported losing money more often than seniors.

So why are scammers so effective? For one, they know when to strike, using major events to make their scams seem legitimate. As wildfires devastated Los Angeles, criminals tried to exploit people looking to donate to relief funds. After congestion pricing came to New York City, people started seeing fake texts about unpaid tolls. And excited Philadelphia Eagles fans are expected to be inundated by offers of bogus Super Bowl tickets.

Secondly, the digital age is giving criminals an increasingly advanced arsenal of weapons to try to steal your personal information. (You’ve heard of phishing, but how about smishing, and vishing?)

So what? Tax season is a prime time for scams. Consumers are eager for refunds and scared of fines, making ideal targets. The National Taxpayer Advocate, an independent inspector within the IRS, named tax-related scams as one of the agency’s most serious problems, citing progressively sophisticated use of artificial intelligence and social media.

Here’s the thing about the IRS: They always communicate through the mail — never by email or text.

And when you get texts or emails from anyone, whether they’re purporting to be a government agency, bank or other business, remember:

• Never click on links or open attachments.

• Beware of urgent language meant to scare you.

• Don’t share personal information such as passwords or Social Security numbers.

• Reject any requests to send money directly.

You might even want to test your antenna by taking this quiz from the American Bankers Association. (Can you choose which examples are legit? It’s harder than you’d think.)

Liz Looks at: The First Fed Statement of 2025

By Liz Young Thomas | | Comments Off

Know When to Hold ‘Em

The Federal Open Market Committee (FOMC) held interest rates steady at a range of 4.25-4.50% at their latest meeting, citing a stable employment picture and inflation that remains somewhat elevated. It was the first meeting without a change in rates since the Fed began lowering rates in September 2024.

It’s important to point out that investors had a lot on their minds already. Earlier in the week, developments regarding Chinese AI start-up DeepSeek caused volatility in U.S. tech stocks and left investors with questions surrounding the competitive landscape. Additionally, a few bellwether mega-cap companies (Meta, Microsoft, Tesla, Apple) are reporting earnings this week and will set the tone for tech earnings broadly.

All of these crosscurrents have already caused whiplash in markets, so the reaction to this FOMC statement was on the calmer side, even compared to other instances when the Fed didn’t move rates.

The market continues to expect roughly two rate cuts for all of 2025 and today’s meeting did not materially change that stance.

A Good Place

All of the anticipation that leads up to a Fed meeting can make us expect that things will change after the meeting, or that there will be some sort of material statement made that alters the course of markets.

That doesn’t need to be the case, and this month’s meeting was a clear example of that. Not much has changed in the economic data since the December meeting, and according to Chair Jerome Powell at this meeting, monetary policy is currently in a good place, as is the U.S. economy.

The labor market is in a much more balanced state than it was last year at this time and has not demonstrated the weakness many feared; in fact, it has strengthened in recent months by some metrics.

On the inflation front, there is still concern over upside risks to prices and the Fed has acknowledged that adjusting policy too quickly or too slowly can have negative effects on inflation and the economy. Given that the Fed has reduced the fed funds rate by 100 basis points since September, the current level still seems appropriate until and unless inflation comes down in a more meaningful way.

Below are the four main measures of inflation, showing the dramatic drop that has occurred since mid-2022, but also the plateau that has been hit over the last few months.

Sometimes doing nothing is the right answer.

Policy and Politics

Despite the many attempts by journalists to ask Powell about how the Fed will react to possible political pressure, or upcoming changes in political policies, the Chair made it clear that he would not respond to questions in that vein… leaving the room with an unquenched thirst for some sort of retort.

I believe that sentiment will continue. Markets and media are likely to keep speculating about how political pressure may influence monetary policy going forward (as they did during the last Trump administration). That in and of itself can drive market volatility between FOMC meetings and in reaction to any moves the Fed does make through the remainder of the year.

This meeting included a message of “steady as she goes, nothing to see here”. As the first meeting of 2025 and on the heels of a change in the White House, I welcome the relatively calm message and market reaction. Now we enter a long break until the next FOMC meeting on March 19 and are left to watch the data roll in. This kicks off a year when I believe fundamentals – rather than momentum and technicals – will run the show. Keep your eyes on the right ball.

Want more insights from Liz? The Important Part: Investing With Liz Thomas, a podcast from SoFi, takes listeners through today’s top-of-mind themes in investing and breaks them down into digestible and actionable pieces.

Listen & Subscribe

Photo Credit: iStock/William_Potter

SoFi can’t guarantee future financial performance, and past performance is no indication of future success. This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.

Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Liz Young Thomas is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.

Jan

27

2025

Great Rates. Great Benefits. | SoFi

By CValmonte | Uncategorized | No Comments

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⁵ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for
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⁷ 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $2910.00 for
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depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range
of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all
applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at
SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice,
changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates
range from 8.74% APR to
35.49% APR (with autopay).
The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled
monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay
is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of
repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no
origination fees required, no late fees, no prepayment penalties.

PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments
during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay
discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of
payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for
autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment
term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal
loans. State restrictions may apply.

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