By Lauren Ward

When you’re applying for financing, most lenders view a 704 credit score as good. That means from a credit perspective, you’re likely to qualify for financing with better rates than individuals with lower scores. You do, of course, need to meet other financial requirements as well. Plus, there’s still some room for improvement, so keep reading to find out exactly what a 704 FICO® score means.

What Does a 704 Credit Score Mean?

A 704 credit score falls into the “good” category on a typical credit score range. It’s also in line with the average American’s credit rating. According to FICO, the credit scoring model used in most lending decisions, the average credit score in the U.S. is 717. VantageScore, another popular credit scoring model, cites its average score as 702.

As you can see, if you have a 704 credit score, you’re right in line with most other Americans. Still, there’s room for improvement. Here’s how FICO categorizes its scores so you can compare a score of 704:

•   Poor: Less than 580

•   Fair: 580 to 669

•   Good: 670 to 739

•   Very good: 740 to 799

•   Exceptional: 800+

How to Build Your Credit Score

If you have a 704 FICO Score, there’s a good chance you already qualify for a wide range of financial products. But taking steps to get an even higher score can help you qualify for better-quality financing products and lower interest rates.

Factors that impact your score include your credit utilization, payment history, credit history length, types of credit you use, and recent credit or loan applications. Find out which areas of your credit report need help in order to strategically improve your score as quickly as possible.

For example, if your payment history is less-than-stellar, you may want to consider setting up automatic bill payments so you never miss a due date. Or if you’re using too much of your available credit, try paying down balances.

Some free credit monitoring services may also offer tips on how to improve your score based on the information in your credit report.

What Else Can You Get With a 704 Credit Score?

With a 704 credit score, you’re well on your way to qualifying for multiple types of financing. But your score may affect your application differently depending on what kind of financing you’re looking for.

Here’s what to expect with a 704 credit score when trying to get a credit card, auto loan, mortgage, and personal loan.

Can I Get a Credit Card With a 704 Credit Score?

Each creditor has its own minimum credit score requirements. That said, your credit card approval odds are good as long as you have a score of 700 or higher. So with a 704 credit score, you’ll likely get approved.

However, remember to apply for cards strategically. With each application, a lender performs a hard credit pull that can lower your score by around five points. Inquiries can impact your score for a year and stay on your credit report for two years. If you have a 704 and apply for a few credit cards in a 12-month period, your score could drop below the 700 threshold and make it harder to qualify for a credit card.

Getting preapproved with a soft credit check gives you a sense of what kind of credit terms you qualify for without actually hurting your score. That lets you compare a few different options to see which cards offer the best APR, fees, and credit limits.

Can I Get an Auto Loan With a 704 Credit Score?

Can you get a 704 credit score car loan? Yes, a 704 is a good credit score for qualifying for this type of financing. In fact, there’s no minimum credit score for an auto loan. However, in addition to meeting credit score requirements, you’ll also need to showcase your ability to make your monthly payments along with a few other financial qualifications.

For instance, you must prove that you bring in a steady income, typically by submitting copies of recent pay stubs, W-2s or 1099s, or bank statements. If you’re self-employed, you may need to show your two most recent tax returns.

Lenders also look at your debt-to-income ratio (DTI). That means you can’t exceed the maximum ratio of debt payments compared to your income each month, including the new car payment. Generally speaking, lenders consider a DTI of 36% and below as good. That means all of your debt payments can only account for 36% of your pretax income each month. However, you may be able to qualify for a car loan with a higher rate.

Finally, depending on the lender, you may also need to provide a down payment. A larger down payment helps keep your payments lower and could help you qualify for better terms.

Can I Get a Mortgage With a 704 Credit Score?

A 704 credit score can get you a good mortgage rate. But as with an auto loan, your credit score isn’t the only factor mortgage lenders look at when evaluating an application. There are also multiple home loan programs that each have different credit score criteria. And lenders can implement even stricter minimums if they choose.

There are four main types of mortgage loans that most homebuyers choose from:

•   Conventional loans: This type of mortgage is the most common and has stricter requirements compared to federally insured mortgages. You typically need at least a score of 620 to qualify, so borrowers with a 704 should meet the credit requirement.

•   FHA loans: This government-backed home loan program has flexible credit requirements, but your score impacts the minimum down payment required. With a 704 credit score, you can make just a 3.5% down payment. Borrowers can still qualify with a score as low as 500, but will need to make a 10% down payment.

•   VA loans: This mortgage program is for veterans, military members, and surviving spouses. There is no specified credit minimum, but most lenders have a bottom threshold around 620, making it easy to qualify with a 704 score.

•   USDA loan: Like a VA loan, there are no specific credit score requirements for a USDA loan. However, eligible homes are restricted to designated rural areas and you must meet income requirements in order to qualify.

Can I Get a Personal Loan With a 704 Credit Score?

Whether you’re looking to consolidate credit card debt or fund a home renovation, a personal loan is likely within reach if you have a 704 credit score. Note that personal loans often come with cheaper rates than credit cards, especially if your score has recently improved.

As you weigh your financing options, use a personal loan calculator to estimate your monthly payments based on the loan amount, repayment term, and interest rate. If the rate is higher than you’d like, consider holding off on a formal application until your score has improved a bit.

The Takeaway

Wondering if a 704 credit score is good? In general, it is. With that score, you may get approved for most types of financing, including credit cards, mortgages, auto loans, and personal loans. Other financial factors, such as your income and debt-to-income ratio, could also impact a lender’s decision. If your score isn’t where you want it to be, consider taking steps to build it up. For example, be sure to consistently pay bills on time, avoid using too much of your available credit, and pay down balances on revolving debt.

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 Jamie Cattanach

A credit score of 598 doesn’t make the cut for good credit. Rather, it falls into the fair credit category, which means you would be considered a “subprime” borrower. It’s likely that you will pay higher interest rates than borrowers with higher credit scores, and you may also miss out on more favorable terms and perks.

Fortunately, if you have a credit score of 598, you can likely access some types of credit. You’ll also have plenty of room for improvement — and building a higher credit score is totally possible with perseverance and consistency. Here’s what you need to know.

What Does a 598 Credit Score Mean?

Credit scores are broken down into six different categories between the low end of 300 and the high end of 850. Here’s how they look according to the FICO® Score ranges:

•   300-579: Poor credit

•   580-669: Fair credit

•   670-739: Good credit

•   740-799: Very good credit

•   800 and above: Excellent or exceptional credit

The specifics of your credit score matter because those three digits reflect how well you have managed credit in the past, which predicts your ability to do so in the future. Lenders use your score to determine your creditworthiness when assessing your application for financial products like mortgages, auto loans, personal loans, and credit cards.

Even if your credit score and other financial factors are good enough for you to qualify, a higher credit score can help you achieve the best possible terms and conditions for your loan, including lower interest rates.

What Else Can You Get With a 598 Credit Score?

With a credit score toward the lower end of the fair category, you may face challenges getting approved for some types of loans — or you may only qualify for loans with high interest rates, which can be a weight on your overall finances. You may want to focus on building a higher credit score which can make it easier and less expensive to access installment loans and lines of credit in the future.

That said, there are some types of financial products you may be able to qualify for with a 598 credit score and beneficial ways to use those financial products to your overall financial advantage.

Can I Get a Credit Card With a 598 Credit Score?

You probably realize that life can be less convenient without a credit card. Many types of services, such as hotels and rental car companies, often require a card on file. They may place a security hold on an amount as well — which can lock up valuable funds if you’re using a debit card to make the reservation. Here’s what it takes to get a card:

•   Typically, credit card issuers look for a 670 credit score or higher among applicants for an unsecured card. But there are many credit cards on the market that are specifically designed for people with fair, poor, or even no credit at all. Major credit card issuers like MasterCard and Visa both offer options like this.

•   Secured credit cards are one good option if you’re having trouble qualifying for other types of credit cards. With a secured credit card, you’ll put down a cash deposit (which will often be the same amount as your credit limit). For example, if you secured your credit card with a $400 deposit, you’d have a $400 credit limit. If you build your credit score with on-time payments with a secured card, you may be able to move on to an unsecured credit card from the same issuer (or successfully apply for a separate one).

Can I Get an Auto Loan With a 598 Credit Score?

While there’s no specific minimum credit score to successfully apply for an auto loan, most lenders look for a credit score higher than 598 (often in the higher 600s). If you do qualify for an auto loan, you may be facing a high interest rate, which means you’ll pay a lot more for your car over time (as the asset itself depreciates).

For example, as of the end of 2024, the annual percentage rate (APR) for a loan for a new car to an applicant with a credit score of 781 or higher was 5.08% while the rate for those with a score between 501 and 600 was 13.00%. That higher interest rate could make a major difference in your budget.

Because of this dynamic, it may make more sense to wait until you build your credit score before applying for a car loan. Or if you have substantial savings, you may be able to pay for a good quality used car in cash.

Can I Get a Mortgage With a 598 Credit Score?

For a conventional home loan, you usually need a credit score of at least 620 to qualify, along with other factors like a low enough debt-to-income ratio (DTI) and sufficient, reliable income.

However, there are other types of mortgage loan programs, like FHA loans, which allow you to qualify with a lower credit score: 580 with a 3.5% down payment, or 500 with a down payment of 10%

Fortunately, even if you don’t meet the other eligibility criteria for an FHA loan, you’re only 22 points away from the credit score you need to qualify for most mortgages.

In addition, you might qualify for a VA or USDA mortgage, which can have more flexible requirements than conventional home loans.

Making on-time payments on all your existing debts each month can go a long way toward building your credit score. You might consider using autopay for your bills to make sure you don’t miss the due dates.

Also, paying down revolving balances can both have a positive impact on your credit history and free up extra money each month that could go toward your housing payment.

Can I Get a Personal Loan With a 598 Credit Score?

Personal loans are a type of unsecured loan that offers an up-front lump sum that can be used for just about any purpose you can think of. For instance, you might use a personal loan to:

•   Pay for family planning costs

•   Finance a wedding

•   Pay for a vacation

•   Take care of a major medical bill

•   Fund a home renovation project

One of the best ways to use a personal loan is to consolidate other debts, in which case it may be known as a debt consolidation loan. These allow you to transfer one or more revolving lines of credit into a single installment loan, typically at a significantly lower interest rate.

However, because personal loans aren’t secured by an asset like a house or a car, they tend to have more stringent qualification requirements than other types of loans. They often require a credit score of 660 or higher.

Fortunately, many personal loan lenders do consider and approve applicants with a fair credit score. However, you may end up with a very high interest rate — which could counteract the benefits of a personal loan for debt consolidation or another purpose, depending on your situation. Be sure to do the math ahead of time to understand how much you’ll spend over the lifetime of your loan. A personal loan calculator can help.

The Takeaway

A 598 credit score isn’t technically good; it falls into the fair category. That can make it challenging to access credit, and the options you have may carry less favorable interest rates and terms. To build a better score, making on-time monthly payments can go a long way toward improving your score, as can paying down existing debt balances before taking out more loans or lines of credit.

If you do build your score and want to investigate personal loan options, 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. See your rate in minutes.