By Jamie Cattanach

A 560 credit score is considered poor not good. In fact, 560 falls into the lowest FICO® credit score range. This means that your rating does not reflect responsible use of credit in the past.

But the upside is that credit can be built, and 560 isn’t too far shy of the next level, which starts with the score of 580. With patience and persistence, you may be able to bring your credit score higher, thus opening up opportunities for more successful credit and loan applications — and lower interest rates on the loans you successfully qualify for.

What Does a 560 Credit Score Mean?

While there are different types of credit scores out there, FICO scores are the most popular in the United States. FICO scores range from 300-850, and are organized into the following tiers:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very good: 740-799

•   Excellent (or exceptional): 800-850

As you can see, a score of 560 is officially in the “poor” category of FICO credit scores — but it’s also only 20 points shy of breaking into the “fair” category, which could open more doors in the world of borrowing.

Plus, a credit score of 560 is far from the lowest score in the “poor” category. Although you’ll likely have to shop around more for a lender who is willing to work with you, you may still qualify for certain types of credit with a score of 560 (though your interest rates are likely to be higher than they would be if your score were further up the ladder).

What Else Can You Get With a 560 Credit Score?

While a 560 credit score does have room for improvement, there may still be some opportunities available to you if you really need a loan. (That said, if you can afford to wait until you’ve repaired your credit score, doing so might be worthwhile. Lower interest rates could save you hundreds, or even thousands, of dollars over time.)

Here are details regarding what to expect with your current credit score.

Can I Get a Credit Card With a 560 Credit Score?

Yes, there are credit cards on the market geared toward people with poor credit or little credit history — which may be referred to as having a thin credit file. Many of these are secured credit cards, which give borrowers with poor credit the opportunity to open a credit card and ideally use it to build their credit score up. You put down a cash security deposit equal to the desired credit limit on the card. As you spend, you can potentially build your score.

You may also be able to successfully apply for an unsecured credit card, which doesn’t require a security deposit. Just know that you might be assessed a higher interest rate than those with a loftier score. While you may be eager to have an unsecured card, keep in mind that credit card debt can be some of the easiest debt to get into and the hardest to pay off. You’ll want to be sure to use your new card responsibly so you can build your score over time.

Can I Get an Auto Loan with a 560 Credit Score?

It might not be the most satisfying answer, but the truth is, it depends. Every lender has its own algorithm for determining creditworthiness, and some auto lenders do offer loans to borrowers with poor credit scores.

That said, you’re more likely to qualify if you can build your credit score up to the “fair” category. If you can wait until then to get behind the wheel of your new ride, all the better. That’s because the higher your score, the lower your interest rate is likely to be. What’s more, since vehicles are depreciating assets, a high interest-rate auto loan can quickly put you in more debt than your car is worth (also known as the loan becoming “upside down”).

Can I Get a Mortgage with a 560 Credit Score?

Everyone needs a place to live, and buying a house can be a way to build wealth over time. It can, however, be a challenge to get a loan to achieve homeownership with a low credit score.

While a credit score of 560 may limit your options, there are still mortgage lenders who work with people with lower credit scores. Some of it depends on the type of mortgage you go for. For example:

•   FHA loans have a minimum credit score of just 500, provided you can afford a 10% down payment.

•   VA loans may be available with a credit score of 580 and higher.

•   Conventional mortgages can likely be found with a credit score of 620 and above.

There are, however, other important factors your lender will likely take into consideration when qualifying you for a home loan. Your income, job history and stability, and debt-to-income ratio (DTI) are just a few of the considerations that will be on the table during the approval process.

Given the price of homeownership in America, even a small decrease in interest rate could translate to thousands of dollars over the course of a 30-year loan. So if you can wait until your credit score improves, it might be a wise financial move.

Can I Get a Personal Loan with a 560 Credit Score?

Personal loans are a flexible way to borrow money for just about any purpose you desire. People take out personal loans, which are usually unsecured, for such reasons as:

•   To cover the cost of home repairs and maintenance

•   To pay for unexpected medical emergencies or car repairs

•   To consolidate credit card debt

•   To pay for a wedding, a special vacation, or other major event

While personal loans may feel like a good way to access a large chunk of money up front, keep in mind that they tend to have higher interest rates than secured loans, or those with some sort of collateral on the table, like auto loans and mortgages.

They also usually have more stringent qualification requirements, which means they may be harder to successfully apply for with a poor credit score. Typically, you need a credit score of 580 or higher to secure a personal loan. Given that a score of 560 is close to that mark, you could build your score and potentially secure greater loan access.

(You could also look into secured personal loans, which allow you to pony up your home, vehicle, bank account, or investments as collateral.)

Either way, it’s worth running the numbers on a personal loan calculator to ensure you understand how much you’re spending over the long term.

Recommended: Loans for Wedding Expenses

The Takeaway

While a credit score of 560 is technically in the “poor” category, that doesn’t mean you can’t access credit. You may be able to find funding, but typically at a higher interest rate than if your score were higher. That said, with effort, persistence, and on-time payments of existing loans, you can likely build your credit score and secure lower interest rates on future credit products.

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 Jackie Lam

Technically speaking, a 638 credit score falls in the “fair” range, which puts it below a “good” score. When you have a fair credit score, it can be harder to get approved for credit or financing. And if you do, that loan or line of credit will probably come with steeper interest rates and less flexible terms than you’d be offered if you had a higher score.

Here, you’ll learn the details of what to expect with a 638 score as well as possible ways to build your three digits into the category of good scores.

What Does a 638 Credit Score Mean?

Consumer credit scores fall between 300 and 850, and the higher your number, the better. You’ll most commonly come across the FICO® Score, which is used by 90% of lenders.

How can you tell what your credit score means? Here are the FICO credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent (or exceptional): 800-850

As you can see from these numbers, a 638 credit score is on the higher end of the fair camp. It’s not as low as a poor credit score, which tops out at 579, but it’s not as high as a good score, which begins at 670.

However, what the lender deems as a “good enough” credit score — or one where they’re willing to extend you financing — depends on the lender. What a 638 score can get you, in terms of approval, loan amounts, rates, and terms, is set by the lender’s credit requirements and how they factor in your other financial information.

Recommended: Personal Loan Calculator

What Else Can You Get with a 638 Credit Score?

The odds are good that you can land a car loan, credit card, personal loan, or mortgage with a credit score of 638. That said, expect to have higher interest rates, less desirable terms, and less flexibility than if you had a score that was in the good, very good, or excellent ranges.

A higher interest rate means you’ll be paying more for borrowing the same amount of money. And if you’re taking out a type of installment loan (such as a personal loan or home equity loan) and have a longer term, that could also mean more interest paid over the life of the loan.

Besides other criteria such as your debt-to-income ratio (DTI), income, collateral, and education, your credit score is one of the main things creditors and lenders will take a close look at when determining whether to give you that loan or line of credit. You might focus on building your score to qualify for better terms. Making on-time payments, reducing your debt, and avoiding hard credit checks can be valuable tactics.

Can I Get a Credit Card with a 638 Credit Score?

With a 638 credit score, the odds are good for you to qualify for certain credit cards. However, for many credit cards (including those with robust rewards), you need to land at least in the “good” range of credit scores.

Some options that you may qualify for:

•   Retail or store cards usually have lower credit score requirements. For instance, an Amazon or Best Buy store card may be available to those with a credit score over 580.

However, these cards usually come with lower credit limits, higher interest rates, and fewer card perks. Plus, retail cards can be limited in use. For example, you might only be able to use it at one retailer or a group of retailers.

•   A secured card can work well for people with fair credit scores. Like store cards, secured cards also have less stringent minimum credit score requirements. They’re made for folks who are building their credit and require you to secure the card by putting down a deposit. They usually have lower credit limits; typically, the limit equals the deposit. Say your deposit is $250. In that case, your credit limit will be $250.

Secured cards work just like other credit cards, and they’re accepted wherever the card network is accepted. And with some secured cards, after a series of on-time payments, you might be able to graduate to a standard card.

Note that besides having fewer options, you’ll likely be approved for cards with higher interest and fees and less flexible terms. See if you can get prequalified online. This usually requires you to provide some basic personal and financial details. Plus, it won’t result in a hard pull of your credit, so won’t hurt your score.

Can I Get an Auto Loan with a 638 Credit Score?

Your chances are good for getting approved for an auto loan with a 638 credit score. However, be open to exploring different options. A few places where you can apply for auto loans are banks, credit unions, and dealerships.

While you’ll likely get a green light on a car loan, you might be paying higher interest rates. In addition, borrowers with fair credit scores typically have longer loan terms than those with higher scores. According to recent data from Experian®, in Q2 of 2024, the average loan term for borrowers with nonprime credit scores (601 to 660) was 74.13 months, or just over six years, while the average loan term for super prime borrowers (781 to 850) was 64.04 months, closer to five years. A longer loan term can mean more interest paid over the life of the loan.

Remember to factor in the total cost of the car vs. just the monthly payment. For instance, include maintenance and repairs, gas, and insurance.

Can I Get a Mortgage with a 638 Credit Score?

It’s possible to secure a mortgage when you have a 638 credit score. The minimum credit score depends on the type of home loan:

•   Conventional home loan: The minimum credit score for a conventional home loan tends to hover around 620.

•   FHA loan: FHA loans are available if you have a 580 credit score and a 3.5% down payment. That score and down payment can secure you the maximum amount of financing available.

•   VA loans: There’s technically no minimum credit score for a VA loan, but you’ll likely find lenders requiring a score of 580 to 620.

•   USDA loans: USDA loans usually require a minimum credit score of 640 to qualify. Otherwise, you’ll need to provide a full credit review before getting approval.

With a 638 credit score, one option is also to work on building your credit score to potentially qualify for more options and better rates.

Can I Get a Personal Loan with a 638 Credit Score?

Personal loans are typically unsecured loans that can be a convenient way to access funds for a variety of uses, such as to pay off medical debt or a car repair bill or to finance a wedding or vacation.

You may land a personal loan with a 638 score, but having a higher score usually means you’ll have more favorable interest rates and flexible terms.

It’s important to note that while you might be paying more on a personal loan with a fair credit score, interest rates on a personal loan are usually lower than those of a credit card. Data from the Federal Reserve reveals that the average interest rate on a 24-month personal loan is 11.92%, while the average rate for a credit card hovers at 21.51% as of 2024.

(Worth noting: If you have racked up a balance by swiping or tapping your plastic, you could apply for a credit card debt consolidation loan. You’ll likely need a score of 640 to 670.)

To find a loan amount and rate that works best for you, it’s a good idea to do some shopping. Lenders will look at various credit and financial criteria when looking over your application.

Recommended: Average Interest Rates for Personal Loans

The Takeaway

A 638 credit score falls in the “fair” vs. “good” range. While you can land a line of credit or financing with a 638 credit score, you’ll likely have a tougher go at securing a mortgage, auto loan, credit card, or personal loan than if you had a higher credit score. You might be offered higher interest rates, less favorable terms, and less flexibility.

If you can build your score by making on-time payments and keeping your accounts in good standing, you can likely qualify for more options with better terms. And if you’re shopping for a personal loan, check out 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.

By Jackie Lam

A 702 credit score qualifies as good. According to FICO, a good credit score starts at 670, so you can give yourself a pat on the back if you have a 702 score or thereabouts. You’ll have an easier time landing that mortgage, car loan, or personal loan than if you had a poor or fair score. However, building your score even higher could benefit you with lower interest rates and more appealing terms.

Learn more about what a 702 credit score means to your financial situation and what to expect when accessing loans and lines of credit.

What Does a 702 Credit Score Mean?

In the realm of consumer credit scores, the FICO Score system is the most widely used. Credit scores range from 300 to 850, with 300 being the lowest and 850 being the highest.

Here are the FICO credit score ranges:

•   Poor: 300 to 579

•   Fair: 580 to 669

•   Good: 670 to 739

•   Very Good: 740 to 799

•   Excellent (or exceptional): 800 to 850

As mentioned, a 702 credit score sits just below the middle of good territory. It’s not as low as a “fair” score, which starts at 669, nor a “poor” score, which ends at 579. However, it is 38 points beneath the lowest figure that kicks off the “very good” category.

Recommended: A Guide to Unsecured Personal Loans

What Else Can You Get With a 702 Credit Score?

A good score can help you get approved for financing. It likely shows that you have managed credit responsibly in the past. You’ll usually get approved for a car loan, personal loan, home loan, or credit card.

That said, what qualifies as creditworthiness, or the ability to repay a loan, can depend on the lender. Lenders may qualify you for, say, a home loan with a figure much lower than 702 credit score, while some credit cards with top-notch travel rewards may want to see a still higher score. To look at it through another lens, while you might be able to snag lower interest rates and more appealing terms with an excellent score vs. a good score, you won’t need to pay as high of an interest rate as someone with a fair score would.

A credit score plays a major role in determining whether you’re offered financing, but it’s not the only factor. Lenders and creditors will also review and consider your income, collateral, and debt-to-income (DTI) ratio.

Can I Get a Credit Card With a 702 Credit Score?

Because a 702 credit score is considered “good,” you’ll likely have an easier time getting approved for many travel or cash-back cards with lower interest rates and better perks. Most credit cards require you to have a minimum score of 640 to 700, and while you can get a card with even poor credit, expect to see far fewer options.

With a good credit score, you might get preapproved offers in the mail. It’s a good idea to shop around, be proactive, and research to see which card is the best fit for you. Consider criteria such as card perks and interest rate ranges to find the right fit.

Can I Get an Auto Loan With a 702 Credit Score?

You have a good chance of landing an auto loan with a 702 credit score. According to data from Experian®, in Q2 of 2024, the average credit score for new car loans was 753, and the average for used cars was 689. If you get a used car, you might be able to find lower interest rates and more flexible terms with your 702 score. Doing so could save on the total cost of the car, as insurance and other costs can be cheaper.

While you’ll have an easier time securing a car loan with a good score than a fair one, expect still lower interest rates if you score in “very good” or “excellent” territory. If you’re not in a rush to get a car, you might invest some time and energy on building your credit. You can do so by always making on-time payments, avoiding too many hard credit inquiries, and keeping your credit utilization low.

Can I Get a Mortgage With a 702 Credit Score?

A 702 credit score means you’ll probably meet the minimum credit requirement for different types of home loans. Consider these numbers:

•   Minimum credit scores for a conventional home loan tend to be in the range of 620.

•   Jumbo loans, which are mortgages that are larger than the loan-servicing limits set by the Federal Housing Finance Agency (FHFA), typically require a minimum credit score of 700. Some lenders, however, require a minimum score of at least 720.

•   When it comes to VA loans, the minimum credit score depends on the lender, but you can expect it to be between 580 and 620. You might be able to get approved with a lower credit score if you provide a larger down payment.

•   USDA loans may require at least a 640 credit score to qualify. If you have a score that falls below 640, expect there to be a full credit review before getting the green light.

Worth noting: Besides a good credit score, home loan lenders will also look at your payment history, credit utilization, and new credit inquiries. Lenders will also consider your income, assets, down payment, and debt-to-income, or DTI, ratio.

Can I Get a Personal Loan With a 702 Credit Score?

A 702 credit score means you’ll have a strong chance of getting a personal loan. A minimum credit score of 610 is usually required for a personal loan.

Personal loans are typically unsecured loans that can be used for almost any (legal) purpose you can think of. For instance, you might spend the funds on the following:

•   Medical, dental, or car repair bills

•   Home repairs or renovations

•   A major home appliance or electronics purchase

•   A wedding or other big celebration

•   Vacation costs

•   Kids’ summer camp

•   Paying off credit card debt

In terms of that last example on the list, if you’re in the market for a credit card debt consolidation loan, a good credit score will boost your odds and secure you a better interest rate. These loans can offer interest rates significantly lower than what credit cards assess. Just know that, as an unsecured loan, a credit card consolidation loan will likely have a higher rate than secured loans, such as a home equity loan.

Be proactive by poking around to see what loan amounts, rates, and terms you’ll qualify for. Lenders will consider various credit and financial criteria when reviewing your application.

Recommended: Personal Loan Calculator

The Takeaway

A 702 credit score qualifies as a “good” credit score. With a score of 702, you’ll likely stand a strong chance of getting a loan, line of credit, or other form of financing. Options can include credit cards, mortgages, car loans, and personal loans. While you may not get as favorable terms and interest rates as those with “very good” or “excellent” scores, you will probably enjoy more and better offers than those with “fair” or “poor” credit.

Are you comparing options for a personal loan? Check out 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.

By Jackie Lam

A 590 FICO credit score falls in the “fair” credit tier, which ranges from 580 to 669. It’s better than “poor” credit (300 to 579), but only by 10 points. Some lenders will approve fair credit borrowers for a credit card or loan, but they tend to charge relatively high interest rates and fees. Here’s a look at why you might have a 590 credit score and how it can impact your ability to access credit.

What Does a 590 Credit Score Mean?

A credit score is a prediction of how likely you are to pay a loan back on time based on information from your credit reports. You have three credit reports, one from each of the major credit bureaus (Experian®, TransUnion®, and Equifax®). You also have more than one credit score. This is because scores can be calculated using different scoring models, such as FICO, VantageScore®, or a lender’s own proprietary formula.

The most widely used credit scores in the U.S., however, are FICO scores. Here’s how the FICO® score ranges break down:

•   300-579: Poor credit

•   580-669: Fair credit

•   670-739: Good credit

•   740-799: Very good credit

•   800-850: Exceptional credit

A score of 590 falls in the lower end of the “fair” range. It’s also well below the average credit score in the U.S., which was 717 as of March 2024. As a result, lenders may consider you a high-risk borrower. This can make it harder to get approved for credit cards, personal loans, auto loans, and mortgages. And if you do get approved, you’re likely to face less favorable terms, such as higher interest rates and fees.

What Causes a 590 Credit Score?

A credit score of 590 suggests that there are some negative factors in your credit history. This may include:

•   Late or missed payments: Payment history is the most significant factor in your credit score. A 590 score often indicates a history of missed or late payments.

•   High credit utilization: This score can also suggest that you have high balances on your credit cards compared to your credit limits. High credit utilization can drag down your score.

•   Limited or thin credit history: If you haven’t been using credit for very long, or if you have very few credit accounts, your score may be lower as a result.

•   Recent negative marks: This could include things like recent charge-offs, collection accounts, or even a bankruptcy, which would severely impact your score.

While a 590 score is not ideal, it’s not the end of the road. Many lenders offer products designed for individuals with lower credit scores, though the terms may be more restrictive than for someone with a higher score.

Recommended: Is 580 a Good Credit Score?

What Else Can You Get with a 590 Credit Score?

Here’s a look at the types of financial products you may still qualify for with a 590 credit score.

Can I Get a Credit Card with a 590 Credit Score?

It’s possible to get a credit card with a 590 credit score, but your options may be limited, and you’ll likely face higher costs. Here are some types of credit cards that may be available to you:

•   Secured credit card: A secured credit card requires you to make an upfront refundable deposit that then becomes your credit limit. For example, if you put down a $500 deposit, you’ll have a $500 limit on the card. The credit card provider will report your payments to the credit bureaus. As a result, using a secured card responsibly can help you build your credit and potentially upgrade to an unsecured card in the future.

•   Basic unsecured credit card: Some issuers will offer a basic credit card for borrowers with fair credit. While it won’t require a deposit, it may come with an annual maintenance fee, low credit limit, and high interest rate. You’ll want to read the terms carefully and consider whether the costs are worth it.

•   Store credit card: Many retailers offer store-branded credit cards that are easier to qualify for with a lower credit score. However, these cards often come with high interest rates and may only be usable at the specific retailer.

Can I Get an Auto Loan with a 590 Credit Score?

While there’s no set minimum score to get a car loan, the majority of borrowers have scores above 660. Borrowers with scores of 501 to 600 accounted for just 15.70% of cars financed in the second quarter of 2024, according to Experian.

There are some auto lenders that are willing to work with fair credit borrowers, but they generally charge high annual percentage rates (APRs). To get a lower rate on an auto loan for fair credit, you might consider asking a trusted family member or friend with good credit to act as a cosigner. Other strategies that can help: raising your down payment (this lowers your loan amount, reducing risk to the lender) and seeking out alternative lenders, such as a credit union or an online lender.

Recommended: What to Know Before You Borrow Money Online

Can I Get a Mortgage with a 590 Credit Score?

The minimum credit score needed for most mortgages is generally 620. However, that doesn’t mean you’re out of luck. You may be able to qualify for a mortgage backed by the Federal Housing Administration (FHA). FHA loans are geared toward borrowers with lower credit scores and down payments, particularly first-time homebuyers. You may be able to qualify for an FHA loan with a 3.5% down payment if your score is 580 or higher.

Your credit score isn’t the only factor when qualifying for a mortgage, however. Lenders will also consider your debt-to-income ratio (DTI), which is the percentage of your monthly income that goes toward debt payments. To qualify for an FHA loan, your DTI generally can’t be higher than 43%.

Can I Get a Personal Loan with a 590 Credit Score?

It’s possible to get a personal loan or credit card consolidation loan with a 590 credit score, but your choice of lenders will likely be limited, and you may have to settle for a loan with a high interest rate and other fees (such as an origination fee). You generally need a score around 740 or higher to qualify for a personal loan with the best rates and terms.

Whether or not you can get a personal loan (and what the rate will be) also depends on your debt-to-income ratio. Personal loan lenders typically like your DTI to be somewhere between 35% and 45% or less.

You can get an idea of what APR you might qualify for by applying for prequalification with a few different lenders (this requires a soft credit check, which won’t harm your credit). If you’re looking to get a personal loan to consolidate high-interest debt, an online personal loan calculator can help you determine how much interest you could potentially save.

The Takeaway

A 590 credit score is not considered good, but fair. Can you still get a credit card, auto loan, mortgage, or personal loan? The answer is yes, but it will require some careful planning and possibly higher costs.

If you don’t need funds right away, you may be better off taking some time to build your credit before you apply. Simple steps like paying your bills on time, paying down credit card balances, and taking out a secured credit card can help improve your credit profile over time. This can give you access to lending products with lower rates and better terms in the future.

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 Rebecca Safier

A credit score of 624 is considered fair credit, which is stronger than poor credit but weaker than good credit. It’s also well below the national average FICO® score of 717. That doesn’t mean you can’t get approved for a loan or credit card, but your options may be limited and you could face higher interest rates and fees. Here’s a closer look at what a 624 credit score means for your finances and ability to qualify for a credit card, auto loan, mortgage, or personal loan.

What Does a 624 Credit Score Mean?

When you are applying for a new loan or credit card, lenders will review your credit score to determine your risk as a borrower.

FICO scores range from 300 to 850 and are divided into five tiers:

FICO bases its credit scores on five categories of information found in your credit reports. Here’s what they are (and how much impact they have on your score):

•   Payment history (35%)

•   Amounts owed (30%)

•   Length of credit history (15%)

•   Credit mix (10%)

•   New credit (10%)

You may have a 624 credit score because you’ve mismanaged credit in the past. For example, people with fair credit often have late payments and collections accounts on their credit reports, according to Experian. In some cases, they may have a significant negative event, such as a foreclosure or bankruptcy, that caused their scores to dip into “fair” territory.

To find out why you have fair credit, it’s a good idea to take a read through your credit reports. You can get a free copy of your credit report from each of the three major credit bureaus by visiting AnnualCreditReport.com.

What Else Can You Get With a 624 Credit Score?

It can be challenging to get approved for loans and credit cards with a 624 credit score, but it’s not impossible. You’ll likely need to put in some legwork to find a lender that’s willing to work with you. You might also consider applying with a cosigner or collateral to snag a better interest rate or a higher loan amount.

Here’s a closer look at your options for getting a credit card, mortgage, auto loan, or personal loan with a credit score of 624.

Can I Get a Credit Card With a 624 Credit Score?

You should be able to get a credit card with a 624 credit score, but with a few caveats. Here’s a look at what you may be able to qualify for:

•   Traditional credit card: A traditional credit card is unsecured, meaning it doesn’t require a security deposit. You may be able to get a basic credit card with a 624 score, but it could come with an annual fee and a high annual percentage rate (APR). You likely won’t qualify for the best credit card offers, such as cards with a 0% APR promotional period or perks like cash back and travel rewards.

•   Store credit card: Store credit cards (also known as retail credit cards) tend to have more flexible credit requirements than traditional credit cards, but beware of high APRs. You can avoid paying interest on your balance if you pay it off in full each month.

•   Secured credit card: A secured credit card requires an upfront cash deposit as collateral, which then becomes your credit limit. The credit card provider will report your payments to the credit bureaus. As a result, using a secured card responsibly can help you build your credit and potentially move up to unsecured cards in the future.

Can I Get an Auto Loan with a 624 Credit Score?

You can get an auto loan with a 624 credit score, but your interest rate will likely be higher than it would be if you had a good or better score. According to Experian’s State of the Automotive Finance Market report for the second quarter of 2024, borrowers with fair credit had an average interest rate of 9.83% on new car loans and 13.92% on used car loans. By contrast, the average interest rates for borrowers with exceptional credit were 5.25% for new car loans and 7.31% for used car loans.

To get the best possible rate on a car loan with a 624 credit score, consider saving up for a larger down payment (this decreases the loan amount, reducing the lender’s risk). It’s also wise to shop around and compare offers from different lenders, including banks, credit unions, and online auto lenders.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 624 Credit Score?

Fortunately, a 624 credit score is above the threshold to qualify for a conventional mortgage (one not backed by a government agency), which requires a minimum score of 620. Unfortunately, conventional lenders typically require “very good” or “exceptional” credit to qualify for the lowest mortgage interest rates.

Whether you get approved for a mortgage, and at what rate, will depend on more than your credit score, though. A lender will also look at several other factors, including your income, debt-to-income (DTI) ratio, and down payment amount when evaluating your mortgage application.

You could get by with a down payment as low as 3.5% if you pursue an FHA loan, which is guaranteed by the Federal Housing Administration. FHA loans can be a good option for homebuyers with weak credit, but have a few downsides, including stricter appraisal standards and a mortgage insurance requirement.

Can I Get a Personal Loan with a 624 Credit Score?

While you can qualify for a personal loan with a 624 credit score, lenders tend to reserve their best personal loan rates for borrowers with scores of 740 and above. With fair credit, you may be offered midrange interest rates. In addition, you may be approved for a lower loan amount and/or a shorter loan term than a borrower with good or better credit.

Your credit score is only one element of your personal loan application, though. Other things, such as your income, employment history, and DTI will also play a role in the lender’s decision and the terms of the personal loan.

To find an affordable offer for a personal loan or credit card consolidation loan, it’s a good idea to prequalify with multiple lenders. Prequalification typically only takes a few minutes and involves a soft credit pull, which won’t impact your credit. You’ll get to see your potential loan offers, though the details won’t be finalized until you submit a full application and the lender runs a hard credit inquiry.

If you’re thinking about consolidating high-interest credit card debt, an online personal loan calculator can help you crunch the numbers to see how much interest you could potentially save.

The Takeaway

If you have a 624 credit score, you can still qualify for loans and credit cards, but may get stuck with less-than desirable rates and terms.

Fortunately, credit scores aren’t set in stone. Managing your money responsibly and taking steps to build your credit — like making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help you access lending products with lower rates and better terms in the future.

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.