By Laurel Tincher

(Last Updated – 05/2024)

A 685 credit score falls into the “good” range, albeit toward the low end. With this score, you can likely qualify for credit card and loan offers, but perhaps not at the most favorable rates or with the best perks.

Your credit score is a reflection of your creditworthiness and impacts how comfortable lenders are giving you access to additional credit. Your score expresses such variables as whether you pay what you owe on time, how long a borrowing history you have, and whether you are currently trying to access a considerable amount of credit.

Here, learn more about a 685 credit score and what you can typically qualify for with that number.

What Does a 685 Credit Score Mean?

Situated in the middle of the credit scoring range, a score of 685 represents a creditworthiness level that might impact several areas of an individual’s financial circumstances. A score of 685 usually falls into the acceptable to good range, which is not excellent. It implies that the person has a track record of responsible credit management; however, there may have been some difficulties or inconsistencies along the road.

There are a few different ways to gauge creditworthiness, including various credit scores vs. FICO scores, but FICO^® is the most popular system. Here’s how credit scores rank on that gradient:

•   300-579: Poor

•   580-669: Fair

•   670-739: Good

•   740-799: Very good

•   800-850: Excellent (or Exceptional)

As you see, a credit score of 685 puts you in the “good” range, but toward the lower end. It can also be worth noting that the average credit score in America last year was 715.

A 685 credit score could be interpreted by lenders as a sign of moderate risk, which may have an impact on the terms and conditions that are offered for credit cards, mortgages, and loans. While a 685 credit score might not be high enough to qualify for the best interest rates or loan conditions, it still offers chances to get credit.

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What Can You Get with a 685 Credit Score?

People who have a credit score of 685 can qualify for a number of financial opportunities, but they will likely have some restrictions. Even with less favorable interest rates, a 685 credit score can still be used to qualify for a variety of credit products. These could include credit cards, personal loans, and auto loans.

In addition, a good credit score might help when applying for a rental property or utilities. Your application may be given preference over those who have a bad credit score.

Can I Get a Credit Card with a 685 Credit Score?

A credit score of 685 is generally high enough to get a credit card application approved, but the available choices may be more limited than for individuals with higher scores. For example, those with credit scores over 700 may be offered a lower annual percentage rate (APR) and receive richer rewards.

That said, numerous lenders cater especially to those with fair to good credit. Even though these cards may have slightly higher interest rates and smaller credit limits, they nonetheless offer the chance to establish credit and gain access to useful financial resources.

In addition, for people with poorer credit scores who want to build their credit, secured credit cards, which require a security deposit, are a good option. Finding the right credit card option for your needs in terms of fees, interest rates, and rewards is crucial, so it’s important to research and compare the possibilities.

With any kind of credit card, it’s important to use credit responsibly since, with high interest rates, debt can snowball.

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Can I Get an Auto Loan with a 685 Credit Score?

While the terms offered to borrowers with higher credit scores may be more attractive, a credit score of 685 is sufficient to get a car loan. Many lenders accept applications from people with fair to good credit. One might be able to get an auto loan with fair terms and interest rates even with a 685 credit score, particularly if their debt-to-income ratio is under control and income is steady.

However, in comparison to customers with excellent credit, a person with a 685 credit score can face somewhat higher interest rates or shorter loan durations with higher monthly payments. Consider these current numbers from MyFICO:

•   The average APR on a 60-month new auto loan for $50,000 for someone with a FICO Score of 720 or higher is 7.5%.

•   With a credit score between 690 and 719, it’s 8.64%.

•   For those with a score between 660 to 689, the average APR is 10.5%.

In other words, yes, you can secure a loan, but you will likely pay more for the privilege. To get the best terms possible, compare offers from several lenders. A bigger down payment or bringing in a cosigner can also help increase the chances of getting a favorable auto loan with a credit score of 685.

Can I Get a Mortgage with a 685 Credit Score?

Getting a mortgage with a credit score of 685 is definitely possible, but there are some things to take into account. Even though some lenders might require a higher credit score in order to give the best loan terms, many provide mortgage options for borrowers with fair to good credit.

Borrowers with credit scores in the mid-600s may have easier access to government-backed loan programs. FHA loans, for instance, typically grant loans to those with scores of 580 or higher (if your score is between 500 and 579, you may still qualify with a larger down payment). USDA loans usually require a 620 credit score or higher.

Lenders will also take other factors into account when assessing a mortgage application, like debt-to-income ratio and work history. Finding the best mortgage program for one’s financial circumstances might be made easier if they work with an experienced mortgage broker or lender.

Can I Get a Personal Loan with a 685 Credit Score?

People with a credit score of 685 can usually qualify for personal loans from a variety of lenders. This can be a good source of funding for a variety of needs, such as paying for unexpected (and expensive) dental work, hosting a family reunion at the beach, or finally updating your kitchen.

As with other loans, it’s likely that the best terms and interest rates will go to those with excellent credit scores. Depending on the lender and one’s full financial profile, you may be faced with slightly longer loan terms or higher interest rates if your credit score is 685.

Individuals can locate the most affordable rates and terms by shopping around and comparing offers from several lenders. Proving that one has a steady income and a low debt-to-income ratio will help with getting a personal loan with better terms.

Recommended: Average Personal Loan Interest Rates and What Affects Them

Takeaway

A 685 credit score qualifies as “good.” While it may not grant access to the best terms on financial products, it is usually high enough to qualify for credit cards, mortgages, auto loans, and other forms of credit. Those with a 685 credit score might have to deal with slightly higher loan rates and more stringent criteria than those with higher numbers. However, after shopping around, they will probably find an offer that suits their needs.

If you need access to funds, think twice before breaking out your plastic.

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By Caroline Banton

(Last Updated – 05/2024)

Most lenders consider 726 to be a good credit score. In fact, it’s close to the top of that range and is close to a “very good” score. This rating means that you generally pay your bills on time and handle credit responsibly. For these reasons, you should qualify to access credit at a competitive rate — though not the lowest rates, which are reserved for those with excellent scores.

To learn more about what a 726 credit score means and what you will likely qualify for with that number, read on.

What Does a 726 Credit Score Mean?

A 726 credit score is categorized as a “good” score. FICO^® scores, which are the most popular reference points, range from 300 to 850.

Your FICO score is based on data that reflect how you manage your debt. For example, whether you make regular payments to your credit cards, car loan, or mortgage. It also reflects such factors as the length of your credit history, how much you owe, and how frequently you apply to access more credit. Lenders use this information to set interest rates and terms for loans, mortgages, and credit cards.

With FICO credit scores, the higher your number, the more likely a bank will lend to you with desirable loan terms. Here’s how these figures are classified:

According to Experian, the average American consumer has a FICO Score of 715 as of 2023, so you are in good company with an above-average credit score. Also, your three digits are close to the “very good” range. You could build your score further to enter that category.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

What Can You Get with a 726 Credit Score?

With a credit score of 726, you will likely be able to access loans and lines of credit at favorable rates. In addition, you may qualify for the following:

Better Insurance Rates

Some auto insurance companies may use your credit scores to decide what type of coverage you qualify for and how much to charge you. Home insurance providers also look at your credit score to see if you pay your debts on time and how much debt you have. If you have a high score and minimal debt, you might get a better deal from your insurer.

Higher Borrowing Limits

Credit card issuers, banks, and lenders put limits on the amounts you can borrow. If you have a good credit score, those limits will be higher.

Better Leases

A good credit or FICO score can impact how you live. Many landlords check applicants’ credit score to see if they typically pay their bills on time. A good score could help you get approved for a rental. Utility companies also often check your credit score, and the higher it is, the easier it will be for you to get internet and electricity services. They may also decide not to charge you a security deposit.

A New Job

Many companies, if not most, conduct a background check as part of the recruitment process. (Under the Fair Credit Reporting Act, or FCRA, they must get your written consent to do so.) A low credit score could give the impression that you don’t manage money well or are not responsible with deadlines. On the other hand, a solid score may encourage employers to see you as dependable and a good hire.

Can I Get a Credit Card with a 726 Credit Score?

With a credit score of 726 (or any score over 700), you can likely qualify for an array of credit cards with favorable interest rates and perks. For example, you might be able to get enticing cash back or points offers, which you can then use for hotel accommodations or other purposes.

The annual percentage rate (APR) you are charged on a credit card is determined by your credit score, payment history, and the state of the economy. If you have a good credit score, you are more likely to be offered an APR at the lower end of the scale.

However, the absolute lowest APRs and most exceptional credit card rewards are usually reserved for those in the highest range of credit scores.

💡 Quick Tip: With average interest rates lower than credit cards, a personal loan for credit card debt can substantially decrease your monthly bills.

Can I Get an Auto Loan with a 726 Credit Score?

You will likely qualify for most loans with a 726 credit score, and this is true for auto loans. However, it’s important to realize that your credit score can make a big difference in the interest rate you get. And this is especially true in auto lending.

According to MyFICO, as of April 2024, the average APR on a 60-month new auto loan for $50,000 for someone with a FICO Score of 720 or higher is 7.5%. With a score in the 690 to 719 range, it’s 8.64%, and, for a borrower with a score in the 660 to 689 tier, the average APR is 10.5%.

For context, this means that on a $50,000 new car loan, someone with a 726 FICO score would pay about $4,000 less in interest than a borrower with a 680, even though the scores are both in the “good credit” category. Also, different lenders will offer different rates.

Recommended: Understanding the Credit Rating Scale

Can I Get a Mortgage with a 726 Credit Score?

Most lenders will offer a mortgage to a borrower with a 726 credit score. Also consider this: For a conventional loan through Fannie Mae or Freddie Mac, you’ll need a score of 620, while FHA mortgages with low down payments require a score of 580. A 726 credit score is obviously well above that.

That said, you will probably be offered a rate similar to national averages and not the very best (aka lowest) interest rate or APR.

What’s more, your debt-to-income (DTI) ratio is critical for mortgage loans. Fannie Mae’s latest lending standards allow you to get a mortgage if your debt-to-income ratio is lower than 45%, if you can provide a 20% down payment and your credit score is above 720. If your DTI is lower, you might qualify for more favorable loan terms.

Can I Get a Personal Loan with a 726 Credit Score?

Yes, you should have a variety of options to choose among if you are looking for a personal loan and have a credit score of 726. Most banks require a credit score of 610 to 640 to qualify for a personal loan, and they prefer a score over 700. Borrowers typically need at least an 800 credit score to qualify for a lender’s lowest interest rate.

Personal loans can offer a good way to pay off credit card debt, which may help build your credit score. These funds could also be used for an unexpected car repair, a home improvement project, or a wedding or vacation.

Takeaway

A 726 credit score qualifies as being in the “good” range according to the FICO rating system. In fact, it’s close to the top of the ‘good” category and is higher than the average U.S. consumer’s credit score. With this score, you can typically qualify for credit cards, mortgages, car loans, and personal loans. Build your score even higher, and you can likely qualify for lower interest rates and more perks.

If you build your score over time, you might move into “very good” or even “exceptional” territory. With that kind of credit score, you could expect even better rates and lower fees the next time you need to borrow money.

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 Jennifer Calonia

(Last Updated – 05/2024)

A 676 credit score is typically characterized as “good,” although it is at the low end of that range. It is much closer to the next category of “fair” vs. the higher level of “very good.” With a credit score of 676, you can expect to qualify for credit cards and a variety of loans. However, you will likely not be offered the most favorable interest rates and terms, which are usually reserved for people with higher scores.

Here, you’ll learn more about what sorts of access to credit you can expect with a 676 credit score.

What Does a 676 Credit Score Mean?

A credit score of 676 is considered “good.”

Categorizations can be confusing, given the varying credit score ranges and scoring models in current use. For instance, there are a few differences between the FICO score vs. credit score models, but most will classify a 676 credit score as good.

Here’s how credit scores typically stack up in the FICO^® credit model:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

Next, consider what “good” means. It’s likely that you’ve demonstrated a borrowing history that’s acceptable. You practice responsible borrowing and payment habits most of the time, but might have overextended your credit in the past or made a late payment or two.

Experian, a major U.S. credit bureau, reports that 36% of consumers with a 676 credit score have a payment that’s 30 days past due on their credit report.

According to FICO, the average borrower in the U.S. has a credit score of 718. This national average credit score is somewhat higher than your 676 FICO score, but both fall under a “good” rating. If you were to build your credit score (say, by always paying on time or lowering your debt-to-income ratio), you might find you qualify for more favorable credit offers.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

What Can You Get With a 676 Credit Score?

Having a 676 FICO score can help you unlock different types of opportunities. You’ll learn more about accessing credit, from credit cards to home loans, in a moment, but there are other perks to having a solid credit score.

For example, some landlords and property management companies check your credit score to determine how well you’ve kept up with your other financial obligations. In some cases, a prospective employer might request access to your credit report to see how responsible you have been with your finances in the past.

Can I Get a Credit Card with a 676 Credit Score?

Applicants with a credit score of 676 typically meet the minimum eligibility requirements for a credit card. However, card issuers have different requirements so read their borrower criteria closely before applying.

Having a good credit score can result in getting approved for new revolving credit, but don’t expect to receive the best offer that the card issuer advertises. You might not qualify for its lowest, most enticing interest rate, unlike an applicant with excellent credit. In other words, with a 676 credit score, you are likely to pay more for credit than those with higher ratings.

The Consumer Financial Protection Bureau found that consumers with a prime credit rating between 670 to 739 had an average credit card APR range of 20% to 22%. By comparison, super prime applicants with scores of 740 or higher had an APR range of 16% to 18%.

Additionally, your offer might not include special credit card incentives, like a 0% APR promotion that’s typically reserved for applicants with exceptional credit scores.

Can I Get an Auto Loan with a 676 Credit Score?

A 676 credit score can help you get an auto loan, assuming you meet the lender’s other minimum underwriting requirements. The average APR you can secure with a 676 credit score depends on the type of car you’re financing.

Here’s a comparison of average new and used car loan rates as of early 2023 by VantageScores, according to Experian.

If you’re looking for an auto loan, there are ways to reduce your loan rate. For example, consider increasing your down payment or shortening the loan’s repayment term to see if it makes a meaningful difference with the APR.

Can I Get a Mortgage with a 676 Credit Score?

For a conventional mortgage loan, the minimum credit score you’d need to qualify is typically 620. Based on a 676 score, you’d likely meet mortgage lenders’ credit requirements. Additionally, there are other mortgage products available that accept even lower credit scores, like an FHA Loan. Depending on your down payment amount, there may be loans available to those with a credit score of 500 or more.

Remember, mortgage loans are typically the largest and longest debt you’ll take on in your lifetime, so shopping around for the best rate is essential. According to the Federal Reserve Bank of St. Louis, the median home purchase at the end of 2023 was $417,700. Assuming you put 20% down, the amount you’d need to finance is $334,160.

Based on this loan amount, myFICO estimates the following APRs for a 676 credit score and other ranges in early 2024:

Although the APR differences might appear insignificant, the interest adds up over time. For example, a 676 credit score at 7.43% APR results in a $2,320 monthly payment. If you can build your credit score to 760 or higher, your payment drops to $2,182. That’s a $138 difference each month, and $49,680 over a 30-year loan.

Recommended: Which Credit Score Do Mortgage Lenders Use?

Can I Get a Personal Loan with a 676 Credit Score?

Whether you’re considering a personal loan for a new water heater, a 40th birthday bash, or a credit card consolidation loan to pay off your debt, your good credit provides options. However, personal loan rates vary significantly based on your credit score.

According to Credible data, the average APR for a three-year personal loan with a 676 credit score is 26.92%. That’s notably steep compared to the 13.21% average APR for borrowers with a 780 or higher credit score.

If you need the loan funds urgently and don’t have time to improve your credit, one option is finding a willing cosigner who has stronger credit. A cosigner is an individual who agrees to take responsibility for the loan if you don’t make payments. Since they’re assuming liability for the debt, if payments aren’t made on time, their credit — and your own — are negatively affected.

Recommended: How to Build Credit Over Time

Takeaway

A 676 credit score qualifies as a “good” credit score; however, it is at the low end of that range. With a score of 676, you will likely qualify for an array of credit card and loan offers, but probably not at the most favorable rates or with the very best terms. Those options are typically reserved for individuals with scores in the “very good,” “excellent,” or “exceptional” category.

As you explore different ways to access credit, a personal loan can be a valuable option.

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.