By Laurel Tincher

(Last Updated – 03/2024)

A credit score of 678 is typically considered to be in the good range, though closer to the lower end than the higher.

Your credit score plays an important role in your financial life since it’s a snapshot of your creditworthiness. Those three digits can be a key factor when you apply for loans, mortgages, credit cards, and other forms of financing. A good score can open doors for you, but it may not get you the best offers available.

Here, you’ll take a closer look at what a 678 credit score means and how it can impact your borrowing options.

What Does a 678 Credit Score Mean?

A 678 credit score is typically considered to be good, but it’s nudging towards the lower end of that range.

Credit scores range from 300 to 850, with 300 being the lowest number. The most popular credit scoring system is FICO^®, and here’s a look at their score ranges:

•   Poor: 300 – 579

•   Fair: 580 – 669

•   Good: 670 – 739

•   Very Good: 740 – 799

•   Excellent: 800 – 850

So, is a 678 a good credit score? Most definitely, according to the FICO scoring system. People with a credit score of 678 are seen by lenders as moderate credit risks, which indicates that they are handling their debt well. This score points to a history of good credit management, prompt payments, and a manageable debt load.

For these reasons, people with a credit score of 678 may qualify for a variety of credit products, including personal loans, auto loans, and credit cards. But there is room for improvement. If you build your credit score higher, you might qualify for lower interest rates and better terms when opening a line of credit or securing a loan.

💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

What Else Can You Get with a 678 Credit Score?

A credit score of 678 is typically high enough to qualify for credit cards with fair terms, which can help you establish a good credit history. People with a 678 credit score can often take advantage of various benefits and rewards programs offered by credit card issuers, such as cash back, travel perks, and other incentives.

It’s also likely you will qualify for a home loan, personal loan, and car loan with favorable (though perhaps not optimal) terms.

Can I Get a Credit Card with a 678 Credit Score?

It is absolutely possible to get a credit card with a 678 credit score. A credit score of 678 places you in the good credit range, typically qualifying you for a line of credit with credit card companies.

Of the many credit card options available, it’s possible that the terms you’re offered might not be as good as those for people with excellent credit. For example, a number of issuers provide credit cards with rewards for those with a 678 credit score. However, people with higher scores might qualify for those offers with the very best cash back incentives, loyalty programs, and the most favorable interest rates.

When shopping for a new card, be sure to evaluate the details, including the credit limit, annual fees (if any), and other specifics. That can help ensure you get the best overall deal possible.

Getting a credit card with a 678 credit score not only enables people to pay for their daily needs, but it also gives them a chance to show that they manage their credit responsibly. That in turn can help you maintain your credit score or build it.

Can I Get an Auto Loan with a 678 Credit Score?

It is indeed possible to get an auto loan with a credit score of 678. According to Experian, applicants typically need a credit score of 661 or higher to be approved for a car loan.

That said, you may have more options if you build your score a bit. Research indicates that the average credit score for a used-car loan was 690 and 735 for a new-car loan. A credit score in those ranges could unlock more offers or better terms.

Recommended: What Is an Installment Loan?

Can I Get a Mortgage with a 678 Credit Score?

It is possible to get a mortgage with a credit score of 678, but you may not get as favorable rates and terms as someone with a score in the 700s or higher.

For a conventional mortgage, you may be approved with a credit score of 620 and higher. However, those with a 740 score or higher are likely to qualify for better terms.

Government-backed home loans are also available and can be good options for people with lower credit scores. For example, FHA loans may be secured with a credit score as low as 500, though most require 580 or higher.

Recommended: Personal Loan Terms to Know Before Applying

Can I Get a Personal Loan with a 678 Credit Score?

Generally, it is possible to get a personal loan with a 678 credit score. In fact, there are lenders who offer this kind of loan for individuals with credit scores of 610 or 640 and up.

For the most favorable terms though (say, the lowest annual percentage rate), you may need a score of 680 or 690. Since a 678 credit score is so close to those numbers, you might want to work on building your score before securing a loan.

Ways to do that can include paying on time without fail, keeping your credit card balances at less than 30% of your limit, and also reviewing your credit report to check for (and resolve) any incorrect information.

In addition, other factors may play a role in the terms you are offered, such as income and employment stability. Once the loan is secured, you can use it in a variety of ways, from credit card debt consolidation to funding a vacation or wedding.

Takeaway

Is a 678 credit score good? Yes, it does put you in that range, though towards the lower end. It reflects that you have probably been managing your credit responsibly and are therefore creditworthy. However, you may not qualify for the most favorable terms for loans and lines of credit, which are typically reserved for those with a credit score in the 700s or higher.

It can be a wise move to shop around and see what offers you’re eligible for. Some lenders focus on those with good credit scores versus those with excellent ones and may have terms that suit your needs.

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 Ashley Kilroy

(Last Updated – 02/2024)

A 735 credit score is considered a good score in the lending industry and can increase your access to financing, credit cards, and affordable interest rates. This credit score likely comes from a track record of consistent, healthy habits with debt. As a result, lenders typically feel comfortable with borrowers in this range, sometimes offering them unique benefits and more affordable terms to earn their business.

Whether you’re looking for a mortgage or a credit card with an increased spending limit, a 735 FICO^® score can open financial doors for you.

Learn more about what this score can help you qualify for and how you might further build it below.

What Does a 735 Credit Score Mean?

Lenders consider a 735 FICO score to be a “good” credit score. Credit score ranges are usually from 300 to 850, with higher scores indicating better creditworthiness. Here’s a breakdown of credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

A FICO credit score of 735 falls within the “Good” range, meaning you have a solid credit history. Lenders often offer favorable terms, such as lower interest rates, to individuals with scores in this range. It’s also bordering on the “Very Good” category, meaning you could have an even better standing credit-wise by building your score by five points.

💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

How to Get a 735 Credit Score

Borrowers can achieve a “good” credit score of 735 through healthy financial practices:

•   Payment history: Timely payment of bills, including credit cards, loans, and other debts, is crucial. Late payments or defaults can damage your score.

•   Credit utilization: This is the ratio of your credit card balances to your credit limits. Maintaining no more than a 30% credit utilization rate (closer to 10% is even better) demonstrates responsible credit management. For instance, if you have a credit card with a limit of $10,000, spending $3,000 or less monthly with it can help build your credit score.

•   Length of credit history: The longer your credit history, the better. For example, getting a credit card at 20 years old, paying it on time, and keeping the account open can be a positive vs. closing a line of credit you don’t use that often.

•   Credit mix: A diverse mix of credit types, including credit cards, loans, and mortgages, can have a positive impact on your credit profile.

•   New credit: Opening multiple new credit accounts within a month or two may be risky from a lender’s perspective. Be cautious about applying for too much credit within a short timeframe.

What Else Can You Get with a 735 Credit Score?

Having a 735 credit score can provide various financial advantages and open up opportunities. Here’s an explanation of the benefits that may be associated with having and maintaining a good credit score:

•   Loan access: Lenders use credit scores to assess risk when borrowers apply for loans. A 735 FICO score indicates responsible credit behavior, potentially making you more likely to be approved for loans, including mortgages, car loans, and personal loans.

•   Preferred interest rates: A good credit score may translate into lower interest rates because lenders may perceive less risk in lending. In essence, lenders compete for low-risk borrowers and use more affordable interest rates to attract the most reliable borrowers. This dynamic could work in your favor, ultimately saving you money over the life of the loan.

•   Favorable loan terms: Borrowers with a credit score of 735 may qualify for more favorable loan terms. For example, you might enjoy waived fees, increasing loan affordability.

•   Expanded access to credit: A good credit score can give you access to a wider range of credit options. For instance, you might receive offers for more generous credit card rewards or for increased lines of credit.

•   Stronger tenant profile: Landlords often check the credit histories of potential tenants to assess their financial responsibility. A good credit score can enhance your attractiveness as a tenant, making it easier to rent an apartment.

•   More affordable utility installation: Some utility companies may check your credit score before providing services. A good credit score can allow you to avoid security deposits for cable or internet equipment.

Can I Get a Credit Card with a 735 Credit Score?

When you apply for a credit card, the company typically reviews your credit as part of how they determine if they want to do business with you. Often, credit card issuers are looking for a score of 670 or higher.

A 735 FICO credit score demonstrates a history of responsible borrowing and spending. As a result, you may qualify for many cards and rewards programs with this credit score. Your score may also help you obtain lower interest rates and expanded credit limits.

💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why SoFi credit card consolidation loans are so popular.

Can I Get an Auto Loan with a 735 Credit Score?

Auto lenders prefer borrowers with credit scores of at least 661, with higher scores resulting in better terms and rates. Therefore, a 735 FICO score will qualify you for an auto loan and may help you lower your interest rate.

Remember, the rest of your financial circumstances, including your monthly income and ability to make a down payment, can affect what kind of auto loan you receive.

Can I Get a Mortgage with a 735 Credit Score?

A 735 credit score exceeds the usual qualification standards for all mortgage types. As a result, you can qualify for a mortgage with that score if you meet the other standards, including a debt-to-income ratio under 43%, a consistent employment history, and a house within your borrowing limit.

This credit score can help you get better interest rates because it surpasses minimum scores for all mortgages, including:

•   620 for conventional loans

•   700 for jumbo loans

•   500 with FHA loans with a 10% down payment or 580 with a 3.5% down payment

•   620 for VA loans

•   580 for USDA loans

Can I Get a Personal Loan with a 735 Credit Score?

Lenders prefer borrowers with credit scores of at least 670 for personal loans. So, a 735 credit score can qualify you for lower terms and more favorable rates. However, like other loan types, personal loans require a robust financial profile. Borrowers also need a low debt-to-income ratio and steady monthly income to qualify.

The Takeaway

A credit score of 735 is in the “good” range of FICO scores, helping to position you to borrow at favorable rates and potentially qualify for numerous loan types. The path to achieving and maintaining a 735 credit score involves cultivating healthy financial habits, encompassing timely payments, judicious credit utilization, a diverse credit mix, and applying to new credit sparingly.

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 Ashley Kilroy

(Last Updated – 03/2024)

A 730 credit score is considered a good credit score and can help you qualify for loans and credit cards, potentially at favorable interest rates. This score is something you can be proud of, as it likely indicates a history of responsible, reliable borrowing habits, such as paying your loans on time.

In the dynamic landscape of personal finance, your credit score can serve as a pivotal indicator of your financial health. Among the spectrum of credit scores, a score of 730 stands as a significant milestone, above the national average of 716.

Read on for more details about a 730 credit score and what it means to your financial life.

What Does a 730 Credit Score Mean?

A 730 credit score is solidly in the “good” category. In fact, it’s just 10 points away from being in the “very good” range. While you may not receive the very best interest rates and terms available, your credit history demonstrates enough reliability for many lenders to want to work with you.

Here’s how credit score ranges usually align:

•   300 to 579: Poor

•   580 to 669: Fair

•   670 to 739: Good

•   740 to 799: Very good

•   800 to 850: Excellent

Getting a 730 FICO^® score requires that you practice responsible borrowing. Several aspects of borrowing will help you maintain this score versus having a bad credit score:

•   Pay your bills on time.

•   Keep your credit card balances under 30% of your total borrowing limit (preferably closer to 10%).

•   Keep lines of credit open.

•   Demonstrate reliability with different forms of credit, such as both credit cards and installment loans (such as a mortgage or personal loan).

•  Limit the number of hard credit inquiries from lenders.

💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

What Else Can You Get with a 730 Credit Score?

A 730 credit score opens doors to more loan products and allows you to access credit at more favorable terms. So, your credit score is an essential asset for your financial well-being. Here’s how having a good credit score is important and can help you qualify for loans and lines of credit:

•   Favorable approval rates: Lenders are more likely to approve your credit card or loan application when you have a good credit score because it signals that you are a lower-risk borrower.

•   Lower interest rates: Statistically, borrowers with higher credit scores are less likely to default on payments. So, lenders offer more favorable interest rates to borrowers with scores of 730 or more. Because loans are usually thousands of dollars, a fraction of a percent equates to drastic differences in cost.

•   Better loan terms: Beyond lower interest rates, having a good credit score may lead to more favorable loan terms, such as reduced fees. For example, your lender might waive or lower origination fees for applicants with scores of 700 or better.

•   Access to more credit options: With a good credit score, you are more likely to qualify for a variety of credit options, including credit cards, personal loans, auto loans, and mortgages.

•   Higher credit limits: Creditors are often willing to extend higher credit limits to individuals with good credit scores, providing you with greater borrowing power.

•   Exclusive offers: Some lenders and financial institutions offer special bonuses, rewards, or exclusive deals to individuals with excellent credit scores.

•   Enhanced housing options: If you are planning to rent a home, your credit score is one way landlords assess your application for an apartment. A 730 FICO score tells the landlord you’ll probably be a responsible, low-risk tenant.

•   No security deposits: Some utilities (usually cable or satellite TV) require security deposits because of the valuable equipment installed for service. However, a high credit score may qualify you for a waiver for this fee.

Can I Get a Credit Card with a 730 Credit Score?

Card issuers review your credit score as part of your application for a credit card. While the specific requirements can vary among different credit cards and issuers, a credit score of 700 or higher is sufficient to qualify for most credit cards.

As a result, a 730 credit score can help you get a credit card, possibly with some perks, such as lower APRs and more rewards. Remember, establishing a history of on-time payments and creating a diverse credit mix are crucial for boosting your credit score to this level.

Can I Get an Auto Loan with a 730 Credit Score?

Auto lenders usually give borrowers with good credit preferential terms and rates for financing vehicle purchases. Specifically, auto lenders like to see credit scores of 661 to 780 from borrowers seeking competitive rates. So, a 730 FICO score puts you comfortably in the prime range for a loan with a favorable rate. That being said, the value of the car, your down payment, and other factors can also influence whether you’ll qualify for an auto loan.

Recommended: Does Paying Off a Car Loan Help Your Credit Score?

Can I Get a Mortgage with a 730 Credit Score?

You can likely get a mortgage with a 730 credit score if you meet other qualifying criteria for the loan (such as debt-to-income ratio, employment history, etc.).

•   Conventional mortgages usually require a credit score of 620 or higher, while jumbo loans may require a credit score of at least 700.

•   You can typically get an FHA loan with a credit score of 500 by making a 10% down payment.

•   VA loans usually require a credit score of 620.

•   USDA loans typically require a 580 credit score.

Remember, loan standards vary by lender, and your borrower profile should be strong in other areas (such as income) to get the best terms and rates.

Can I Get a Personal Loan with a 730 Credit Score?

You can probably get a personal loan with a 730 credit score; these loans (which you can use to pay off high-interest credit card debt or medical bills) usually are given to those with a score of at least 670.

Remember, you’ll also need sufficient monthly income and a solid debt-to-income ratio to qualify for a personal loan. Because criteria vary among lenders, it’s crucial to shop around to see what kind of offers you get based on your financial profile.

How to Build Your Credit Score

A higher credit score (such as a 730 credit score) boosts your chances to qualify for a loan and receive better terms and rates. Here are steps that can help build your score to that level or even higher:

•   Enhance your credit file: Building your credit file involves establishing a positive credit history by having various types of credit accounts and managing them responsibly. If you have no credit history, you might start with a credit-builder loan or a secured credit card as your first account.

•   Stay current on payments: Timely payments can be crucial for building your credit score. Payment history is a significant factor in credit scoring models. For this reason, you may want to set up reminders or automatic payments to ensure you never miss due dates. Remember, one missed payment can hurt your credit.

•   Address delinquent accounts: Delinquent accounts (accounts with late payments) damage your credit score the longer they sit on your credit profile. Addressing these accounts involves bringing them current and resolving any outstanding issues. To do so, contact creditors to work out a repayment plan if needed. A credit counselor may also help negotiate favorable payment conditions on your behalf if your situation becomes overwhelming.

•   Apply for new credit sparingly: Each time you apply for a new loan or credit, the lender makes a hard inquiry on your credit report. Every inquiry temporarily lowers your credit score, and too many inquiries within a short period may suggest risky borrowing habits. So, be selective about applying for new credit, and apply for loans or credit cards when you’re confident in your eligibility.

The Takeaway

A credit score of 730 is considered a good score by most lenders and almost in the “very good” credit score range. This score likely reflects well on your responsible use of credit. It can provide access to various loan products with favorable lending terms, including personal loans, which can be used to pay off high-interest 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 Austin Kilham

(Last Updated – 03/2024)

A 680 credit score does indeed qualify as a good credit score. With a three-digit score between 670 and 739, you are classified as in the “good“ range, according to FICO^®, which produces the most commonly used credit scores by lenders.

A credit score of 680 will likely qualify you for many options when it comes to loans and lines of credit. Here’s a closer look at what a score of 680 could mean for you and your ability to secure different kinds of credit.

What Does a 680 Credit Score mean?

A credit score of 680 puts you in the “good” category per FICO credit scores. Above that is “very good” at 740 to 799, and “exceptional” at 800 to 850.

At its most basic, a credit score is a numerical representation of your credit history. It gives weight to factors such as length of credit history, how much credit you are currently using, whether you pay your bills on time, how many different types of accounts you maintain, and whether you’re actively seeking new credit.

When you apply for a new loan or line of credit, here are some considerations:

•   Your potential lender will take a close look at your score to determine your creditworthiness. They’re looking for higher scores, which demonstrate that you’ve been responsible with credit in the past, paying bills across multiple accounts on time.

•   Borrowers with numbers in the higher credit score ranges are potentially less risky to lenders. And as a result, lenders are more likely to offer them lower interest rates and favorable terms.

•   Lenders typically see borrowers with low scores as potential risks. They’re worried these individuals may be more likely to default on their loan, a process that is costly for lenders as they try to recoup their losses.

•   Lenders may choose not to extend credit to borrowers with low scores, especially those with “poor” scores of less than 580.

•   When lenders do offer credit to individuals with a lower or what you might call bad credit score, they may offset their risk with higher interest rates and fees, which increases the cost of borrowing.

How do you compare to the rest of the nation? Most people in the US have a credit score between 600 and 750, and the average score is 715. Though a credit score of 680 is a bit less than average, it does still qualify you as a “prime” borrower. In other words, lenders believe you’re likely to pay your bills on time and pay off your loan in full.

💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

What Else Can You Get with a 680 Credit Score?

With a credit score of 680, there will likely be a wide range of loans available to you. In addition, you may favorably impress landlords who check your credit score when you apply to be a tenant.

Can I Get a Credit Card with a 680 Credit Score?

With a credit score of 680, you’ll likely qualify for a broad range of credit cards. There may be only a few cards that are reserved for individuals with excellent credit. In addition, the higher your score, the more likely you are to qualify for lower rates and enhanced rewards, such as points, miles, and/or cash back.

Used wisely, credit cards can help you continue to build your credit. If not, they can cause you to take on more debt and potentially hurt your credit score.

•   Credit cards are a form of revolving credit that allow you to carry balance from month to month. In return, they may charge very high interest rates. These hover around 20% on average, and can make borrowing very expensive.

•   You can avoid interest payments by paying your bill in full every month, which can help build credit. If you fall behind, however, you’ll carry a balance and owe interest.

•   Beware: Credit card interest compounds. If you continue to carry a balance only making minimum payments, you’ll begin to owe interest on the interest you’ve already accrued, causing your debt to grow.

•   If you’re unable to pay off your card and you default on your loan, you could hurt your credit score.

💡 Quick Tip: With fixed interest rates on loans from $5K to $100K, a SoFi personal loan for credit card consolidation can substantially lower your payments.

Can I Get an Auto Loan with a 680 Credit Score?

With a score of 680, you’ll likely qualify for an auto loan. In fact, 45.90% of new loans went to prime borrowers in 2023. Compare that to the 22.82% of loans that went to super-prime borrowers (those with a score of 720 or higher) and 12.67% of loans that went to subprime borrowers, meaning those with scores between 580 and 619. Prime borrowers, by the way, are considered those with credit scores of 660 to 719.

As a prime borrower, you’ll also likely have access to some of the best interest rates. On average, prime borrowers paid 6.88% in interest on new loans in the period most recently reviewed. Super-prime borrowers did slightly better with average rates of 5.61%, while subprime borrowers were charged a much higher rate of 11.86% on average.

•   Remember to shop around from various lenders to find the best way to finance a car purchase.

•   Building your credit score could help you qualify for lower, super-prime rates.

Can I Get a Mortgage with a 680 Credit Score?

If you’re seeking a mortgage loan, a credit score of 680 should provide a host of options. You will likely qualify for most conventional loans, which typically require a credit score of 620 or higher. These are loans that are not insured or guaranteed by the federal government and are typically what you’ll find at most banks.

Among conventional loans, you’ll likely find a variety of options, including fixed- and adjustable-rate interest rates, as well as different options for length of the loan term.

Since lenders are taking on the risk, they look for individuals with higher credit scores. They’ll also take into account the size of the down payment you can make. The higher the amount, the less risk they need to take on, and the lower your interest rates may be.

Individuals with 680 credit scores should also easily qualify for government-back loans, such as Federal Housing Administration (FHA) loans. These usually require a credit score of 580 with a 3.5% down payment. Or, if you put 10% down, you may qualify with a lower score. Homes purchased through this program must be your primary residence.

If you’ve been in the armed forces, you may qualify for a VA loan. These are offered through the U.S. Department of Veteran Affairs and usually require a credit score of 580 to qualify.

Can I Get a Personal Loan with a 680 Credit Score?

A personal loan is a lump sum payment you agree to pay back in monthly installments. There are few restrictions for how personal loans can be used. For example, they could be used for credit card consolidation, home improvements, even the cost of a wedding celebration.

Borrowers with good credit scores will likely be able to secure a personal loan. And in some cases, a personal loan may be cheaper than other forms of credit, such as high interest credit cards. Currently, the average personal loan interest rates are about 12%, compared to about 20% or higher for credit cards.

As with other forms of credit, the lowest possible interest rates will likely go to borrowers with the highest scores.

Can I Build My Credit Score?

As mentioned above, the higher your credit score, the more likely lenders will offer lower interest rates, which makes borrowing cheaper. So before you apply for a loan, you may want to take steps to build your credit score a bit. Some tips:

•   Always make on-time payments. This is the most important factor in your credit history, comprising 35% of your credit score.

•   Keep your balances low. The amount you already owe represents 30% of your score. Consider paying off debts — especially high-interest debts — to lower your debt-to-income ratio and make more credit available.

•   Work to lengthen your credit history, have a good mix of types of credit (lines of credit and installment loans, for example), and don’t apply for too much credit in a short period of time.

It can take some time to build your credit, so if you know you’ll need to borrow in the future, it can be wise to start as soon as possible.

The Takeaway

With a credit score of 680, you are in the range of what are considered “good” credit scores. That means you’ll likely have access to most types of credit. Before you apply for a loan, however, take steps to ensure you’re getting the best deal possible. Be sure to shop around to multiple lenders for the lowest interest rates and best terms.

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.