Apr

2024

Is 610 a Good Credit Score?

By Annie Luc | Uncategorized | Comments Off

Is 610 a Good Credit Score?

That said, is a 610 score bad? No, it’s a notch above the “poor” category. And it can still provide options for you to secure a loan or line of credit. You are likely to have more limited choices and pay more to borrow. Here’s a closer look at what a score of 610 means, and what you can expect when borrowing funds.

What Does a 610 Credit Score Mean?

Most people in the U.S. have a credit score between 600 and 750. In fact, the average score is 715. With a 610 FICO score, you land squarely in the “fair” range, which comprises scores of 580 to 669, according to FICO. This score is below average, and may be categorized as “subprime.” That said, there may be lenders willing to approve loans at this credit level.

Here’s a little more intel on credit score ranges:

• As noted above, if you’re three digits are between 670 and 739, you qualify as having good credit.

• Scores in the 740 to 799 range are considered to be very good, and anything higher is exceptional.

• FICO isn’t the only measure out there. The credit reporting bureau Experian pegs a good credit score at 700 or more.

So what does a below-average credit score of 610 mean? First, understand why your credit score is important. It’s a numerical representation of your credit history. It distills into one number factors such as your history of paying bills on time, how long you’ve had credit, how many accounts you’re able to maintain at once, and whether you’re actively seeking new credit.

When you apply for a loan, lenders will look at this score to help them determine your creditworthiness.

• Higher scores can signal that you have been responsible with your credit in the past, and you’ve likely managed to pay your bills on time, even when juggling multiple forms of debt.

• Lenders usually see borrowers with higher scores as less risk. They’re more likely to offer these borrowers credit at lower interest rates and with more favorable terms.

• Lenders worry that borrowers with low credit scores are more likely to default on their loans. A default is time-consuming and costly to the lender as they attempt to recoup their losses, so a low score represents more risk.

• Lenders may choose not to extend credit to borrowers with low scores. And if they do, they may offer loans with much higher interest rates and fees to help offset the risk they’re taking on.

💡 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.

Can I Build My Credit Score?

You can build your credit score. In fact, doing so may be a good idea for those wishing to avoid higher interest rates and fees. Strategies for raising your credit score include:

• Always making on-time payments, first and foremost.

• Keep your credit utilization ratio to below 30%. Many financial experts recommend keeping balances below 10% of your available limit.

• Aim to extend your credit history, which can mean not closing out accounts you use infrequently.

• Show you can handle a mix of credit types responsibly, such as lines of credit and installment loans.

• Don’t apply for too much credit in a short window of time, if possible. It can create the impression that you are a risky borrower.

Recommended: Do Store Credit Cards Build Credit?

What Can You Get with a 610 Credit Score?

With a credit score of 610, you’ll likely have access to most types of lending products. However, there may be some restrictions on certain types of loans or credit lines, and you may not get the best rates and terms.

Can I Get a Credit Card with a 610 Credit Score?

You likely qualify for a credit card if you have a credit score of 610. However, think carefully about whether you’re able to take on this kind of credit.

Why? Credit cards are a form of revolving credit. They will allow you to carry a balance from month to month, but in return, they can charge high interest rates. Consider that the average interest rates for credit cards are above 20%. And this can make the cost of borrowing very expensive.

The only way to avoid interest is to pay your bill in full every month. Ask yourself whether you are able to do so. If you can’t, you could set yourself up to fall into increasing amounts of debt.

One alternative to consider: a secured credit card. A secured credit card allows you to put down a deposit and spend up to that amount. Making regular payments with a secured card can be a good way to improve your credit score, if your lender reports the activity to the credit bureaus.

Responsible use of a secured card can help you qualify for an unsecured card in the future.

💡 Quick Tip: Choosing a personal loan with a fixed interest rate makes payments easy to track and gives you a target payoff date to work toward.

Can I Get an Auto Loan with a 610 Credit Score?

There are no hard and fast rules for minimum scores needed to get an auto loan. The qualifications will vary lender to lender.

The higher your score, the more likely you are to qualify for a loan. In 2023, 17.10% of new auto loans went to those with below-average credit scores. Compare that to the 45.90% of new loans that went to prime borrowers.

Unfortunately, the lower your credit score, the more you will likely pay to borrow when you finance a car. Consider that the average interest rate for a near-prime borrower was 9.29% in 2023, while prime borrowers paid an average of 6.88% in interest.

Can I Get a Mortgage with a 610 Credit Score?

When it comes to getting a mortgage loan, a credit score of 610 can reduce your options. At 610, your credit score is not quite high enough to qualify for most conventional loans. These are loans that aren’t backed by a government agency, and they typically require a credit score of 620 or higher. It may be possible lenders will offer you a loan with a lower credit score, but they will almost certainly hike interest rates to compensate. This can significantly increase the cost of borrowing.

While conventional loans may be tough to secure, there are some government-backed options that are worth considering.

Federal Housing Administration or FHA loans with a 3.5% down payment typically require a credit score of 580. You can often qualify for one if you have a lower score as long as you put 10% down. There are some limitations on this program. For example, the home you purchase must be your primary residence, and you’ll need to demonstrate proof of employment.

Members and former members of the armed forces may qualify for a VA loan, which is offered through the U.S. Department of Veteran Affairs. Like FHA loans, they usually require a credit score of 580 to qualify.

Can I Get a Personal Loan with a 610 Credit Score?

There are personal loans available to borrowers with lower credit scores. However, as with the other forms of credit mentioned above, there are likely trade-offs, namely in the form of higher interest rates and fees.

Before you take out a personal loan, consider whether you are able to take time to increase your credit before you borrow. That way, you may qualify for a loan with cheaper rates.

The Takeaway

With a credit score of 610, you will likely qualify for several useful types of credit. However, that credit will be more expensive due to potentially higher interest rates and fees than borrowers with higher scores would be charged. Take steps, if you can, to increase your credit score. And at the very least, shop around to multiple lenders to help ensure that you’re getting the lowest rates and best terms possible.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

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

View your rate

Photo credit: iStock/fizkes

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Apr

2024

50/30/20 Budget Calculator

By Derek Stratton | money | Comments Off

50/30/20 Monthly Budget Calculator

By Sarah Li Cain | Updated September 8, 2025

Budgeting can make money management simpler and help boost your financial wellness. It lets you understand exactly how much cash is coming in and going out, see where you might spend less, and guide your savings for future goals, such as homeownership, retirement, or taking that vacation to Bali you’ve been dreaming of.

There are many budgeting techniques, but the 50/30/20 budgeting rule has become an especially popular way to get a handle on your money. Using percentages as a guideline, this type of budget can help you understand how to spend and save effectively.

To help you get started, use this 50/30/20 calculator to help you allocate your money.

Calculator Definitions

To use a 50/30/20 calculator effectively, it can be a good idea to understand the terms involved. Here are some important ones:

• Monthly after-tax income: This amount includes what you take home after taxes. If you contribute to an employer-sponsored retirement plan (like a 401k), IRA, health savings accounts (HSA), or other type of automatic savings, those amounts get deducted from your pay as well.

• Necessities: These are considered items and services you need, including housing, utilities, food, transportation, phone, minimum debt repayments, childcare, and Internet connectivity.

• Wants: Sometimes referred to as discretionary spending, this includes things that are nice (and fun) to have but aren’t necessary for survival. For example, this category can include dining out, entertainment, vacations, streaming services, and splurge items.

• Savings & Debt Repayment: This is the amount earmarked for saving for the future, plus any extra debt payments you want to make. Items include contributions towards retirement accounts and emergency funds.

What is the 50/30/20 Budget?

The 50/30/20 budget rule is a popular budgeting tactic that can be helpful for allocating your spending and saving. It gained attention when Sen. Elizabeth Warren mentioned it in the book she co-authored, All Your Worth: The Ultimate Lifetime Money Plan.

Instead of setting specific amounts to go towards those categories, you will devote a certain percentage of your after-tax dollars towards different budgeting buckets.

This approach helps structure your funds so that you have enough money for your needs, savings goals and fun purchases. Whether you use a 50/30/20 budget calculator or figure it out yourself manually, the idea is to get you on track so that you can hit your desired financial goals.

Here’s how a 50/30/20 budget is broken down:

• Necessities: 50% of your income

• Wants: 30% of your income

• Savings & Debt Repayment: 20% or your income

Necessities

Necessities

Needs are considered mandatory spending; that is, items you consider necessities. These may be spending you need to make in order to live, or payments you can avoid.

Necessities may include:

• Housing (like rent or your mortgage)

• Insurance (examples include auto, homeowners, renters, and life insurance)

• Food (can include formula for babies)

• Transportation (such as public transport, car maintenance, gas, and parking tolls for commuting purposes)

• Basic utilities (like Internet, electricity, telephone, sewage and water)

• Minimum loan payments

• Childcare or other work-related expenses

• Healthcare and medications

Wants

Wants

Wants, or discretionary spending, can vary from person to person. For instance, clothing may be considered a necessity for someone who has to wear a work uniform. However, it can be a discretionary cost for someone that simply likes to go shopping and buy some sweaters on sale.

Some examples of wants may include:

• Entertainment (like streaming services, concert or sporting event tickets, and vacations)

• Travel and vacations

• Dining out

• Shopping (aside from items you need)

• Gym memberships

• Personal care services (facials, blowouts, and the like)

Savings and Debt Repayment

Savings and Debt Repayment

Savings refers to the amount you should put away for your future needs. These needs can include short-term or long-term savings like retirement. This part of the budget also includes any additional debt payments.

Some items that fall into the savings part of the 50/30/20 budget includes:

• Growing and maintaining an emergency fund

• Retirement contributions like ones towards your 401k or individual retirement account (IRA)

• Contributions towards your child’s future like a 529 or other type of college savings plan

• Student loan payments

• Extra credit card, mortgage, or other type of loan payment (assuming there’s no prepayment penalty)

• Savings goals like ones for a home down payment or occasional events like holiday gifts

How the 50/30/20 Budget Calculator Can Help

The 50/30/20 budget calculator can help you identify how your spending on needs and wants and your saving efforts add up vs. your earnings. This may reveal that you should cut back on some discretionary spending. Or it might show that you can sock more away towards your down payment fund than you thought.

Not only can a 50/30/20 budget calculator help simplify the process of managing your money, remember that it can also be a valuable tool when your financial situation changes.

It can be easy to update your budget when you, say, you get a raise, have a baby (and add childcare expenses to the mix), or start bringing in some more cash via a low-cost side hustle.

More budgeting resources:

Enhance your 50/30/20 strategy with better banking.

With SoFi Checking and Savings, get up to 3.60% APY¹, no account fees², and up to $300 with direct deposit^†.

Get started

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at http://www.sofi.com/legal/banking-rate-sheet

No Account Fee

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

^† †

Who is eligible for a Direct Deposit Bonus?
New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).

How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.

Total Eligible Direct Deposit	Bonus Amount	Timing
$1.00 - $999.99	$0	To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit.
$1,000.00 - $4,999.99	$50
$5,000.00 or more	$300

3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.

What is an Eligible Direct Deposit?
Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”)

Not Eligible Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus will be based on the date we received your initial Eligible Direct Deposit.

What else is important to know?
•This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
•SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
•SoFi members with Eligible Direct Deposit activity can earn 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
•Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
•This promotion is offered by SoFi Bank, N.A, Member FDIC (“SoFi”)

SOIN0323017U

Apr

2024

Is 695 a Good Credit Score?

By Annie Luc | Uncategorized | Comments Off

Is 695 a Good Credit Score?

If you check the FICO® Score ranges, you’ll find that a credit score of 695 puts you solidly in the “good” category. You can probably feel confident that your creditworthiness is in good shape. In general, a 695 credit score will help you secure access to loans and lines of credit, though not necessarily at the most favorable interest rates available.

Here, you’ll take a closer look at what a 695 credit score means and how it will impact your qualifying for different kinds of credit.

What Does a 695 Credit Score Mean?

In the world of credit ratings, there are a number of different scoring models with varying ranges. For example, the commonly used Fair Isaac Corporation (FICO) scoring model uses a range of 300 to 850 while Equifax’s model ranges from 280 to 850.

Each model’s credit range is broken down into rating groups. Below is the credit rating scale for FICO scores, which is the most popular system:

• 300 – 580: This “poor” rating is the lowest range in the scoring model and suggests that the borrower might be a default risk.

• 580 – 669: A “fair” rating that’s generally considered below average compared to other U.S. consumers. Some lenders might approve borrowers in this range.

• 670 – 739: A “good” FICO score, as this range is around the average score of U.S. consumers.

• 740 – 799: This range is considered “very good.” It’s higher than the average consumer’s score. It suggests that the borrower has been responsible with credit in the past, and it can likely open doors to favorable offers for loans and credit lines.

• 800 or higher: This is the highest rating at “exceptional” or “excellent.” Borrowers in this credit range are viewed as being a low default risk and have the best chance at approval and the lowest loan interest rates.

Although a FICO score vs. credit score of a different model might have slightly different ranges, a 695 credit score is generally regarded as average or good by most lenders.

Credit Score Factors

The activities that lead to a 695 FICO score can be complex to decipher. A couple of hints:

• The single biggest contributor to your score, at 35%, is payment history, meaning on-time payments. So a 695 credit score might mean that you have a late payment or two on your record which are lowering your credit score, but overall demonstrated responsible repayment habits.

• Or you might have a perfect payment record, but tend to have a high credit utilization, like having credit card balances that are regularly close to your limit vs. being no more than 30% of that number.

Ultimately, a 695 score means that your credit data isn’t perfect based on the scoring model’s factors, but overall, it doesn’t raise immediate red flags for lenders. It’s somewhat below the average credit score of 716 in the U.S.

💡 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 Else Can You Get with a 695 Credit Score?

Having a good credit score, like 695, is helpful in many ways. Here are a few not-so-obvious instances where good credit comes in handy:

• When getting an apartment rental.

• When applying for a new job.

• Avoids security deposit requirements for utilities services.

Of course, in addition to being advantageous in other areas of your life, a 695 FICO score can help qualify you for getting new types of credit, which you’ll learn about next.

Can I Get a Credit Card with a 695 Credit Score?

Generally, having a 695 score is adequate enough to meet many card issuer’s minimum credit requirements, while a score that nudges over the 700 figure is likely to open even more doors.

• A score of 695 is typically eligible for many unsecured credit cards. Getting an unsecured credit card means you aren’t required to put forward collateral like with secured cards. Secured credit cards require a refundable security deposit that acts as the card’s limit. With an unsecured card, you can access greater borrowing power that isn’t restricted by a deposit.

• Some credit cards will require a higher minimum credit rating. These cards may offer lower interest rates and richer credit card rewards. For instance, some cards require excellent credit at a minimum which is at least 800.

Can I Get an Auto Loan with a 695 Credit Score?

Your credit score can determine whether you’ll get approved for a loan, and it directly influences the interest rate you’re offered.

If you have a 695 credit score, you’re considered by many lenders as being a “prime” borrower in terms of your risk level. This means your borrowing history suggests you’d likely make your payments on time and pay back the entire loan as agreed. While the specifics will vary from lender to lender, usually a credit score of 610 to 640 or higher is needed for a car loan.

Assuming you satisfy the lender’s other underwriting requirements, like income, other monthly obligations and credit utilization, you can likely get an auto loan with this score.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 695 Credit Score?

Yes, prospective home buyers can likely get mortgage loans with a 695 FICO score. Moreover, you have a few options in the type of home loans you can access.

For example, Fannie Mae’s underwriting guidelines state that the minimum score for a fixed-rate manually underwritten loan is 620; for an adjustable rate, you’ll likely need a minimum 640 score. This means you can likely get a fixed- or adjustable-rate conventional mortgage loan with a 695 score.

If a conventional mortgage isn’t for you — for example, if you have a low down payment — a 695 credit score more than meets credit requirements for a Federal Housing Administration (FHA) Loan. FHA borrowers can qualify for a loan with a down payment as low as 3.5% and a minimum FICO score of 580.

Can I Get a Personal Loan with a 695 Credit Score?

Personal loans are a convenient way to finance a large purchase, or they can be a useful debt consolidation tool.

Typically, a good to exceptional credit rating is required by many personal loan lenders. A 695 credit score is good to have before applying for a personal loan, though it may not earn you the best available (lowest) interest rates. Those may be reserved for those with higher figures.

Personal loans come with either fixed or variable interest rates. Borrowers with the highest credit scores are more likely to qualify for the most competitive loan rates, but borrowers with “average” credit can also avoid steep rates that are generally reserved for subprime borrowers (those whose scores are below 600 typically).

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

The Takeaway

A 695 credit score is categorized as a good score, meaning you are likely creditworthy. If you need to borrow money or apply for a new credit card with a 695 credit score, you should have a broad range of options to choose from. This score signals to lenders that you’re a reliable borrower and will likely repay your debt in full over time. However, you may find that some perks (such as lower interest rates or better credit card rewards) are available if you were to build your score higher still.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

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

View your rate

Photo credit: iStock/FreshSplash

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Apr

2024

Is 630 a Good Credit Score?

By Annie Luc | Uncategorized | Comments Off

Is 630 a Good Credit Score?

Credit scores run from a low of 300 to a high of 850, and a 630 indicates that you are doing a somewhat less successful job of handling credit in the past than the average American. The average credit score is currently 718. Lenders look at your credit score as a predictor of how you will repay a loan in the future. Those with higher scores are likely to get more favorable rates and terms when they borrow.

Read on to explore what a 630 credit score means and what you’re likely to qualify for with a 630 credit score.

What Does a 630 Credit Score Mean?

The most popular model for credit score ranges is the FICO® system, which runs from 300 on the low end to 850 on the high end.

Here’s the breakdown:

• 800 to 850: Exceptional

• 740 to 799: Very good

• 670 to 739: Good

• 580 to 669: Fair

• 300 to 579: Poor

A 630 credit score falls in the “fair” category, meaning you fall below the average credit score among Americans and you may get declined for credit applications.

Individuals with higher credit scores usually receive perks like lower interest rates when they borrow or apply for credit. The reason why, as briefly noted above: Lenders and creditors use a credit score to determine how likely you are to repay debts on time and otherwise handle it responsibly.

Among the key factors that impact your score FICO or other credit score are your payment history, meaning do you pay on time; how much you owe; the length of your credit history; how much new credit you apply for; and the type of credit mix you have.

Also worth noting is that there isn’t one single standard for lending. For instance, you may need a different credit score to purchase a home versus a car. However, the more the lender believes you appear to be risky, the more you’ll pay to borrow money. You’ll learn more about those specifics in a moment.

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

What Else Can You Get with a 630 Credit Score?

With a 630 credit score, you will qualify for some kinds of credit, and you’ll learn the details below. But also consider some of the other ways this credit score may impact your financial life:

• Some utilities will let those with high credit scores get equipment (such as cable boxes, modems) without a deposit, or otherwise provide perks.

• Landlords may check credit scores when people apply to be tenants to help them evaluate whether they will likely pay their rent on time.

For these reasons, building your credit score can have benefits you might not even have thought of. Ways to build your credit score include always paying on time, keeping your balance no more than 30% of your credit limit (preferably lower), extending your credit history (the length of accounts), responsibly managing a varied credit mix, and not applying for too many new forms of credit in too short a time period.

Can I Get a Credit Card with a 630 Credit Score?

Yes, you can get either a secured or unsecured credit card with a 630 credit score. A secured credit card requires you to put down a security deposit to open an account. The deposit acts as collateral for the credit card issuer. It’s a great way to build or rebuild your credit, especially if you are just starting out or haven’t used a credit card responsibly in the past. A secured card might be a great way to build your credit score up from 630 if you have your eyes on raising your credit score from “fair” to “good.”

An unsecured credit card, on the other hand, does not require a security deposit. A lender just has your promise to pay back the money you charge on the card. Typically, you can find offers for credit cards starting with a score of 590 or so. However, you are likely to be charged a higher interest rate and receive fewer (if any) rewards.

💡 Quick Tip: With lower fixed interest rates on loans of $5K to $100K, a SoFi personal loan for credit card debt can substantially decrease your monthly bills.

Can I Get an Auto Loan with a 630 Credit Score?

It’s important to recognize that there’s no “set” credit score that a lender will give you for an auto loan. However, having a good credit score will net you a lower interest rate than an average or lower score, which is where a 630 ends up on the scale. Most lenders of car loans are looking for a credit score of around 675, and for new cars, the figure may top 700.

Bottom line: The lower your credit score, the more you’ll pay in interest rates. So while getting a loan isn’t impossible, it likely won’t have the most favorable terms.

You can take steps toward changing your situation, however, and that includes working on building your credit score, saving for a down payment on a car loan (which could help you get approved and result in a lower interest rate), add a cosigner with higher scores to cosign a loan with you, or keep looking for a different car with better terms.

Can I Get a Mortgage with a 630 Credit Score?

You can get a conventional mortgage loan or certain government-backed loans for buying property with a 630 credit score. However, you may not qualify for a USDA or jumbo loan.

Here’s a quick rundown of these common mortgage types:

• Conventional mortgage: You can typically get a conventional mortgage with a 620 credit score. A conventional mortgage loan is a loan not backed by a government agency and comes with a down payment requirement of typically 3% and up to 5% or 6% in closing costs. With a lower credit score, you may be offered higher interest rates than someone with a loftier score.

• FHA loans: FHA loans are loans offered to consumers and backed by the Federal Housing Administration (FHA). “Backed” means that the loan is insured by the federal government to protect your lender from default. FHA loans often allow you to borrow with a minimum credit score of 500 and a lower down payment option. You can also roll closing costs into your loan, which are the final costs you pay for the loan.

• VA loans: VA loans are backed by the U.S. Department of Veterans Affairs, and you must be a service member, veteran or qualifying surviving spouse to qualify for one of these loans. Most lenders look for a score of 620 but will consider scores as low as 580. They do not require you to have a down payment in hand to qualify. You must also have a Certificate of Eligibility (COE) to qualify for a VA loan.

• USDA loans: The U.S. Department of Agriculture guarantees USDA loans. There is no minimum credit score requirement, but you typically need a credit score of at least 640. You must also meet income criteria and purchase a home in a designated rural area.

• Jumbo loans: Jumbo loans exceed the Fannie Mae and Freddie Mac conforming loan limits. For 2025, the conforming loan limit is $806,500 unless you live in a high-cost area like Alaska and Hawaii, where the conforming loan limit is $1,209,750 for a single-unit property. The number increases depending on the number of units you own. Jumbo loans require a higher credit score, typically 700 to 720 and a 10% to 20% down payment.

If you’re not sure which mortgage option fits you best, consider talking to a mortgage lender to learn more about the type of mortgage you may qualify for based on your 630 credit score.

Can I Get a Personal Loan with a 630 Credit Score?

Yes, you can get a personal loan with a 630 credit score.

What exactly is a personal loan? It’s a loan you borrow from a bank that has a set interest rate and repayment period. You can use a personal loan for anything. For example, you might use it to pay for a wedding, consolidate credit card debt, pay for a home improvement project, or pay for medical expenses.

Lenders may even allow you to borrow for a personal loan with a lower credit score than a 630. However, again, in this category, you’re considered a higher-risk borrower, and your lender may charge you a higher interest rate.

Borrowers with “good” to “excellent” credit, however, will likely be able to get a personal loan with a lower interest rate. That can be good motivation to work on building your score.

Recommended: Can I Refinance a Personal Loan?

The Takeaway

Now you have learned that a 630 credit score is neither “good” nor “bad.” It occupies the middle ground known as “fair” and can allow you to access some loans and lines of credit. These, however, will probably not have as favorable rates and terms as those offered to borrowers with higher scores.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

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

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