By Jennifer Calonia

(Last Updated – 02/2024)

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.

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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).

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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.

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By Melissa Brock

(Last Updated – 02/2024)

A 630 credit score puts you squarely in the “fair” category. In other words, it’s not “good” but nor is it “poor,” which is the lowest range.

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.

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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.