By Ashley Kilroy

Your credit score is one of the most important financial metrics that lenders use to evaluate your creditworthiness, or how likely you are to repay your debts. In the U.S., FICO® is the most widely used credit scoring system. It ranges from 300 to 850, with higher scores indicating better creditworthiness.

So is a 682 credit score bad? No, a credit score of 682 is considered “good” credit, meaning you should be eligible for a broad range of financing and credit products. That said, having “good” credit isn’t quite as good as having “very good” or “exceptional” credit. As a result, lenders probably won’t offer you their most competitive products and terms.

How does a 682 credit score affect your ability to borrow? Let’s unpack what this number means and what financial choices you have.

What Does a 682 Credit Score Mean?

You can think of your credit score like an adult report card. Similar to grades in school, your credit score is based on your performance in several different areas, and can have a significant influence on your future opportunities. Rather than tests and assignments, however, your credit score is based on how well you manage and repay your debts, information that is available in your credit reports.

Here’s how FICO Scores break down:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

A 682 score lands in the “good” credit tier, indicating that you are a responsible borrower with a decent credit history. However, it’s in the lower end of the good range, meaning there is still room for improvement. In addition, you’ll probably want to manage your credit carefully to prevent dropping into the more restrictive “fair” credit score range.

What Else Can You Get with a 682 Credit Score?

A 682 credit score can grant you access to various financial products, including credit cards, auto loans, mortgages, and personal loans, though not necessarily at the best rates and terms. Here’s what you can expect in different lending categories.

Can I Get a Credit Card with a 682 Credit Score?

Many credit card issuers approve applicants with credit scores in the “good” range. However, you may not be eligible for premium credit cards that offer the best rewards, lowest annual percentage rates (APRs), and highest credit limits. Instead, you can expect to qualify for mid-tier credit cards that offer moderate benefits, such as no annual fee, cash-back rewards, and (possibly) an introductory 0% APR offer on balance transfers or purchases.

You’ll want to keep in mind, however, that your “good” credit does not guarantee approval for a credit card. In addition to your credit score, card issuers will typically also consider your gross income and monthly financial obligations to determine if you qualify for a card, and if so, how much credit they can give you.

To qualify for an even better credit card, you’ll want to work on building your credit profile by making on-time payments on current debts, paying down existing balances, and avoiding multiple credit applications (which trigger hard credit inquiries) in a short period of time.

Can I Get an Auto Loan with a 682 Credit Score?

With a 682 score, you have a good chance of getting approved for a car loan. But you may be stuck paying above-average rates.

While there’s no set minimum score to get approved for a car loan, your credit score plays a big role in determining your interest rate on your auto loan. According to fourth- quarter 2024 data from Experian, borrowers with high credit scores (781 and above) usually get the best rates, with an average of 4.77% APR for new cars. Those with scores in the 661-780 range, however, pay an average of 6.35% APR for new car loans.

To get a good deal on a car loan for a 682 score, consider shopping around even before you hit the dealership. Prequalifying can give you an idea of the type of car loan you may be able to get without impacting your credit score. Having multiple quotes in your back pocket could help you negotiate a better rate from whatever lender you choose.

If you’re not happy with the rates you’re seeing, you may be able to get a cheaper deal by adding a cosigner to your loan or increasing your down payment — either move lessens risk to the lender, which may allow them to offer you a lower rate.

Can I Get a Mortgage with a 682 Credit Score?

A 682 score meets the minimum for most types of mortgages. Lenders typically require a minimum credit score of 620 for a conventional home loan, which is the most popular type of mortgage and isn’t insured by any government agency.

Here’s how different mortgage options may apply to you:

•  
Conventional loan: You should qualify, but may not get the lowest interest rate. Down payments requirements for conventional mortgages vary but can be as low as 3%. Keep in mind that you’ll need to pay for private mortgage insurance if you put down less than 20%.

•   FHA loan: This is a type of mortgage insured by the Federal Housing Administration (FHA). With a score above 580, you may be eligible for an FHA loan with a down payment as low as 3.5%. FHA loans come with lower ceilings than conventional loans, though, and require you to pay mortgage insurance premiums..

•   VA loan: These home loans are guaranteed by the U.S. Department of Veterans Affairs (VA). If you’re a veteran, service member, or surviving spouse, a 682 credit score should qualify you for a VA loan with competitive terms. There’s no minimum down payment, mortgage insurance, or credit score requirement, but you’ll need to pay a funding fee ranging from 1.25% to 3.3% at closing.

•   USDA loan: This type of mortgage is guaranteed by the U.S. Department of Agriculture (USDA). If you have a low- to moderate- income, a USDA loan can help you buy a home in a rural, USDA-eligible area. These loans don’t have a credit score or down payment requirement, but do charge guarantee fees.

To improve your mortgage rate, consider building your credit profile before applying or making a larger down payment.

Can I Get a Personal Loan with a 682 Credit Score?

A personal loan is a type of installment loan that you get from a bank, credit union, or online lender and use for almost any purpose, such as covering an emergency expense, making a large purchase, or consolidating debt. Loan amounts can range anywhere from $250 to $100,000, and repayment terms are usually from two to seven years.

You can probably qualify for a personal loan with a 682 credit score, though it may not be at the most favorable rate. Even so, a personal loan could still be cheaper than other forms of credit, such as high interest credit cards. Currently, the average personal loan interest rate is around 12%, compared to nearly 29% for credit cards.

If you already have high-interest debt, you might consider using a personal loan to pay off your existing balances. An online personal loan calculator can help you figure out if this could be a cost-effective move.

The Takeaway

A 682 credit score is considered “good” under the FICO scoring model and provides access to various financial products, including credit cards, auto loans, mortgages, and personal loans. While you may not qualify for the best interest rates or premium financial products, you are still in a strong position to borrow responsibly.

You may be able to access better financial opportunities in the future by focusing on responsible credit management, such as making on-time payments, paying down balances, and limiting new credit applications. This could help you build your credit profile and unlock better interest rates and financial products in the future.

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

By Bob Haegele

A good credit score unlocks numerous possibilities for borrowers, such as better approval odds and lower rates. If your score is 623, you may wonder if it’s high enough to be in the “good” range, potentially leading to favorable treatment from lenders.

A 623 credit score is considered “fair,” and sits one tier below “good” credit (which starts at 670). While a 623 score doesn’t quite land you in the good range, you still have several borrowing options. This includes potentially getting a credit card, mortgage, auto loan, or personal loan.

What Does a 623 Credit Score Mean?

A 623 credit score is considered fair under the FICO® scoring model. Credit scores generally fall into these categories:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

A 623 score is better than “poor” credit but is below the average score of U.S. consumers, which is 715. As a result, you may encounter challenges securing loans or credit with favorable terms. However, many lenders will approve loans with this score.

You may have a 623 score due to past financial missteps, such as making payments more than 30 days late, having balances sent to collections, and/or a major negative event like a foreclosure or bankruptcy. To see exactly why you have fair credit, you’ll want to read through your credit reports. You actually have three — one from each of the credit reporting agencies (Equifax®, Experian®, and TransUnion®). You can order a free copy of each report by visiting AnnualCreditReport.com.

What Else Can You Get with a 623 Credit Score?

Your credit score influences the types of credit products you qualify for, from credit cards to home loans. Let’s explore how a 623 credit score affects your ability to get different types of financial products, including credit cards, auto loans, credit cards, and personal loans.

Can I Get a Credit Card with a 623 Credit Score?

Yes, you can qualify for a credit card with a 623 credit score, but your options may be limited. You might not qualify for premium rewards cards, but you can likely get a:

•   Secured credit card: A secured credit card is designed to help you build credit. It requires putting down a security deposit that then becomes your credit limit, reducing risk to the lender. If you demonstrate responsible use of a secured credit card, you may be able to transition to an unsecured credit card.

•   Store credit card: A store credit card is issued by a specific retailer and can usually be used only at that retailer or within their retail group. Store cards often have lower credit score requirements and may offer rewards that are useful if you already shop at that store or group of stores. However, these cards tend to carry high interest rates.

•   Basic unsecured card: Some lenders offer unsecured credit cards (meaning no upfront deposit is required) for borrowers with fair credit. These cards may even offer basic rewards like being able to earn points or cash back. However, they may charge an annual fee and higher-than-average interest rates.

Can I Get an Auto Loan with a 623 Credit Score?

Auto loans are attainable with a 623 credit score. However, lenders may view you as a moderate-risk borrower, which can result in:

•   Higher rates: According to a fourth-quarter 2024 report from Experian, the average interest rate for a car loan for borrowers with scores between 601 and 660 was 9.59% for a new car loan and 14.46% for a used card loan. For borrowers with scores between 781 and 850, the average rates were significantly lower — 4.77% and 7.67% respectively.

•   Larger down payment requirements: Some lenders may require a higher upfront payment and offer a lower loan amount to offset perceived risk.

•   Limited loan options: You may not qualify for the best car financing deals from traditional banks and credit unions.

Keep in mind that lenders will look at more than your credit score when deciding whether to approve you for an auto loan and at what rate. Typically, they will also consider your income, length of employment, and debt-to-income ratio (how much of your monthly income goes toward paying off your debts).

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 623 Credit Score?

Yes, it’s possible to get a mortgage with fair credit, but you may not qualify for the best rates and terms. Here’s what you may be able to get with a 623 score:

•  
A conventional mortgage: The most common type of home loan, a conventional mortgage isn’t backed by a government agency but often meets the down payment and income requirements set by the government-sponsored entities Fannie Mae and Freddie Mac. You generally need a credit score of at least 620 to qualify for a conventional loan, though having a score of 740-plus can help you get the best rate.

•   FHA loan: The Federal Housing Administration (FHA) allows borrowers with credit scores as low as 500 to qualify for a mortgage with a 3.5% down payment. If your score is below 580, you may need a 10% down payment.

•   VA loan: If you’re a veteran, servicemember, or surviving spouse, you may be able to get a Department of Veterans Affairs (VA) home loan. VA loans don’t have strict minimum credit score requirements, but lenders typically prefer scores of 620 or higher.

Building your credit profile before applying for a mortgage can help you secure better rates and terms, potentially saving you thousands over the life of the loan.

Can I Get a Personal Loan with a 623 Credit Score?

Yes, a 623 score is sufficient to get a personal loan, including a credit card consolidation loan, but it may not unlock a lender’s best offers. You generally need a minimum credit score of 580 to qualify for a personal loan, but a score of at least 700 to qualify for the most favorable rates and terms.

Some (though not all) lenders also charge an origination fee that’s deducted from your loan amount. With fair credit, you may find it harder to find a lender that does not charge this fee.

To get the best possible deal on a personal loan, it’s wise to:

•   Shop around. Consider looking beyond traditional banks. You might check out online lenders, which tend to offer loans to borrowers across the credit range, as well as credit unions, which often have more lenient borrowing requirements compared to banks.

•   Prequalify if you can. Prequalifying for a personal loan can give you an idea of the rates and terms you will be offered without negatively impacting your credit.

•   Consider adding a cosigner: Adding a cosigner with a better credit score or higher income could help you qualify or get a better rate. Keep in mind that if you fail to repay the loan, your cosigner is responsible for repayment.

•   Present all of your income: Lenders will also look at your income when you apply for a personal loan to make sure you can afford the payments. Be sure to list income from all sources, including employment, Social Security, alimony, child support, and retirement.

•   Add collateral: Most personal loans are unsecured, meaning you don’t need to pledge an asset (like a car or savings account) to secure your loan. If you’re having difficulty getting a good rate on a personal loan, however, you might consider applying for a secured loan.

The Takeaway

A 623 credit score is considered fair and provides access to financial products, but often at higher costs. While you can qualify for credit cards, auto loans, mortgages, and personal loans, the terms may not be ideal. Working to build your credit profile — by making on-time payments, reducing debt, and having a mix of credit types in your file — can help you qualify for better rates and financial opportunities in the future.

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