By Jackie Lam

Technically speaking, a 638 credit score falls in the “fair” range, which puts it below a “good” score. When you have a fair credit score, it can be harder to get approved for credit or financing. And if you do, that loan or line of credit will probably come with steeper interest rates and less flexible terms than you’d be offered if you had a higher score.

Here, you’ll learn the details of what to expect with a 638 score as well as possible ways to build your three digits into the category of good scores.

What Does a 638 Credit Score Mean?

Consumer credit scores fall between 300 and 850, and the higher your number, the better. You’ll most commonly come across the FICO® Score, which is used by 90% of lenders.

How can you tell what your credit score means? Here are the FICO credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent (or exceptional): 800-850

As you can see from these numbers, a 638 credit score is on the higher end of the fair camp. It’s not as low as a poor credit score, which tops out at 579, but it’s not as high as a good score, which begins at 670.

However, what the lender deems as a “good enough” credit score — or one where they’re willing to extend you financing — depends on the lender. What a 638 score can get you, in terms of approval, loan amounts, rates, and terms, is set by the lender’s credit requirements and how they factor in your other financial information.

Recommended: Personal Loan Calculator

What Else Can You Get with a 638 Credit Score?

The odds are good that you can land a car loan, credit card, personal loan, or mortgage with a credit score of 638. That said, expect to have higher interest rates, less desirable terms, and less flexibility than if you had a score that was in the good, very good, or excellent ranges.

A higher interest rate means you’ll be paying more for borrowing the same amount of money. And if you’re taking out a type of installment loan (such as a personal loan or home equity loan) and have a longer term, that could also mean more interest paid over the life of the loan.

Besides other criteria such as your debt-to-income ratio (DTI), income, collateral, and education, your credit score is one of the main things creditors and lenders will take a close look at when determining whether to give you that loan or line of credit. You might focus on building your score to qualify for better terms. Making on-time payments, reducing your debt, and avoiding hard credit checks can be valuable tactics.

Can I Get a Credit Card with a 638 Credit Score?

With a 638 credit score, the odds are good for you to qualify for certain credit cards. However, for many credit cards (including those with robust rewards), you need to land at least in the “good” range of credit scores.

Some options that you may qualify for:

•   Retail or store cards usually have lower credit score requirements. For instance, an Amazon or Best Buy store card may be available to those with a credit score over 580.

However, these cards usually come with lower credit limits, higher interest rates, and fewer card perks. Plus, retail cards can be limited in use. For example, you might only be able to use it at one retailer or a group of retailers.

•   A secured card can work well for people with fair credit scores. Like store cards, secured cards also have less stringent minimum credit score requirements. They’re made for folks who are building their credit and require you to secure the card by putting down a deposit. They usually have lower credit limits; typically, the limit equals the deposit. Say your deposit is $250. In that case, your credit limit will be $250.

Secured cards work just like other credit cards, and they’re accepted wherever the card network is accepted. And with some secured cards, after a series of on-time payments, you might be able to graduate to a standard card.

Note that besides having fewer options, you’ll likely be approved for cards with higher interest and fees and less flexible terms. See if you can get prequalified online. This usually requires you to provide some basic personal and financial details. Plus, it won’t result in a hard pull of your credit, so won’t hurt your score.

Can I Get an Auto Loan with a 638 Credit Score?

Your chances are good for getting approved for an auto loan with a 638 credit score. However, be open to exploring different options. A few places where you can apply for auto loans are banks, credit unions, and dealerships.

While you’ll likely get a green light on a car loan, you might be paying higher interest rates. In addition, borrowers with fair credit scores typically have longer loan terms than those with higher scores. According to recent data from Experian®, in Q2 of 2024, the average loan term for borrowers with nonprime credit scores (601 to 660) was 74.13 months, or just over six years, while the average loan term for super prime borrowers (781 to 850) was 64.04 months, closer to five years. A longer loan term can mean more interest paid over the life of the loan.

Remember to factor in the total cost of the car vs. just the monthly payment. For instance, include maintenance and repairs, gas, and insurance.

Can I Get a Mortgage with a 638 Credit Score?

It’s possible to secure a mortgage when you have a 638 credit score. The minimum credit score depends on the type of home loan:

•   Conventional home loan: The minimum credit score for a conventional home loan tends to hover around 620.

•   FHA loan: FHA loans are available if you have a 580 credit score and a 3.5% down payment. That score and down payment can secure you the maximum amount of financing available.

•   VA loans: There’s technically no minimum credit score for a VA loan, but you’ll likely find lenders requiring a score of 580 to 620.

•   USDA loans: USDA loans usually require a minimum credit score of 640 to qualify. Otherwise, you’ll need to provide a full credit review before getting approval.

With a 638 credit score, one option is also to work on building your credit score to potentially qualify for more options and better rates.

Can I Get a Personal Loan with a 638 Credit Score?

Personal loans are typically unsecured loans that can be a convenient way to access funds for a variety of uses, such as to pay off medical debt or a car repair bill or to finance a wedding or vacation.

You may land a personal loan with a 638 score, but having a higher score usually means you’ll have more favorable interest rates and flexible terms.

It’s important to note that while you might be paying more on a personal loan with a fair credit score, interest rates on a personal loan are usually lower than those of a credit card. Data from the Federal Reserve reveals that the average interest rate on a 24-month personal loan is 11.92%, while the average rate for a credit card hovers at 21.51% as of 2024.

(Worth noting: If you have racked up a balance by swiping or tapping your plastic, you could apply for a credit card debt consolidation loan. You’ll likely need a score of 640 to 670.)

To find a loan amount and rate that works best for you, it’s a good idea to do some shopping. Lenders will look at various credit and financial criteria when looking over your application.

Recommended: Average Interest Rates for Personal Loans

The Takeaway

A 638 credit score falls in the “fair” vs. “good” range. While you can land a line of credit or financing with a 638 credit score, you’ll likely have a tougher go at securing a mortgage, auto loan, credit card, or personal loan than if you had a higher credit score. You might be offered higher interest rates, less favorable terms, and less flexibility.

If you can build your score by making on-time payments and keeping your accounts in good standing, you can likely qualify for more options with better terms. And if you’re shopping for a personal loan, check out what SoFi offers.

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 Jackie Lam

A 702 credit score qualifies as good. According to FICO, a good credit score starts at 670, so you can give yourself a pat on the back if you have a 702 score or thereabouts. You’ll have an easier time landing that mortgage, car loan, or personal loan than if you had a poor or fair score. However, building your score even higher could benefit you with lower interest rates and more appealing terms.

Learn more about what a 702 credit score means to your financial situation and what to expect when accessing loans and lines of credit.

What Does a 702 Credit Score Mean?

In the realm of consumer credit scores, the FICO Score system is the most widely used. Credit scores range from 300 to 850, with 300 being the lowest and 850 being the highest.

Here are the FICO credit score ranges:

•   Poor: 300 to 579

•   Fair: 580 to 669

•   Good: 670 to 739

•   Very Good: 740 to 799

•   Excellent (or exceptional): 800 to 850

As mentioned, a 702 credit score sits just below the middle of good territory. It’s not as low as a “fair” score, which starts at 669, nor a “poor” score, which ends at 579. However, it is 38 points beneath the lowest figure that kicks off the “very good” category.

Recommended: A Guide to Unsecured Personal Loans

What Else Can You Get With a 702 Credit Score?

A good score can help you get approved for financing. It likely shows that you have managed credit responsibly in the past. You’ll usually get approved for a car loan, personal loan, home loan, or credit card.

That said, what qualifies as creditworthiness, or the ability to repay a loan, can depend on the lender. Lenders may qualify you for, say, a home loan with a figure much lower than 702 credit score, while some credit cards with top-notch travel rewards may want to see a still higher score. To look at it through another lens, while you might be able to snag lower interest rates and more appealing terms with an excellent score vs. a good score, you won’t need to pay as high of an interest rate as someone with a fair score would.

A credit score plays a major role in determining whether you’re offered financing, but it’s not the only factor. Lenders and creditors will also review and consider your income, collateral, and debt-to-income (DTI) ratio.

Can I Get a Credit Card With a 702 Credit Score?

Because a 702 credit score is considered “good,” you’ll likely have an easier time getting approved for many travel or cash-back cards with lower interest rates and better perks. Most credit cards require you to have a minimum score of 640 to 700, and while you can get a card with even poor credit, expect to see far fewer options.

With a good credit score, you might get preapproved offers in the mail. It’s a good idea to shop around, be proactive, and research to see which card is the best fit for you. Consider criteria such as card perks and interest rate ranges to find the right fit.

Can I Get an Auto Loan With a 702 Credit Score?

You have a good chance of landing an auto loan with a 702 credit score. According to data from Experian®, in Q2 of 2024, the average credit score for new car loans was 753, and the average for used cars was 689. If you get a used car, you might be able to find lower interest rates and more flexible terms with your 702 score. Doing so could save on the total cost of the car, as insurance and other costs can be cheaper.

While you’ll have an easier time securing a car loan with a good score than a fair one, expect still lower interest rates if you score in “very good” or “excellent” territory. If you’re not in a rush to get a car, you might invest some time and energy on building your credit. You can do so by always making on-time payments, avoiding too many hard credit inquiries, and keeping your credit utilization low.

Can I Get a Mortgage With a 702 Credit Score?

A 702 credit score means you’ll probably meet the minimum credit requirement for different types of home loans. Consider these numbers:

•   Minimum credit scores for a conventional home loan tend to be in the range of 620.

•   Jumbo loans, which are mortgages that are larger than the loan-servicing limits set by the Federal Housing Finance Agency (FHFA), typically require a minimum credit score of 700. Some lenders, however, require a minimum score of at least 720.

•   When it comes to VA loans, the minimum credit score depends on the lender, but you can expect it to be between 580 and 620. You might be able to get approved with a lower credit score if you provide a larger down payment.

•   USDA loans may require at least a 640 credit score to qualify. If you have a score that falls below 640, expect there to be a full credit review before getting the green light.

Worth noting: Besides a good credit score, home loan lenders will also look at your payment history, credit utilization, and new credit inquiries. Lenders will also consider your income, assets, down payment, and debt-to-income, or DTI, ratio.

Can I Get a Personal Loan With a 702 Credit Score?

A 702 credit score means you’ll have a strong chance of getting a personal loan. A minimum credit score of 610 is usually required for a personal loan.

Personal loans are typically unsecured loans that can be used for almost any (legal) purpose you can think of. For instance, you might spend the funds on the following:

•   Medical, dental, or car repair bills

•   Home repairs or renovations

•   A major home appliance or electronics purchase

•   A wedding or other big celebration

•   Vacation costs

•   Kids’ summer camp

•   Paying off credit card debt

In terms of that last example on the list, if you’re in the market for a credit card debt consolidation loan, a good credit score will boost your odds and secure you a better interest rate. These loans can offer interest rates significantly lower than what credit cards assess. Just know that, as an unsecured loan, a credit card consolidation loan will likely have a higher rate than secured loans, such as a home equity loan.

Be proactive by poking around to see what loan amounts, rates, and terms you’ll qualify for. Lenders will consider various credit and financial criteria when reviewing your application.

Recommended: Personal Loan Calculator

The Takeaway

A 702 credit score qualifies as a “good” credit score. With a score of 702, you’ll likely stand a strong chance of getting a loan, line of credit, or other form of financing. Options can include credit cards, mortgages, car loans, and personal loans. While you may not get as favorable terms and interest rates as those with “very good” or “excellent” scores, you will probably enjoy more and better offers than those with “fair” or “poor” credit.

Are you comparing options for a personal loan? Check out what SoFi offers.

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 Jackie Lam

An 800 FICO Score is better than good: It’s considered excellent. If you have an 800 score, you’ve likely put in the hard work of getting to that number and deserve some kudos.

An excellent credit score can feel like getting to the front of the line at an exclusive club. It boosts your purchasing power as a consumer, and you’ll have an easier time landing lower interest rates and better terms on that car loan or mortgage.

Here, learn more about what an 800 credit score contributes to your personal finances and how you can make the most of it.

What Does an 800 Credit Score Mean?

In the world of consumer credit, scores range from 300 to 850. The most common credit scoring model is the FICO Score, which is used by 90% of lenders.

Here are the FICO credit score ranges:

•   Poor: 300–579

•   Fair: 580–669

•   Good: 670–739

•   Very Good: 740–799

•   Excellent (or exceptional): 800–850

Going by the breakdown, an 800 credit score is just over the line and puts you in the range of “excellent” or “exceptional” credit scores. The next lowest credit score range is “very good,” which ends at 799.

Each lender determines what you can qualify for based on your score. With an 800 credit score, you’ll likely qualify for the most favorable terms and lowest interest rates, but lenders usually also factor in other financial information, such as income and debt-to-income (DTI) ratio.

What Else Can You Get With an 800 Credit Score?

As a member of the 800 credit score club, not only can you qualify for a mortgage, personal loan, credit card, or car loan, but you’ll likely get approved for larger loan amounts, lowest interest rates, and more flexible terms than with a lower score.

A credit score, while important, is one of the many things lenders and creditors look over when gauging whether to offer you loan or credit. As mentioned, they also usually fold in your income, DTI ratio, and collateral. If a down payment is required, they’ll take that into consideration.

Recommended: Secured Versus Unsecured Personal Loans–What’s the Difference?

Can I Get a Credit Card With an 800 Credit Score?

With an excellent credit score, you’ll likely get approved for plastic with top-notch credit card rewards, such as travel perks and cash back. While you probably won’t run into much trouble landing a credit card of your choice, it’s a matter of shopping around and looking for a credit card that is the best fit for your needs.

To help you decide on the best credit card for you, think about what you’ll primarily be using the credit card for, and how it fits into your “money ecosystem.” For instance, how much do you anticipate putting on the card and for what sort of purchases? That may steer you to the options that best suit your needs: Do you care more about the credit card interest rate or the airport lounge access your plastic could deliver?

Of course, you’ll want to pay your balance in full if possible, which can help you avoid paying a lot in interest plus help keep your credit utilization low.

Can I Get an Auto Loan With an 800 Credit Score?

According to recent data gathered by Experian®, the average credit score for a new car in Q2 of 2024 was 753, and the average credit score for a used car was 689. So with an 800 credit score, you’ll likely be able to secure low interest rates and more flexible terms.

Currently, the average interest rate on a car loan hovers at 9.65%. The rate also can depend on your credit history, down payment, the type of car, and other financial and credit criteria, such as your DTI ratio and income.

Can I Get a Mortgage With an 800 Credit Score?

An excellent credit score can help you land a mortgage with more favorable rates than if you had a lower score. Here’s a look at the minimum credit score requirements for different types of home loans:

•   Conventional home loans: You usually need a minimum credit score of 620 for a conventional home loan.

•   Jumbo loans: Lenders typically want to see a credit score of at least 700 for a jumbo loan, which for 2024 is defined as a home loan that exceeds $806,500 to $1,209,750, depending on the location.

•   FHA loans: For an FHA loan, applicants can typically qualify with a 580 minimum credit score if they can provide a 3.5% down payment.

•   VA loans: While the VA doesn’t require a minimum credit score, lenders will typically want a credit score of at least 620.

•   USDA loans: Expect to provide at least a 640 credit score. If your score falls below that, or if you have had a significant delinquency, a full credit review is required.

Can I Get a Personal Loan With an 800 Credit Score?

An 800 credit score is in the excellent range, which means the odds are strong that you can land a personal loan with higher loan amounts, low interest rates, and more flexible terms. Personal loans, which are typically unsecured, may have a higher interest rate than secured loans, but they are a flexible way to pay for anything from a major dental bill to a wedding to vacation costs.

Per the Federal Reserve Bank of St. Louis, the average interest rate for a 24-month personal loan is 11.92% as of May 2024, so you might be able to qualify for a lower rate with a strong score.

If you’re curious about pursuing a credit card debt consolidation loan, you’ll also likely qualify for lower interest rates than those with a lower than 800 credit score. This can make lumping together your existing credit card debt with a new personal loan worthwhile.

Recommended: Personal Loan Calculator

The Takeaway

An 800 credit score is considered better than good: It qualifies as an excellent score. When you have an excellent score, it’s a matter of knowing which features of a loan or credit line are most important to you, and shopping around for the lowest rates and best terms, plus the right funding type and amount.

When you have options, it’s a good idea to avoid high-interest credit card debt. A SoFi personal loan might be just the right fit.

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 Jackie Lam

A 590 FICO credit score falls in the “fair” credit tier, which ranges from 580 to 669. It’s better than “poor” credit (300 to 579), but only by 10 points. Some lenders will approve fair credit borrowers for a credit card or loan, but they tend to charge relatively high interest rates and fees. Here’s a look at why you might have a 590 credit score and how it can impact your ability to access credit.

What Does a 590 Credit Score Mean?

A credit score is a prediction of how likely you are to pay a loan back on time based on information from your credit reports. You have three credit reports, one from each of the major credit bureaus (Experian®, TransUnion®, and Equifax®). You also have more than one credit score. This is because scores can be calculated using different scoring models, such as FICO, VantageScore®, or a lender’s own proprietary formula.

The most widely used credit scores in the U.S., however, are FICO scores. Here’s how the FICO® score ranges break down:

•   300-579: Poor credit

•   580-669: Fair credit

•   670-739: Good credit

•   740-799: Very good credit

•   800-850: Exceptional credit

A score of 590 falls in the lower end of the “fair” range. It’s also well below the average credit score in the U.S., which was 717 as of March 2024. As a result, lenders may consider you a high-risk borrower. This can make it harder to get approved for credit cards, personal loans, auto loans, and mortgages. And if you do get approved, you’re likely to face less favorable terms, such as higher interest rates and fees.

What Causes a 590 Credit Score?

A credit score of 590 suggests that there are some negative factors in your credit history. This may include:

•   Late or missed payments: Payment history is the most significant factor in your credit score. A 590 score often indicates a history of missed or late payments.

•   High credit utilization: This score can also suggest that you have high balances on your credit cards compared to your credit limits. High credit utilization can drag down your score.

•   Limited or thin credit history: If you haven’t been using credit for very long, or if you have very few credit accounts, your score may be lower as a result.

•   Recent negative marks: This could include things like recent charge-offs, collection accounts, or even a bankruptcy, which would severely impact your score.

While a 590 score is not ideal, it’s not the end of the road. Many lenders offer products designed for individuals with lower credit scores, though the terms may be more restrictive than for someone with a higher score.

Recommended: Is 580 a Good Credit Score?

What Else Can You Get with a 590 Credit Score?

Here’s a look at the types of financial products you may still qualify for with a 590 credit score.

Can I Get a Credit Card with a 590 Credit Score?

It’s possible to get a credit card with a 590 credit score, but your options may be limited, and you’ll likely face higher costs. Here are some types of credit cards that may be available to you:

•   Secured credit card: A secured credit card requires you to make an upfront refundable deposit that then becomes your credit limit. For example, if you put down a $500 deposit, you’ll have a $500 limit on the card. The credit card provider will report your payments to the credit bureaus. As a result, using a secured card responsibly can help you build your credit and potentially upgrade to an unsecured card in the future.

•   Basic unsecured credit card: Some issuers will offer a basic credit card for borrowers with fair credit. While it won’t require a deposit, it may come with an annual maintenance fee, low credit limit, and high interest rate. You’ll want to read the terms carefully and consider whether the costs are worth it.

•   Store credit card: Many retailers offer store-branded credit cards that are easier to qualify for with a lower credit score. However, these cards often come with high interest rates and may only be usable at the specific retailer.

Can I Get an Auto Loan with a 590 Credit Score?

While there’s no set minimum score to get a car loan, the majority of borrowers have scores above 660. Borrowers with scores of 501 to 600 accounted for just 15.70% of cars financed in the second quarter of 2024, according to Experian.

There are some auto lenders that are willing to work with fair credit borrowers, but they generally charge high annual percentage rates (APRs). To get a lower rate on an auto loan for fair credit, you might consider asking a trusted family member or friend with good credit to act as a cosigner. Other strategies that can help: raising your down payment (this lowers your loan amount, reducing risk to the lender) and seeking out alternative lenders, such as a credit union or an online lender.

Recommended: What to Know Before You Borrow Money Online

Can I Get a Mortgage with a 590 Credit Score?

The minimum credit score needed for most mortgages is generally 620. However, that doesn’t mean you’re out of luck. You may be able to qualify for a mortgage backed by the Federal Housing Administration (FHA). FHA loans are geared toward borrowers with lower credit scores and down payments, particularly first-time homebuyers. You may be able to qualify for an FHA loan with a 3.5% down payment if your score is 580 or higher.

Your credit score isn’t the only factor when qualifying for a mortgage, however. Lenders will also consider your debt-to-income ratio (DTI), which is the percentage of your monthly income that goes toward debt payments. To qualify for an FHA loan, your DTI generally can’t be higher than 43%.

Can I Get a Personal Loan with a 590 Credit Score?

It’s possible to get a personal loan or credit card consolidation loan with a 590 credit score, but your choice of lenders will likely be limited, and you may have to settle for a loan with a high interest rate and other fees (such as an origination fee). You generally need a score around 740 or higher to qualify for a personal loan with the best rates and terms.

Whether or not you can get a personal loan (and what the rate will be) also depends on your debt-to-income ratio. Personal loan lenders typically like your DTI to be somewhere between 35% and 45% or less.

You can get an idea of what APR you might qualify for by applying for prequalification with a few different lenders (this requires a soft credit check, which won’t harm your credit). If you’re looking to get a personal loan to consolidate high-interest debt, an online personal loan calculator can help you determine how much interest you could potentially save.

The Takeaway

A 590 credit score is not considered good, but fair. Can you still get a credit card, auto loan, mortgage, or personal loan? The answer is yes, but it will require some careful planning and possibly higher costs.

If you don’t need funds right away, you may be better off taking some time to build your credit before you apply. Simple steps like paying your bills on time, paying down credit card balances, and taking out a secured credit card can help improve your credit profile over time. This can give you access to lending products with lower rates and better terms 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.