By Ashley Kilroy

With a 693 credit score, you fall right within the “good” range for two of the most common scoring models: FICO® and VantageScore®. While lenders usually view this score as acceptable, bumping it up into the “very good” range could open the door to even better rates and terms.

Read on to learn more about a 693 credit score and what you can get with it.

What Does a 693 Credit Score Mean?

As mentioned above, a 693 credit score is part of the “good” range, which spans from 670 to 739. A score like this tells lenders that you’re handling credit pretty well. As a result, you’ll likely have access to a good selection of credit cards and loans, though you might not get the lowest interest rates out there.

If you can bump your score up to 740, which falls within the “very good” range, you could potentially get better rates and save more on interest in the long run.

What Else Can You Get with a 693 Credit Score?

There’s no single magic number that guarantees approval for a new credit account or a specific interest rate. While your credit score is important, each lender has its own criteria for deciding who gets approved. Here’s what you can expect for some common credit products.

Can I Get a Credit Card with a 693 Credit Score?

Your credit score plays a big role in whether you get approved for a new credit card and what kind of credit limit and interest rate you’ll get. A good credit score like 693 usually helps you qualify for rewards cards that offer things like points, cash back, and decent interest rates. These cards may also include extra perks like rental car insurance, purchase protection, and bonus rewards for everyday spending.

If you can boost your score to 720 or higher, you may be able to access premium rewards cards. These cards often come with large signup bonuses, sometimes worth hundreds of dollars, and lower interest rates, which can help you save more over time.

If you’re looking to consolidate high-interest credit card debt, consider using a personal loan calculator. These online tools can provide an estimate of potential interest savings.

Can I Get an Auto Loan with a 693 Credit Score?

With a 693 credit score, you can usually qualify for a car loan since there’s no universal minimum requirement. Every auto lender also has its own guidelines, and some might consider things like your debt-to-income ratio.

In general, with a 693 credit score, you should be able to get a used car loan. New car loans typically go to people with scores closer to 730, though you may still be able to get one with a score around 600. Keep in mind that having a higher score usually means getting a better interest rate and lower monthly payments.

Can I Get a Mortgage with a 693 Credit Score?

As with other types of credit, there’s no single credit score that guarantees you will qualify for a mortgage. It depends on the lender and the type of mortgage you’re applying for.

For example, conventional loans usually require a credit score of at least 620, while FHA loans only need a score of 500 with a minimum 10% down payment. So with a 693 score, you’re likely in a good position to qualify. However, if you’re applying for a jumbo loan, you’ll typically need a credit score of 700 or higher. Lenders also look at other factors like your work history, down payment, debt-to-income ratio, and assets.

Remember, because you qualify for a mortgage right now doesn’t always mean it’s the best time to apply. Even a small increase in your credit score could save you tens of thousands of dollars over the life of your mortgage. So, before you submit a full mortgage application, make sure to get preapproved to see what terms you qualify for.

Can I Get a Personal Loan with a 693 Credit Score?

Typically, most lenders look for a score of 610 or higher to qualify for personal loans. With a 693 score, you’re in a good spot to potentially get more favorable rates and terms.

But as with auto or home loans, your credit score isn’t the only factor lenders look at. They also consider things like your debt-to-income ratio and income, among other factors.

To see what personal loans or credit card consolidation loans you may qualify for, you can prequalify with many lenders. Considered the first step in a loan application process, prequalification typically takes just a few minutes to complete. The lender will likely perform a soft credit check, but this won’t impact your credit score.

How to Improve a 693 Credit Score

A score of 693 opens up options for loans and credit cards. But raising it even higher can help you get approved for even more, often with better terms and lower rates.

Since 693 is on the lower end of the “good” range, it’s a smart idea to keep an eye on your credit score to avoid slipping into the “fair” range (580 to 669), as this can limit your options.

Here are some ways you can help improve your credit score:

Make On-Time Payments

Your payment history makes up 35% of your FICO credit score. So paying your bills on time is one of the best things you can do to keep your score up. Setting up autopay can help ensure you don’t miss a payment.

Limit the Amount of Credit You Use

Your credit utilization ratio — or how much credit you use compared to your available credit limit — is another big factor that determines your credit score.

In simple terms, it’s best not to get too close to your credit limit. A good rule of thumb is to use less than 30% of your total credit limit. For example, if your credit card limit is $10,000, try to keep your balance at or below $3,000.

Hold On to Your Older Credit Cards

Keeping your older credit card accounts open helps maintain a lengthy credit history, even if you rarely use them. To keep the account active, you can make a small purchase now and then, like buying a coffee or some gas. This is one way to show lenders that you manage credit well over time.

Limit How Often You Apply for Credit

Even if you get credit card offers all the time, it’s better to avoid applying for credit unless you truly need it. Credit score models consider how many applications you’ve submitted in a certain amount of time, so it’s smart to apply only when necessary.

Keep an Eye on Your Credit Report

Mistakes can happen, and unfortunately, they can negatively impact your credit score. That’s why it’s important to check in on your score regularly. You can get free copies of your reports at AnnualCreditReport.com.

If you spot any errors — like an account that’s not yours or a bill showing up as unpaid that you know you’ve paid — make sure to dispute them as soon as possible.

The Takeaway

A 693 credit score is generally considered good, and it can help you qualify for a variety of credit products, including mortgages, loans, and credit cards. However, because each lender has different requirements, your score might not always get you the best terms. And you could end up paying higher interest rates and fees. Fortunately, with some effort, you can work on boosting your credit score even higher.

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.

FAQ

Is 693 a bad credit score?

A 693 credit score falls within the “good” range on both the FICO and VantageScore credit scoring models. However, it’s lower than the average U.S. credit score of 717.

What can I get with a 693 credit score?

A 693 credit score is considered good. You can likely qualify for a range of credit cards and loans, though you’ll probably pay higher interest rates and fees than people with a higher credit score.

Can I buy a house with a 693 credit score?

Credit score requirements vary by loan type. But generally speaking, you’ll need a credit score of at least 620 to qualify for a conventional mortgage. Consider talking to a mortgage professional about which option makes the most sense for you.

By Jamie Cattanach

A 560 credit score is considered poor not good. In fact, 560 falls into the lowest FICO® credit score range. This means that your rating does not reflect responsible use of credit in the past.

But the upside is that credit can be built, and 560 isn’t too far shy of the next level, which starts with the score of 580. With patience and persistence, you may be able to bring your credit score higher, thus opening up opportunities for more successful credit and loan applications — and lower interest rates on the loans you successfully qualify for.

What Does a 560 Credit Score Mean?

While there are different types of credit scores out there, FICO scores are the most popular in the United States. FICO scores range from 300-850, and are organized into the following tiers:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very good: 740-799

•   Excellent (or exceptional): 800-850

As you can see, a score of 560 is officially in the “poor” category of FICO credit scores — but it’s also only 20 points shy of breaking into the “fair” category, which could open more doors in the world of borrowing.

Plus, a credit score of 560 is far from the lowest score in the “poor” category. Although you’ll likely have to shop around more for a lender who is willing to work with you, you may still qualify for certain types of credit with a score of 560 (though your interest rates are likely to be higher than they would be if your score were further up the ladder).

What Else Can You Get With a 560 Credit Score?

While a 560 credit score does have room for improvement, there may still be some opportunities available to you if you really need a loan. (That said, if you can afford to wait until you’ve repaired your credit score, doing so might be worthwhile. Lower interest rates could save you hundreds, or even thousands, of dollars over time.)

Here are details regarding what to expect with your current credit score.

Can I Get a Credit Card With a 560 Credit Score?

Yes, there are credit cards on the market geared toward people with poor credit or little credit history — which may be referred to as having a thin credit file. Many of these are secured credit cards, which give borrowers with poor credit the opportunity to open a credit card and ideally use it to build their credit score up. You put down a cash security deposit equal to the desired credit limit on the card. As you spend, you can potentially build your score.

You may also be able to successfully apply for an unsecured credit card, which doesn’t require a security deposit. Just know that you might be assessed a higher interest rate than those with a loftier score. While you may be eager to have an unsecured card, keep in mind that credit card debt can be some of the easiest debt to get into and the hardest to pay off. You’ll want to be sure to use your new card responsibly so you can build your score over time.

Can I Get an Auto Loan with a 560 Credit Score?

It might not be the most satisfying answer, but the truth is, it depends. Every lender has its own algorithm for determining creditworthiness, and some auto lenders do offer loans to borrowers with poor credit scores.

That said, you’re more likely to qualify if you can build your credit score up to the “fair” category. If you can wait until then to get behind the wheel of your new ride, all the better. That’s because the higher your score, the lower your interest rate is likely to be. What’s more, since vehicles are depreciating assets, a high interest-rate auto loan can quickly put you in more debt than your car is worth (also known as the loan becoming “upside down”).

Can I Get a Mortgage with a 560 Credit Score?

Everyone needs a place to live, and buying a house can be a way to build wealth over time. It can, however, be a challenge to get a loan to achieve homeownership with a low credit score.

While a credit score of 560 may limit your options, there are still mortgage lenders who work with people with lower credit scores. Some of it depends on the type of mortgage you go for. For example:

•   FHA loans have a minimum credit score of just 500, provided you can afford a 10% down payment.

•   VA loans may be available with a credit score of 580 and higher.

•   Conventional mortgages can likely be found with a credit score of 620 and above.

There are, however, other important factors your lender will likely take into consideration when qualifying you for a home loan. Your income, job history and stability, and debt-to-income ratio (DTI) are just a few of the considerations that will be on the table during the approval process.

Given the price of homeownership in America, even a small decrease in interest rate could translate to thousands of dollars over the course of a 30-year loan. So if you can wait until your credit score improves, it might be a wise financial move.

Can I Get a Personal Loan with a 560 Credit Score?

Personal loans are a flexible way to borrow money for just about any purpose you desire. People take out personal loans, which are usually unsecured, for such reasons as:

•   To cover the cost of home repairs and maintenance

•   To pay for unexpected medical emergencies or car repairs

•   To consolidate credit card debt

•   To pay for a wedding, a special vacation, or other major event

While personal loans may feel like a good way to access a large chunk of money up front, keep in mind that they tend to have higher interest rates than secured loans, or those with some sort of collateral on the table, like auto loans and mortgages.

They also usually have more stringent qualification requirements, which means they may be harder to successfully apply for with a poor credit score. Typically, you need a credit score of 580 or higher to secure a personal loan. Given that a score of 560 is close to that mark, you could build your score and potentially secure greater loan access.

(You could also look into secured personal loans, which allow you to pony up your home, vehicle, bank account, or investments as collateral.)

Either way, it’s worth running the numbers on a personal loan calculator to ensure you understand how much you’re spending over the long term.

Recommended: Loans for Wedding Expenses

The Takeaway

While a credit score of 560 is technically in the “poor” category, that doesn’t mean you can’t access credit. You may be able to find funding, but typically at a higher interest rate than if your score were higher. That said, with effort, persistence, and on-time payments of existing loans, you can likely build your credit score and secure lower interest rates on future credit products.

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

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.