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.

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.