By Jackie Lam

(Last Updated – 02/2024)

Is a 650 credit score good? Not exactly. Technically, a 650 FICO^® score hovers in the fair category. The good credit score range starts at 690. While you can likely qualify for, say, a mortgage or car loan, you can expect to pay higher interest rates than someone with a higher credit score.

A good credit score can feel like your Golden Ticket as a consumer. After all, having a solid credit score helps you secure loans to buy a car or house or go back to school. You can also have enhanced purchasing power with higher than a 650 credit score. Read on to learn what a 650 credit score means to your personal finances and how you might build that number.

What Does a 650 Credit Score Mean?

Consumer credit scores range between 300 and 850, with 300 considered the low end and 850 on the high end. The most widely used credit scoring model is the FICO Score, which is used by most lenders.

Here’s a breakdown of the FICO credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

As you can see, the answer to “Is a 650 credit score good?” is no. A 650 credit score sits on the higher end of fair territory. It’s not as low as having a poor credit score, and the next highest range for the FICO Score is good, which starts at 670.

While technically, in the eyes of the FICO Score, a 650 credit score is considered fair, what is regarded as a good credit score depends on the lender. In other words, what you qualify for based on a 650 score hinges on the lender, their credit requirements, and how they weigh other financial information.

💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

What Else Can You Get with a 650 Credit Score?

As mentioned, there’s a strong chance you can qualify for a credit card, car loan, personal loan, or mortgage with a 650 credit score. You might have higher interest rates, less flexibility, and less favorable terms than if you had a good or excellent score.

A credit score is one of many things lenders and creditors review when deciding whether to extend you credit or a loan. They typically also factor in your income, debt-to-income ratio (DTI), education, and collateral.

Can I Get a Credit Card With a 650 Credit Score?

With a 650 credit score, you should be able to qualify for some credit cards. However, note the best credit cards usually require a credit score in the good range or better. With a 650 credit score, you might find yourself limited to credit cards with higher interest rates and fewer perks.

If you find yourself having trouble landing the credit card you want with 650 credit, you might want to consider a secured card, which usually has lower minimum credit score requirements.

Designed for those who are working on building their credit, you’ll need to put down a deposit on the card. Your credit limit to start usually matches your deposit. So if your deposit is $500, your credit limit will also be $500. If you manage a secured card well, you may then be able to shift to a standard credit card.

Recommended: What to Know Before You Borrow Money Online

Can I Get an Auto Loan with a 650 Credit Score?

You most likely will be able to secure an auto loan with a 650 credit score. However, your interest rates won’t be as good than if you had a higher score.

According to data compiled by Experian, in Q3 of 2023, the average interest rate on loans for new cards for consumers with credit scores between 600 and 660 was 9.29%, whereas those with scores between 661 and 780 had an average interest rate was 6.88%.

Can I Get a Mortgage with a 650 Credit Score?

Yes, you can likely get a mortgage with a 650 credit score. Some details:

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

•   You can get an FHA loan with the maximum amount of financing available with a 580 credit score and 3.5% down payment.

•   For VA loans, most lenders have a minimum credit score which varies but is often anywhere from 580 to 620.

•   For USDA loans, you typically need a credit score of at least 640 to automatically qualify. Otherwise, a full credit review is required before getting the lender’s approval.

Can I Get a Personal Loan with a 650 Credit Score?

A 650 credit score can land you a personal loan. That being said, you’ll probably find personal loans with better interest rates if you have a higher score. For credit card consolidation loans, you typically need a higher credit score — think 670 and up.

Again, it’s wise to shop around. Like other forms of financing, lenders will factor in different financial and credit criteria when reviewing your application.

Recommended: Average Interest Rates for Personal Loans

The Takeaway

Is 650 a good credit score? No; it’s in the fair range. Is it possible to get financing or a line of credit with a 650 credit score? Yes. But you’ll also need to consider the reality: You’ll likely have a more challenging time landing a mortgage, auto loan, personal loan, or credit card than someone with a higher credit score. You may be offered higher interest rates, less flexibility, and less favorable terms.

When applying for financing or a line of credit, check your credit score beforehand. This helps you figure out where you stand and anticipate what interest and rates you might be paying.

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 Ashley Kilroy

(Last Updated – 02/2024)

A 735 credit score is considered a good score in the lending industry and can increase your access to financing, credit cards, and affordable interest rates. This credit score likely comes from a track record of consistent, healthy habits with debt. As a result, lenders typically feel comfortable with borrowers in this range, sometimes offering them unique benefits and more affordable terms to earn their business.

Whether you’re looking for a mortgage or a credit card with an increased spending limit, a 735 FICO^® score can open financial doors for you.

Learn more about what this score can help you qualify for and how you might further build it below.

What Does a 735 Credit Score Mean?

Lenders consider a 735 FICO score to be a “good” credit score. Credit score ranges are usually from 300 to 850, with higher scores indicating better creditworthiness. Here’s a breakdown of credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

A FICO credit score of 735 falls within the “Good” range, meaning you have a solid credit history. Lenders often offer favorable terms, such as lower interest rates, to individuals with scores in this range. It’s also bordering on the “Very Good” category, meaning you could have an even better standing credit-wise by building your score by five points.

💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

How to Get a 735 Credit Score

Borrowers can achieve a “good” credit score of 735 through healthy financial practices:

•   Payment history: Timely payment of bills, including credit cards, loans, and other debts, is crucial. Late payments or defaults can damage your score.

•   Credit utilization: This is the ratio of your credit card balances to your credit limits. Maintaining no more than a 30% credit utilization rate (closer to 10% is even better) demonstrates responsible credit management. For instance, if you have a credit card with a limit of $10,000, spending $3,000 or less monthly with it can help build your credit score.

•   Length of credit history: The longer your credit history, the better. For example, getting a credit card at 20 years old, paying it on time, and keeping the account open can be a positive vs. closing a line of credit you don’t use that often.

•   Credit mix: A diverse mix of credit types, including credit cards, loans, and mortgages, can have a positive impact on your credit profile.

•   New credit: Opening multiple new credit accounts within a month or two may be risky from a lender’s perspective. Be cautious about applying for too much credit within a short timeframe.

What Else Can You Get with a 735 Credit Score?

Having a 735 credit score can provide various financial advantages and open up opportunities. Here’s an explanation of the benefits that may be associated with having and maintaining a good credit score:

•   Loan access: Lenders use credit scores to assess risk when borrowers apply for loans. A 735 FICO score indicates responsible credit behavior, potentially making you more likely to be approved for loans, including mortgages, car loans, and personal loans.

•   Preferred interest rates: A good credit score may translate into lower interest rates because lenders may perceive less risk in lending. In essence, lenders compete for low-risk borrowers and use more affordable interest rates to attract the most reliable borrowers. This dynamic could work in your favor, ultimately saving you money over the life of the loan.

•   Favorable loan terms: Borrowers with a credit score of 735 may qualify for more favorable loan terms. For example, you might enjoy waived fees, increasing loan affordability.

•   Expanded access to credit: A good credit score can give you access to a wider range of credit options. For instance, you might receive offers for more generous credit card rewards or for increased lines of credit.

•   Stronger tenant profile: Landlords often check the credit histories of potential tenants to assess their financial responsibility. A good credit score can enhance your attractiveness as a tenant, making it easier to rent an apartment.

•   More affordable utility installation: Some utility companies may check your credit score before providing services. A good credit score can allow you to avoid security deposits for cable or internet equipment.

Can I Get a Credit Card with a 735 Credit Score?

When you apply for a credit card, the company typically reviews your credit as part of how they determine if they want to do business with you. Often, credit card issuers are looking for a score of 670 or higher.

A 735 FICO credit score demonstrates a history of responsible borrowing and spending. As a result, you may qualify for many cards and rewards programs with this credit score. Your score may also help you obtain lower interest rates and expanded credit limits.

💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why SoFi credit card consolidation loans are so popular.

Can I Get an Auto Loan with a 735 Credit Score?

Auto lenders prefer borrowers with credit scores of at least 661, with higher scores resulting in better terms and rates. Therefore, a 735 FICO score will qualify you for an auto loan and may help you lower your interest rate.

Remember, the rest of your financial circumstances, including your monthly income and ability to make a down payment, can affect what kind of auto loan you receive.

Can I Get a Mortgage with a 735 Credit Score?

A 735 credit score exceeds the usual qualification standards for all mortgage types. As a result, you can qualify for a mortgage with that score if you meet the other standards, including a debt-to-income ratio under 43%, a consistent employment history, and a house within your borrowing limit.

This credit score can help you get better interest rates because it surpasses minimum scores for all mortgages, including:

•   620 for conventional loans

•   700 for jumbo loans

•   500 with FHA loans with a 10% down payment or 580 with a 3.5% down payment

•   620 for VA loans

•   580 for USDA loans

Can I Get a Personal Loan with a 735 Credit Score?

Lenders prefer borrowers with credit scores of at least 670 for personal loans. So, a 735 credit score can qualify you for lower terms and more favorable rates. However, like other loan types, personal loans require a robust financial profile. Borrowers also need a low debt-to-income ratio and steady monthly income to qualify.

The Takeaway

A credit score of 735 is in the “good” range of FICO scores, helping to position you to borrow at favorable rates and potentially qualify for numerous loan types. The path to achieving and maintaining a 735 credit score involves cultivating healthy financial habits, encompassing timely payments, judicious credit utilization, a diverse credit mix, and applying to new credit sparingly.

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 Ashley Kilroy

(Last Updated – 03/2024)

A 730 credit score is considered a good credit score and can help you qualify for loans and credit cards, potentially at favorable interest rates. This score is something you can be proud of, as it likely indicates a history of responsible, reliable borrowing habits, such as paying your loans on time.

In the dynamic landscape of personal finance, your credit score can serve as a pivotal indicator of your financial health. Among the spectrum of credit scores, a score of 730 stands as a significant milestone, above the national average of 716.

Read on for more details about a 730 credit score and what it means to your financial life.

What Does a 730 Credit Score Mean?

A 730 credit score is solidly in the “good” category. In fact, it’s just 10 points away from being in the “very good” range. While you may not receive the very best interest rates and terms available, your credit history demonstrates enough reliability for many lenders to want to work with you.

Here’s how credit score ranges usually align:

•   300 to 579: Poor

•   580 to 669: Fair

•   670 to 739: Good

•   740 to 799: Very good

•   800 to 850: Excellent

Getting a 730 FICO^® score requires that you practice responsible borrowing. Several aspects of borrowing will help you maintain this score versus having a bad credit score:

•   Pay your bills on time.

•   Keep your credit card balances under 30% of your total borrowing limit (preferably closer to 10%).

•   Keep lines of credit open.

•   Demonstrate reliability with different forms of credit, such as both credit cards and installment loans (such as a mortgage or personal loan).

•  Limit the number of hard credit inquiries from lenders.

💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

What Else Can You Get with a 730 Credit Score?

A 730 credit score opens doors to more loan products and allows you to access credit at more favorable terms. So, your credit score is an essential asset for your financial well-being. Here’s how having a good credit score is important and can help you qualify for loans and lines of credit:

•   Favorable approval rates: Lenders are more likely to approve your credit card or loan application when you have a good credit score because it signals that you are a lower-risk borrower.

•   Lower interest rates: Statistically, borrowers with higher credit scores are less likely to default on payments. So, lenders offer more favorable interest rates to borrowers with scores of 730 or more. Because loans are usually thousands of dollars, a fraction of a percent equates to drastic differences in cost.

•   Better loan terms: Beyond lower interest rates, having a good credit score may lead to more favorable loan terms, such as reduced fees. For example, your lender might waive or lower origination fees for applicants with scores of 700 or better.

•   Access to more credit options: With a good credit score, you are more likely to qualify for a variety of credit options, including credit cards, personal loans, auto loans, and mortgages.

•   Higher credit limits: Creditors are often willing to extend higher credit limits to individuals with good credit scores, providing you with greater borrowing power.

•   Exclusive offers: Some lenders and financial institutions offer special bonuses, rewards, or exclusive deals to individuals with excellent credit scores.

•   Enhanced housing options: If you are planning to rent a home, your credit score is one way landlords assess your application for an apartment. A 730 FICO score tells the landlord you’ll probably be a responsible, low-risk tenant.

•   No security deposits: Some utilities (usually cable or satellite TV) require security deposits because of the valuable equipment installed for service. However, a high credit score may qualify you for a waiver for this fee.

Can I Get a Credit Card with a 730 Credit Score?

Card issuers review your credit score as part of your application for a credit card. While the specific requirements can vary among different credit cards and issuers, a credit score of 700 or higher is sufficient to qualify for most credit cards.

As a result, a 730 credit score can help you get a credit card, possibly with some perks, such as lower APRs and more rewards. Remember, establishing a history of on-time payments and creating a diverse credit mix are crucial for boosting your credit score to this level.

Can I Get an Auto Loan with a 730 Credit Score?

Auto lenders usually give borrowers with good credit preferential terms and rates for financing vehicle purchases. Specifically, auto lenders like to see credit scores of 661 to 780 from borrowers seeking competitive rates. So, a 730 FICO score puts you comfortably in the prime range for a loan with a favorable rate. That being said, the value of the car, your down payment, and other factors can also influence whether you’ll qualify for an auto loan.

Recommended: Does Paying Off a Car Loan Help Your Credit Score?

Can I Get a Mortgage with a 730 Credit Score?

You can likely get a mortgage with a 730 credit score if you meet other qualifying criteria for the loan (such as debt-to-income ratio, employment history, etc.).

•   Conventional mortgages usually require a credit score of 620 or higher, while jumbo loans may require a credit score of at least 700.

•   You can typically get an FHA loan with a credit score of 500 by making a 10% down payment.

•   VA loans usually require a credit score of 620.

•   USDA loans typically require a 580 credit score.

Remember, loan standards vary by lender, and your borrower profile should be strong in other areas (such as income) to get the best terms and rates.

Can I Get a Personal Loan with a 730 Credit Score?

You can probably get a personal loan with a 730 credit score; these loans (which you can use to pay off high-interest credit card debt or medical bills) usually are given to those with a score of at least 670.

Remember, you’ll also need sufficient monthly income and a solid debt-to-income ratio to qualify for a personal loan. Because criteria vary among lenders, it’s crucial to shop around to see what kind of offers you get based on your financial profile.

How to Build Your Credit Score

A higher credit score (such as a 730 credit score) boosts your chances to qualify for a loan and receive better terms and rates. Here are steps that can help build your score to that level or even higher:

•   Enhance your credit file: Building your credit file involves establishing a positive credit history by having various types of credit accounts and managing them responsibly. If you have no credit history, you might start with a credit-builder loan or a secured credit card as your first account.

•   Stay current on payments: Timely payments can be crucial for building your credit score. Payment history is a significant factor in credit scoring models. For this reason, you may want to set up reminders or automatic payments to ensure you never miss due dates. Remember, one missed payment can hurt your credit.

•   Address delinquent accounts: Delinquent accounts (accounts with late payments) damage your credit score the longer they sit on your credit profile. Addressing these accounts involves bringing them current and resolving any outstanding issues. To do so, contact creditors to work out a repayment plan if needed. A credit counselor may also help negotiate favorable payment conditions on your behalf if your situation becomes overwhelming.

•   Apply for new credit sparingly: Each time you apply for a new loan or credit, the lender makes a hard inquiry on your credit report. Every inquiry temporarily lowers your credit score, and too many inquiries within a short period may suggest risky borrowing habits. So, be selective about applying for new credit, and apply for loans or credit cards when you’re confident in your eligibility.

The Takeaway

A credit score of 730 is considered a good score by most lenders and almost in the “very good” credit score range. This score likely reflects well on your responsible use of credit. It can provide access to various loan products with favorable lending terms, including personal loans, which can be used to pay off high-interest debt.

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.