By Laurel Tincher

(Last Updated – 05/2024)

A 685 credit score falls into the “good” range, albeit toward the low end. With this score, you can likely qualify for credit card and loan offers, but perhaps not at the most favorable rates or with the best perks.

Your credit score is a reflection of your creditworthiness and impacts how comfortable lenders are giving you access to additional credit. Your score expresses such variables as whether you pay what you owe on time, how long a borrowing history you have, and whether you are currently trying to access a considerable amount of credit.

Here, learn more about a 685 credit score and what you can typically qualify for with that number.

What Does a 685 Credit Score Mean?

Situated in the middle of the credit scoring range, a score of 685 represents a creditworthiness level that might impact several areas of an individual’s financial circumstances. A score of 685 usually falls into the acceptable to good range, which is not excellent. It implies that the person has a track record of responsible credit management; however, there may have been some difficulties or inconsistencies along the road.

There are a few different ways to gauge creditworthiness, including various credit scores vs. FICO scores, but FICO^® is the most popular system. Here’s how credit scores rank on that gradient:

•   300-579: Poor

•   580-669: Fair

•   670-739: Good

•   740-799: Very good

•   800-850: Excellent (or Exceptional)

As you see, a credit score of 685 puts you in the “good” range, but toward the lower end. It can also be worth noting that the average credit score in America last year was 715.

A 685 credit score could be interpreted by lenders as a sign of moderate risk, which may have an impact on the terms and conditions that are offered for credit cards, mortgages, and loans. While a 685 credit score might not be high enough to qualify for the best interest rates or loan conditions, it still offers chances to get credit.

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What Can You Get with a 685 Credit Score?

People who have a credit score of 685 can qualify for a number of financial opportunities, but they will likely have some restrictions. Even with less favorable interest rates, a 685 credit score can still be used to qualify for a variety of credit products. These could include credit cards, personal loans, and auto loans.

In addition, a good credit score might help when applying for a rental property or utilities. Your application may be given preference over those who have a bad credit score.

Can I Get a Credit Card with a 685 Credit Score?

A credit score of 685 is generally high enough to get a credit card application approved, but the available choices may be more limited than for individuals with higher scores. For example, those with credit scores over 700 may be offered a lower annual percentage rate (APR) and receive richer rewards.

That said, numerous lenders cater especially to those with fair to good credit. Even though these cards may have slightly higher interest rates and smaller credit limits, they nonetheless offer the chance to establish credit and gain access to useful financial resources.

In addition, for people with poorer credit scores who want to build their credit, secured credit cards, which require a security deposit, are a good option. Finding the right credit card option for your needs in terms of fees, interest rates, and rewards is crucial, so it’s important to research and compare the possibilities.

With any kind of credit card, it’s important to use credit responsibly since, with high interest rates, debt can snowball.

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Can I Get an Auto Loan with a 685 Credit Score?

While the terms offered to borrowers with higher credit scores may be more attractive, a credit score of 685 is sufficient to get a car loan. Many lenders accept applications from people with fair to good credit. One might be able to get an auto loan with fair terms and interest rates even with a 685 credit score, particularly if their debt-to-income ratio is under control and income is steady.

However, in comparison to customers with excellent credit, a person with a 685 credit score can face somewhat higher interest rates or shorter loan durations with higher monthly payments. Consider these current numbers from MyFICO:

•   The average APR on a 60-month new auto loan for $50,000 for someone with a FICO Score of 720 or higher is 7.5%.

•   With a credit score between 690 and 719, it’s 8.64%.

•   For those with a score between 660 to 689, the average APR is 10.5%.

In other words, yes, you can secure a loan, but you will likely pay more for the privilege. To get the best terms possible, compare offers from several lenders. A bigger down payment or bringing in a cosigner can also help increase the chances of getting a favorable auto loan with a credit score of 685.

Can I Get a Mortgage with a 685 Credit Score?

Getting a mortgage with a credit score of 685 is definitely possible, but there are some things to take into account. Even though some lenders might require a higher credit score in order to give the best loan terms, many provide mortgage options for borrowers with fair to good credit.

Borrowers with credit scores in the mid-600s may have easier access to government-backed loan programs. FHA loans, for instance, typically grant loans to those with scores of 580 or higher (if your score is between 500 and 579, you may still qualify with a larger down payment). USDA loans usually require a 620 credit score or higher.

Lenders will also take other factors into account when assessing a mortgage application, like debt-to-income ratio and work history. Finding the best mortgage program for one’s financial circumstances might be made easier if they work with an experienced mortgage broker or lender.

Can I Get a Personal Loan with a 685 Credit Score?

People with a credit score of 685 can usually qualify for personal loans from a variety of lenders. This can be a good source of funding for a variety of needs, such as paying for unexpected (and expensive) dental work, hosting a family reunion at the beach, or finally updating your kitchen.

As with other loans, it’s likely that the best terms and interest rates will go to those with excellent credit scores. Depending on the lender and one’s full financial profile, you may be faced with slightly longer loan terms or higher interest rates if your credit score is 685.

Individuals can locate the most affordable rates and terms by shopping around and comparing offers from several lenders. Proving that one has a steady income and a low debt-to-income ratio will help with getting a personal loan with better terms.

Recommended: Average Personal Loan Interest Rates and What Affects Them

Takeaway

A 685 credit score qualifies as “good.” While it may not grant access to the best terms on financial products, it is usually high enough to qualify for credit cards, mortgages, auto loans, and other forms of credit. Those with a 685 credit score might have to deal with slightly higher loan rates and more stringent criteria than those with higher numbers. However, after shopping around, they will probably find an offer that suits their needs.

If you need access to funds, think twice before breaking out your plastic.

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 Melissa Brock

(Last Updated – 05/2024)

A 661 is not a good credit score, but it’s not necessarily a bad one either. It’s considered “fair,” which means you represent a moderate risk to lenders. With a 661 score, you can still qualify for loans and credit cards. but you may face higher interest rates and less favorable loan terms than borrowers with “good” or better credit.

Read on for a closer look at how your credit rating compares to the average borrower in the U.S., plus what kinds of mortgages, car loans, personal loans, and credit cards you may be able to get with a 661 credit score.

What Does a 661 Credit Score Mean?

To understand what a 661 credit score means, it helps to understand how credit scores work and the difference between FICO vs. other credit scores.

Lenders use credit scores — which typically range between 300 and 850 — to determine how likely a borrower is to make on-time payments on their debts. Your credit score is based on information contained in your credit reports, which detail your history managing and repaying debt, including credit cards, loans, and other bills.

You have three credit reports, one each from the three credit bureaus — Experian, TransUnion, and Equifax. You also have multiple credit scores, not just one. That’s because scores can be calculated using different scoring models, such as FICO^®, VantageScore^®, or a lender’s own proprietary algorithm.

The most widely used credit scores, however, are FICO scores. Here’s a look at the credit score ranges and what they mean according to FICO.

What Can You Get with a 661 Credit Score?

A fair credit score means that you have a 28% statistical likelihood of becoming seriously delinquent on a loan or credit card in the future. While some lenders may decide not to lend to you, you can likely get a credit card, auto loan, mortgage, or personal loan with a 661 credit score. Let’s look into your potential opportunities for each.

Can I Get a Credit Card with a 661 Credit Score?

With a credit score of 661, you can likely qualify for a credit card, but your options may be limited. You can probably get a traditional (i.e., unsecured) credit card with a relatively high interest rate and a low credit limit. You’ll have an easier time getting a secured credit card. Here’s a look at the difference between secured vs, unsecured credit cards.

•   Unsecured credit cards: Unsecured credit cards don’t require a security deposit and generally offer better perks and rewards, and lower fees and interest rates, than secured cards. Unsecured credit cards typically require a credit score of 550 to 750. You’ll need to be in the upper end of that range to qualify for the best rates and top rewards credit cards.

•   Secured credit cards: Secured credit cards require you to make a cash deposit — usually equal to your credit limit — when you open the account. The money then acts as collateral every time you make a purchase. This lowers the risk to the lender because if you don’t pay your bill, they can recoup their losses from your deposit. Many secured credit cards don’t require a credit check.

Can I Get an Auto Loan with a 661 Credit Score?

Yes, it’s possible to get an auto loan with a credit score of 661. While you may not qualify for the most favorable rates, you should still be able to find lenders willing to work with you. Keep in mind, though, that lenders will likely look at more than just your credit score. Other factors — such as your income, debt-to-income ratio, and a lender’s specific requirements — play a role in determining whether you can qualify for auto financing and at what rate and terms.

It’s a good idea to shop around and compare offers from different lenders to find the best deal. You may find that making a larger down payment or opting for a shorter loan term can help mitigate the impact of a fair credit score.

Can I Get a Mortgage with a 661 Credit Score?

Yes, you can generally get a mortgage and buy a house with a 661 credit score. In fact, you can likely qualify for a variety of different types of mortgages, though probably not a jumbo loan. Here’s a look at common kinds of mortgage loans and the minimum credit score you might need for each one.

Conventional loan: A conventional loan is any mortgage loan that is not insured or guaranteed by the government. These loans typically require a 620 minimum credit score.

•   Jumbo loan: A jumbo loan is a loan that goes beyond the limits of those set by the Federal Housing Finance Agency ($806,500), and can go as high as $1,209,750 in high-cost areas. These loans typically require a 700 minimum credit score.

•   FHA loan: An FHA loan is a loan backed by the Federal Housing Administration (FHA). FHA loans protect the lender against losses if you were to stop making payments on your loan. When you put 10% down for an FHA loan, you’ll need to meet a 500 minimum credit score.

•   VA loan: The Department of Veterans Affairs backs VA loans and sets the requirements for service members, veterans, and eligible spouses. You’ll need to have a 620 minimum credit score for a VA loan.

•   USDA loans: A USDA loan is a no-down payment loan backed by the U.S. Department of Agriculture to help first-time homebuyers purchase homes in rural or suburban areas. This type of loan requires a minimum 640 credit score.

Can I Get a Personal Loan with a 661 Credit Score?

Yes, it’s possible to get a personal loan with a credit score of 661. However, your credit score is just one factor that lenders consider when evaluating your loan application. Other things, such as your income, employment history, and debt-to-income ratio will also play a role in the lender’s decision and the terms of the personal loan.

With a credit score of 661, you may not qualify for the most favorable personal loan rates or terms, but there are lenders who specialize in working with individuals with fair credit. It’s a good idea to shop around and compare offers from different lenders to find the best option for your financial situation. Keep in mind that some lenders may require collateral or a cosigner if your credit score is “fair” or lower.

Once you qualify, a personal loan provides a lump sum of cash up front that can be used for virtually any purpose, including credit card consolidation, home improvements, and large purchases.

Takeaway

A 661 credit score is neither good nor bad, but generally considered fair by lenders. You can get a credit card and different types of loans with this credit score, but you may not get the best interest rates and loan terms.

Fortunately, you’re not far off from FICO’s “good” credit rating (670-739). Taking some simple steps — like making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to access lending products with lower rates in the future.

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

By Jennifer Calonia

(Last Updated – 05/2024)

A 676 credit score is typically characterized as “good,” although it is at the low end of that range. It is much closer to the next category of “fair” vs. the higher level of “very good.” With a credit score of 676, you can expect to qualify for credit cards and a variety of loans. However, you will likely not be offered the most favorable interest rates and terms, which are usually reserved for people with higher scores.

Here, you’ll learn more about what sorts of access to credit you can expect with a 676 credit score.

What Does a 676 Credit Score Mean?

A credit score of 676 is considered “good.”

Categorizations can be confusing, given the varying credit score ranges and scoring models in current use. For instance, there are a few differences between the FICO score vs. credit score models, but most will classify a 676 credit score as good.

Here’s how credit scores typically stack up in the FICO^® credit model:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

Next, consider what “good” means. It’s likely that you’ve demonstrated a borrowing history that’s acceptable. You practice responsible borrowing and payment habits most of the time, but might have overextended your credit in the past or made a late payment or two.

Experian, a major U.S. credit bureau, reports that 36% of consumers with a 676 credit score have a payment that’s 30 days past due on their credit report.

According to FICO, the average borrower in the U.S. has a credit score of 718. This national average credit score is somewhat higher than your 676 FICO score, but both fall under a “good” rating. If you were to build your credit score (say, by always paying on time or lowering your debt-to-income ratio), you might find you qualify for more favorable credit offers.

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What Can You Get With a 676 Credit Score?

Having a 676 FICO score can help you unlock different types of opportunities. You’ll learn more about accessing credit, from credit cards to home loans, in a moment, but there are other perks to having a solid credit score.

For example, some landlords and property management companies check your credit score to determine how well you’ve kept up with your other financial obligations. In some cases, a prospective employer might request access to your credit report to see how responsible you have been with your finances in the past.

Can I Get a Credit Card with a 676 Credit Score?

Applicants with a credit score of 676 typically meet the minimum eligibility requirements for a credit card. However, card issuers have different requirements so read their borrower criteria closely before applying.

Having a good credit score can result in getting approved for new revolving credit, but don’t expect to receive the best offer that the card issuer advertises. You might not qualify for its lowest, most enticing interest rate, unlike an applicant with excellent credit. In other words, with a 676 credit score, you are likely to pay more for credit than those with higher ratings.

The Consumer Financial Protection Bureau found that consumers with a prime credit rating between 670 to 739 had an average credit card APR range of 20% to 22%. By comparison, super prime applicants with scores of 740 or higher had an APR range of 16% to 18%.

Additionally, your offer might not include special credit card incentives, like a 0% APR promotion that’s typically reserved for applicants with exceptional credit scores.

Can I Get an Auto Loan with a 676 Credit Score?

A 676 credit score can help you get an auto loan, assuming you meet the lender’s other minimum underwriting requirements. The average APR you can secure with a 676 credit score depends on the type of car you’re financing.

Here’s a comparison of average new and used car loan rates as of early 2023 by VantageScores, according to Experian.

If you’re looking for an auto loan, there are ways to reduce your loan rate. For example, consider increasing your down payment or shortening the loan’s repayment term to see if it makes a meaningful difference with the APR.

Can I Get a Mortgage with a 676 Credit Score?

For a conventional mortgage loan, the minimum credit score you’d need to qualify is typically 620. Based on a 676 score, you’d likely meet mortgage lenders’ credit requirements. Additionally, there are other mortgage products available that accept even lower credit scores, like an FHA Loan. Depending on your down payment amount, there may be loans available to those with a credit score of 500 or more.

Remember, mortgage loans are typically the largest and longest debt you’ll take on in your lifetime, so shopping around for the best rate is essential. According to the Federal Reserve Bank of St. Louis, the median home purchase at the end of 2023 was $417,700. Assuming you put 20% down, the amount you’d need to finance is $334,160.

Based on this loan amount, myFICO estimates the following APRs for a 676 credit score and other ranges in early 2024:

Although the APR differences might appear insignificant, the interest adds up over time. For example, a 676 credit score at 7.43% APR results in a $2,320 monthly payment. If you can build your credit score to 760 or higher, your payment drops to $2,182. That’s a $138 difference each month, and $49,680 over a 30-year loan.

Recommended: Which Credit Score Do Mortgage Lenders Use?

Can I Get a Personal Loan with a 676 Credit Score?

Whether you’re considering a personal loan for a new water heater, a 40th birthday bash, or a credit card consolidation loan to pay off your debt, your good credit provides options. However, personal loan rates vary significantly based on your credit score.

According to Credible data, the average APR for a three-year personal loan with a 676 credit score is 26.92%. That’s notably steep compared to the 13.21% average APR for borrowers with a 780 or higher credit score.

If you need the loan funds urgently and don’t have time to improve your credit, one option is finding a willing cosigner who has stronger credit. A cosigner is an individual who agrees to take responsibility for the loan if you don’t make payments. Since they’re assuming liability for the debt, if payments aren’t made on time, their credit — and your own — are negatively affected.

Recommended: How to Build Credit Over Time

Takeaway

A 676 credit score qualifies as a “good” credit score; however, it is at the low end of that range. With a score of 676, you will likely qualify for an array of credit card and loan offers, but probably not at the most favorable rates or with the very best terms. Those options are typically reserved for individuals with scores in the “very good,” “excellent,” or “exceptional” category.

As you explore different ways to access credit, a personal loan can be a valuable option.

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 Melissa Brock

(Last Updated – 05/2024)

If you have a 720 credit score, you have a score that falls within the “good” range — typically between 670 and 739. That means you have a good shot at accessing credit at competitive rates, though you likely won’t have as many perks or as low rates as those whose scores soar higher.

Read on to learn what a 720 credit score means and what you will probably qualify for in terms of credit cards, auto loans, mortgages, or personal loans.

What Does a 720 Credit Score Mean?

First, consider what exactly a credit score is. Credit scores summarize how well you’ve paid back debt in the past based on information from your credit reports, and they tell lenders how likely you may be to repay debt in the future.

A 720 credit score means you’ll be considered a “good” or “acceptable” borrower — it’s not an “excellent” score, nor is it “fair” or “poor.” In other words, you’d qualify for a variety of credit products but not necessarily the best possible interest rates.

You may have heard the words “720 FICO score” connected with your credit score and wonder what FICO stands for. FICO^® stands for Fair Isaac Corporation, the pioneers in calculating credit scores. Many lenders use the Fair Isaac Corporation’s scoring model. Learn more about FICO score vs. credit score.

Here’s a look at how FICO credit score ranges are typically categorized:

•   800 to 850: Excellent

•   740 to 799: Very good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 579: Poor

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

What Can You Get with a 720 Credit Score?

If you are wondering what you can get with a 720 credit score, you are probably interested in knowing about accessing a credit card, auto loan, mortgage, or personal loan.

While you can feel confident that you have options, lenders also look at other factors, such as your income and payment history.

In addition, if a prospective employer or landlord were to review your credit score, they would see your good rating and know that you have a solid history of using credit wisely in the past. That could help give your application a boost.

Can I Get a Credit Card with a 720 Credit Score?

You will typically become eligible for any type of credit card with a 720 credit score, including credit cards that offer cash back rewards, lower annual percentage rates (APRs), and other perks.

That said, you may find that the very lowest APRs and poshest perks (such as free access to airport lounges or earning more points) are reserved for those who have a credit score of 800 or higher.

Still, your good credit score can definitely work in your favor.

Credit card companies use your credit score to determine whether you qualify for a credit card. A good score assures a credit card company that you understand financial responsibility and that you can make your credit card payments on time.

💡 Quick Tip: With average interest rates lower than credit cards, a personal loan for credit card debt can substantially decrease your monthly bills.

Can I Get an Auto Loan with a 720 Credit Score?

Yes, you can get an auto loan with a 720 credit score.

Auto lenders determine your interest rate based on risk. If a lender thinks you have the potential to default, you’ll likely get a higher interest rate to compensate.

To determine the odds of your defaulting, they will consider your credit score and history, as well as your loan term, down payment, income and debt, and their own criteria as well.

•   Loan term: A longer repayment term carries risk for your lender, so you may be able to get a lower interest rate by getting a shorter repayment term.

•   Down payment: Putting down a larger down payment reduces how much you need to borrow and also reduces your risk in the eyes of your lender. You may get a lower interest rate with a larger down payment.

•   Income vs. debt: Lenders will also consider how much income you have coming into your home against your debt payments. This is called your debt-to-income ratio (DTI). The lower your DTI, the better you’ll look in the eyes of your lender.

•   Lender: Your lender may have their own criteria to determine interest rates. Ask your lender more about their processes to determine auto loans.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 720 Credit Score?

You can get a mortgage with a 720 credit score. In fact, you can qualify for a jumbo loan, which is larger than a conventional loan.

Take a look at the type of mortgage loans available and the minimum credit score you might need for each one.

In addition to your credit score, mortgage lenders consider your payment history, how much credit you use, income, and assets. Make sure to review your credit reports and remove any errors for your best chance to qualify for a mortgage loan with a great interest rate.

Recommended: What Is a USDA Loan and How Does It Work?

Can I Get a Personal Loan with a 720 Credit Score?

You can typically get a personal loan with a 720 credit score.

Personal loans usually have a fixed interest rate and fixed payments, and typically offer fairly quick funding. You can use a personal loan for whatever you want. For instance, some people use it to pay down credit card debt or a major medical bill. Others use it to finance home renovations, a big summer vacation, or even a wedding.

The better your credit score, the lower your interest rate and the less you’ll pay in interest over the life of your loan.

Takeaway

If you have a credit score of 720, you rank at the higher end of the “good” credit score range. You probably will have many options available if you apply for credit, such as mortgages, credit cards, car loans, and personal loans with competitive rates. As you shop around, consider such factors as speed of approval and financing, APR, and loan amount and term or credit limit.

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.