By Timothy Moore

(Last Updated – 03/2024)

Establishing and building credit is an important part of everyday life. You need a strong credit score to buy a house, get a car, and even pay for groceries on a credit card. But if your credit score is hovering just below 700, how can you tell if it’s strong enough?

Fortunately, a 694 credit score is considered “good” per FICO®, the country’s most popular scoring model. This score allows borrowers to more easily access competitive rates for credit cards, mortgages, personal loans, and auto loans. Keep reading to learn more about what to expect with this credit score.

What Does a 694 Credit Score Mean?

A credit score is a complex calculation that shows lenders how likely you are to repay your debts on time and in full. The higher the score, the better you are perceived as a borrower — and thus more likely to qualify for loans at more competitive rates.

The two main credit scoring models are FICO and VantageScore^®, which use proprietary algorithms to calculate your credit score. Both FICO and VantageScore have credit score ranges between 300 and 850. How they calculate credit scores differs, though both analyze elements like credit utilization, length of credit history, on-time payments, and credit mix.

Because FICO is the more popular model, we’ll look at the credit score ranges in that model:

•   800 to 850: Exceptional

•   740 to 799: Very Good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 579: Poor

As you can see, a 694 credit score means you’re in the “good” range in FICO’s scoring model and thus likely to qualify for most loans — and at decent rates.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

What Can You Get with a 694 Credit Score?

A 694 FICO score means you still have room for improvement, but generally speaking, you should have no problem qualifying for various loan types. For instance, you should expect to find at least some lenders willing to offer you:

•   Credit cards

•   Mortgages

•   Personal loans

•   Auto loans

A 694 credit score is somewhere in the middle of FICO’s “good” range. If you’re able to build your credit score to at least 740 (the bottom of the “very good” range), you may qualify with lenders that have more stringent requirements and offer better rates. For instance, you may more easily qualify for a rewards credit card with cash back or travel points.

Recommended: FICO Score vs. Credit Score

Can I Get a Credit Card with a 694 Credit Score?

A credit score of 694 is more than enough to get a credit card. In fact, the minimum credit score needed for a credit card is 300 — the lowest credit score possible. Even borrowers without any credit history at all can qualify for a credit card, though these are typically secured credit cards with limited perks, a low credit limit, and a security deposit required.

To get a standard credit card, you’ll typically need a score of 600 or above. At 694, you may even qualify for a cash-back credit card or travel credit card, meaning you can take advantage of rewards for everyday spending.

Plus, responsibly using one or more credit cards can help build your credit score even more. If possible, experts advise you to keep your credit utilization low on credit cards (below 30%) and pay them off in full every month to avoid accruing interest.

💡 Quick Tip: If you’ve got high-interest credit card debt, a personal loan is one way to get control of it. But you’ll want to make sure the loan’s interest rate is much lower than the credit cards’ rates — and that you can make the monthly payments.

Can I Get a Mortgage with a 694 Credit Score?

As long as you can meet the other requirements (such as the down payment), you can generally get a mortgage with a 694 credit score. According to Experian, 29% of people with a 694 credit score have a mortgage loan.

A credit score of 694 is well above the minimum credit score needed to buy a house with a conventional mortgage (620). Those with lower credit scores may even be eligible through government-backed loans, including FHA loans and USDA loans.

Bear in mind that, while a 694 credit score is usually more than enough to qualify for a mortgage, lenders will consider other factors as well, such as:

•   Your current income

•   Your current debts

•   The size of your down payment

Can I Get a Personal Loan with a 694 Credit Score?

As with credit cards, there’s no real minimum credit score needed to get a personal loan, though you’ll have more options at lower annual percentage rates (APRs) if you have a stronger credit score.

A 694 credit score may not get you the lowest rate advertised by lenders, but you’ll still usually avoid the high end of a lender’s APR range. Plus, responsibly repaying your personal loan can help build your score, meaning you may qualify for better rates next time, whether you’re seeking a credit card consolidation loan or a personal loan to pay off a major dental bill.

In addition to a strong credit score, lenders may have other personal loan requirements for approval, such as:

•   Collateral (for secured personal loans)

•   Proof of income and employment

•   A debt-to-income ratio below a certain threshold

Can I Get an Auto Loan with a 694 Credit Score?

A 694 credit score is generally a good sign that you’ll qualify for an auto loan, but note that auto lenders often use a different credit scoring model, such as the FICO Auto Score or VantageScore 3.0 or 4.0. These models are slightly different, with distinct algorithms and different ranges (FICO Auto Score is 250 to 900, for instance).

While there’s no minimum credit score to buy a car, technically speaking, borrowers with poor credit may be limited to low borrowing amounts and at high interest rates. Borrowers with good credit, like those with a 694 credit score, should have more luck. According to Experian, 42% of individuals with a 694 credit score have an auto loan.

And with a credit score of 694, financing isn’t your only option. Leasing is also on the table: 680 is usually the magic credit score to lease a car.

Takeaway

A 694 credit score is considered a “good” score in the FICO scoring model. With a score of 694, you should have no problem getting approved for various types of loans, including credit cards, personal loans, mortgages, and car loans. Just remember that lenders take other factors — such as your income and other debts — into account when approving your application and setting rates.

If you build your score over time, you might move into “very good” or even “exceptional” territory. With that kind of credit score, you could expect even better rates and lower fees the next time you need to borrow money.

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 Caroline Banton

(Last Updated – 05/2024)

Most lenders consider 726 to be a good credit score. In fact, it’s close to the top of that range and is close to a “very good” score. This rating means that you generally pay your bills on time and handle credit responsibly. For these reasons, you should qualify to access credit at a competitive rate — though not the lowest rates, which are reserved for those with excellent scores.

To learn more about what a 726 credit score means and what you will likely qualify for with that number, read on.

What Does a 726 Credit Score Mean?

A 726 credit score is categorized as a “good” score. FICO^® scores, which are the most popular reference points, range from 300 to 850.

Your FICO score is based on data that reflect how you manage your debt. For example, whether you make regular payments to your credit cards, car loan, or mortgage. It also reflects such factors as the length of your credit history, how much you owe, and how frequently you apply to access more credit. Lenders use this information to set interest rates and terms for loans, mortgages, and credit cards.

With FICO credit scores, the higher your number, the more likely a bank will lend to you with desirable loan terms. Here’s how these figures are classified:

According to Experian, the average American consumer has a FICO Score of 715 as of 2023, so you are in good company with an above-average credit score. Also, your three digits are close to the “very good” range. You could build your score further to enter that category.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

What Can You Get with a 726 Credit Score?

With a credit score of 726, you will likely be able to access loans and lines of credit at favorable rates. In addition, you may qualify for the following:

Better Insurance Rates

Some auto insurance companies may use your credit scores to decide what type of coverage you qualify for and how much to charge you. Home insurance providers also look at your credit score to see if you pay your debts on time and how much debt you have. If you have a high score and minimal debt, you might get a better deal from your insurer.

Higher Borrowing Limits

Credit card issuers, banks, and lenders put limits on the amounts you can borrow. If you have a good credit score, those limits will be higher.

Better Leases

A good credit or FICO score can impact how you live. Many landlords check applicants’ credit score to see if they typically pay their bills on time. A good score could help you get approved for a rental. Utility companies also often check your credit score, and the higher it is, the easier it will be for you to get internet and electricity services. They may also decide not to charge you a security deposit.

A New Job

Many companies, if not most, conduct a background check as part of the recruitment process. (Under the Fair Credit Reporting Act, or FCRA, they must get your written consent to do so.) A low credit score could give the impression that you don’t manage money well or are not responsible with deadlines. On the other hand, a solid score may encourage employers to see you as dependable and a good hire.

Can I Get a Credit Card with a 726 Credit Score?

With a credit score of 726 (or any score over 700), you can likely qualify for an array of credit cards with favorable interest rates and perks. For example, you might be able to get enticing cash back or points offers, which you can then use for hotel accommodations or other purposes.

The annual percentage rate (APR) you are charged on a credit card is determined by your credit score, payment history, and the state of the economy. If you have a good credit score, you are more likely to be offered an APR at the lower end of the scale.

However, the absolute lowest APRs and most exceptional credit card rewards are usually reserved for those in the highest range of credit scores.

💡 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 726 Credit Score?

You will likely qualify for most loans with a 726 credit score, and this is true for auto loans. However, it’s important to realize that your credit score can make a big difference in the interest rate you get. And this is especially true in auto lending.

According to MyFICO, as of April 2024, 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 score in the 690 to 719 range, it’s 8.64%, and, for a borrower with a score in the 660 to 689 tier, the average APR is 10.5%.

For context, this means that on a $50,000 new car loan, someone with a 726 FICO score would pay about $4,000 less in interest than a borrower with a 680, even though the scores are both in the “good credit” category. Also, different lenders will offer different rates.

Recommended: Understanding the Credit Rating Scale

Can I Get a Mortgage with a 726 Credit Score?

Most lenders will offer a mortgage to a borrower with a 726 credit score. Also consider this: For a conventional loan through Fannie Mae or Freddie Mac, you’ll need a score of 620, while FHA mortgages with low down payments require a score of 580. A 726 credit score is obviously well above that.

That said, you will probably be offered a rate similar to national averages and not the very best (aka lowest) interest rate or APR.

What’s more, your debt-to-income (DTI) ratio is critical for mortgage loans. Fannie Mae’s latest lending standards allow you to get a mortgage if your debt-to-income ratio is lower than 45%, if you can provide a 20% down payment and your credit score is above 720. If your DTI is lower, you might qualify for more favorable loan terms.

Can I Get a Personal Loan with a 726 Credit Score?

Yes, you should have a variety of options to choose among if you are looking for a personal loan and have a credit score of 726. Most banks require a credit score of 610 to 640 to qualify for a personal loan, and they prefer a score over 700. Borrowers typically need at least an 800 credit score to qualify for a lender’s lowest interest rate.

Personal loans can offer a good way to pay off credit card debt, which may help build your credit score. These funds could also be used for an unexpected car repair, a home improvement project, or a wedding or vacation.

Takeaway

A 726 credit score qualifies as being in the “good” range according to the FICO rating system. In fact, it’s close to the top of the ‘good” category and is higher than the average U.S. consumer’s credit score. With this score, you can typically qualify for credit cards, mortgages, car loans, and personal loans. Build your score even higher, and you can likely qualify for lower interest rates and more perks.

If you build your score over time, you might move into “very good” or even “exceptional” territory. With that kind of credit score, you could expect even better rates and lower fees the next time you need to borrow money.

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 Timothy Moore

(Last Updated – 03/2024)

A 723 credit score is considered good, since it falls well within the “good” range in the FICO^® scoring model (670 to 739). A 723 FICO score will give you access to a variety of credit products, including credit cards, home loans, auto loans, and personal loans, though not necessarily at the lowest-available interest rates. Taking steps to improve your credit profile could help you qualify for an even larger number of borrowing options, at more attractive terms.

Below, we’ll break down what a 723 credit score means and the types of loans (and rates) you can expect to get with this credit score.

What Does a 723 Credit Score Mean?

Your credit score is a number that predicts how likely you are to pay a loan back on time based on information from your credit reports. Lenders and other companies will use your credit scores to make decisions on whether to offer you a loan or credit card, as well as for tenant screening and insurance.

You actually have several, not just one, credit scores. Credit scores can be calculated using different scoring models, such as FICO, VantageScore^®, or a lender’s own proprietary algorithm. As a result, what counts as a “good” credit by one model or lender can be different from another model or lender.

The most widely used credit scoring model, however, is FICO. According to FICO, the ranges and ratings for credit scores are:

•   800 to 850: Exceptional

•   740 to 799: Very Good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 579: Poor

A 723 credit score puts you in the “good” FICO range. It’s higher than the average FICO score (which is 715) but below FICO’s two top scoring ranges. With VantageScore, someone with a credit score of 723 also falls into the “good” credit rating category. This is their second-to-highest tier and includes scores between 661 to 780.

A good credit score generally indicates to lenders that you’re an “acceptable” borrower. It can mean that you manage your credit well but have a relatively short credit history. Or, it could mean you have a longer credit history but have made a few mistakes here and there, such as the occasional late or missed payment, or a tendency to use a large amount of the credit available on your credit cards.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

What Can You Get with a 723 Credit Score?

With a 723 credit score, you’ll likely be able to qualify for many different types of lending products, including credit cards, personal loans, mortgages, and car loans — and at fairly competitive rates and lower fees.

With a 723 credit score, you’re above the “fair” or “poor” range, but you aren’t in the two top FICO tiers or top VantageScore tier either. So, depending on the lender, you may not get their best-available interest rates or qualify for top perks or benefits.

Here’s a closer look at what you may be able to get with a credit score of 723.

Recommended: FICO vs Credit Score

Can I Get a Credit Card with a 723 Credit Score?

Getting a credit card with a 723 credit score shouldn’t be difficult. In fact, there’s no universal minimum credit score needed to get a credit card, though borrowers with fair or poor credit may be limited to cards with high rates and fees.

A 723 credit score, however, is much more promising if you’re in the market for a credit card. Banks, credit unions, fintechs, and lenders will generally offer credit cards to borrowers with good credit, and usually at lower APRs. With a credit score of 723, you may even be able to qualify for competitive rewards credit cards, like a cash-back credit card or travel credit card.

To qualify for credit cards with the most generous benefits and welcome bonuses, however, you generally need to have a credit score higher than 740, which is considered “very good” or “exceptional” credit.

💡 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 723 Credit Score?

The minimum credit score needed for a new car loan is generally around 600, so a 723 credit score should position you well to finance a new set of wheels. According to Experian, 39% of people with a 723 credit score have an auto loan. Those with very good or exceptional credit, however, will likely get lower rates and lower monthly payments.

While your credit score plays a significant role in determining whether you get a car loan and at what rate, other factors — like the lender, amount borrowed, length of the loan, and economic conditions — also influence what rates and terms you can qualify for with a 723 credit score.

The best way to secure a competitive interest rate and low monthly payment on your auto loan is to shop around and work on building an even stronger credit profile.

Can I Get a Mortgage with a 723 Credit Score?

Borrowers with a 723 credit score likely won’t encounter any issues when trying to get a mortgage loan, as long as they meet other lender requirements, such as steady income, sufficient funds for a down payment, and a low enough debt-to-income ratio. Experian reports that 31% of individuals with a 723 credit score currently have a mortgage loan.

The minimum credit score to buy a house with a conventional mortgage (one not backed by the government) is actually 620, more than 100 points lower than 723. Even borrowers with scores lower than 620 aren’t out of options: USDA loans, FHA loans, and other government-backed loans may help them buy a home, even if their credit needs work.

Can I Get a Personal Loan with a 723 Credit Score?

You can likely get a personal loan with a 723 credit score. In fact, technically speaking, there’s no minimum credit score needed to get a personal loan. Individual lenders have their own requirements, and even borrowers with poor credit can generally find loans for which they qualify — although the interest rates and fees are likely to be high.

With a credit score of 723, however, you can expect to find competitive personal loan rates and fees. Just keep in mind that lenders may have additional requirements to get a personal loan. For instance, they may require collateral (for secured personal loans). They may also need to see proof of income and employment, and might set max thresholds for your debt-to-income ratio.

💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

Takeaway

A 723 credit score is well within the “good” range in FICO’s scoring model. It also falls in the “good” range in VantageScore’s model. With a 723 score, you should easily be able to access personal loans, car loans, and mortgage loans, as well as rewards credit cards. That said, you’re still below the top two FICO tiers — “very good” and “exceptional.”

Working to build better credit (by always paying your bills on time, paying down credit card balances, and limiting hard credit inquiries) can make you even more desirable to lenders, and unlock lower rates and fees.

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.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

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.