By Jennifer Calonia

(Last Updated – 02/2024)

If you check the FICO® Score ranges, you’ll find that a credit score of 695 puts you solidly in the “good” category. You can probably feel confident that your creditworthiness is in good shape. In general, a 695 credit score will help you secure access to loans and lines of credit, though not necessarily at the most favorable interest rates available.

Here, you’ll take a closer look at what a 695 credit score means and how it will impact your qualifying for different kinds of credit.

What Does a 695 Credit Score Mean?

In the world of credit ratings, there are a number of different scoring models with varying ranges. For example, the commonly used Fair Isaac Corporation (FICO) scoring model uses a range of 300 to 850 while Equifax’s model ranges from 280 to 850.

Each model’s credit range is broken down into rating groups. Below is the credit rating scale for FICO scores, which is the most popular system:

•   300 – 580: This “poor” rating is the lowest range in the scoring model and suggests that the borrower might be a default risk.

•   580 – 669: A “fair” rating that’s generally considered below average compared to other U.S. consumers. Some lenders might approve borrowers in this range.

•   670 – 739: A “good” FICO score, as this range is around the average score of U.S. consumers.

•   740 – 799: This range is considered “very good.” It’s higher than the average consumer’s score. It suggests that the borrower has been responsible with credit in the past, and it can likely open doors to favorable offers for loans and credit lines.

•   800 or higher: This is the highest rating at “exceptional” or “excellent.” Borrowers in this credit range are viewed as being a low default risk and have the best chance at approval and the lowest loan interest rates.

Although a FICO score vs. credit score of a different model might have slightly different ranges, a 695 credit score is generally regarded as average or good by most lenders.

Credit Score Factors

The activities that lead to a 695 FICO score can be complex to decipher. A couple of hints:

•   The single biggest contributor to your score, at 35%, is payment history, meaning on-time payments. So a 695 credit score might mean that you have a late payment or two on your record which are lowering your credit score, but overall demonstrated responsible repayment habits.

•   Or you might have a perfect payment record, but tend to have a high credit utilization, like having credit card balances that are regularly close to your limit vs. being no more than 30% of that number.

Ultimately, a 695 score means that your credit data isn’t perfect based on the scoring model’s factors, but overall, it doesn’t raise immediate red flags for lenders. It’s somewhat below the average credit score of 716 in the U.S.

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What Else Can You Get with a 695 Credit Score?

Having a good credit score, like 695, is helpful in many ways. Here are a few not-so-obvious instances where good credit comes in handy:

•   When getting an apartment rental.

•   When applying for a new job.

•   Avoids security deposit requirements for utilities services.

Of course, in addition to being advantageous in other areas of your life, a 695 FICO score can help qualify you for getting new types of credit, which you’ll learn about next.

Can I Get a Credit Card with a 695 Credit Score?

Generally, having a 695 score is adequate enough to meet many card issuer’s minimum credit requirements, while a score that nudges over the 700 figure is likely to open even more doors.

•   A score of 695 is typically eligible for many unsecured credit cards. Getting an unsecured credit card means you aren’t required to put forward collateral like with secured cards. Secured credit cards require a refundable security deposit that acts as the card’s limit. With an unsecured card, you can access greater borrowing power that isn’t restricted by a deposit.

•   Some credit cards will require a higher minimum credit rating. These cards may offer lower interest rates and richer credit card rewards. For instance, some cards require excellent credit at a minimum which is at least 800.

Can I Get an Auto Loan with a 695 Credit Score?

Your credit score can determine whether you’ll get approved for a loan, and it directly influences the interest rate you’re offered.

If you have a 695 credit score, you’re considered by many lenders as being a “prime” borrower in terms of your risk level. This means your borrowing history suggests you’d likely make your payments on time and pay back the entire loan as agreed. While the specifics will vary from lender to lender, usually a credit score of 610 to 640 or higher is needed for a car loan.

Assuming you satisfy the lender’s other underwriting requirements, like income, other monthly obligations and credit utilization, you can likely get an auto loan with this score.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 695 Credit Score?

Yes, prospective home buyers can likely get mortgage loans with a 695 FICO score. Moreover, you have a few options in the type of home loans you can access.

For example, Fannie Mae’s underwriting guidelines state that the minimum score for a fixed-rate manually underwritten loan is 620; for an adjustable rate, you’ll likely need a minimum 640 score. This means you can likely get a fixed- or adjustable-rate conventional mortgage loan with a 695 score.

If a conventional mortgage isn’t for you — for example, if you have a low down payment — a 695 credit score more than meets credit requirements for a Federal Housing Administration (FHA) Loan. FHA borrowers can qualify for a loan with a down payment as low as 3.5% and a minimum FICO score of 580.

Can I Get a Personal Loan with a 695 Credit Score?

Personal loans are a convenient way to finance a large purchase, or they can be a useful debt consolidation tool.

Typically, a good to exceptional credit rating is required by many personal loan lenders. A 695 credit score is good to have before applying for a personal loan, though it may not earn you the best available (lowest) interest rates. Those may be reserved for those with higher figures.

Personal loans come with either fixed or variable interest rates. Borrowers with the highest credit scores are more likely to qualify for the most competitive loan rates, but borrowers with “average” credit can also avoid steep rates that are generally reserved for subprime borrowers (those whose scores are below 600 typically).

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The Takeaway

A 695 credit score is categorized as a good score, meaning you are likely creditworthy. If you need to borrow money or apply for a new credit card with a 695 credit score, you should have a broad range of options to choose from. This score signals to lenders that you’re a reliable borrower and will likely repay your debt in full over time. However, you may find that some perks (such as lower interest rates or better credit card rewards) are available if you were to build your score higher still.

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 – 02/2024)

A 640 credit score isn’t exactly good or bad: It is classified as “fair” on the popular FICO® Score scale. It’s not a “good” credit score, but that doesn’t mean you can’t reach some of your financial goals with a 640 score.

This three-digit number reflects a moderate degree of creditworthiness, or how well you handled debt and bills currently and in the past. Lenders use credit scores to determine whether they should grant you a loan and at what rate and with which terms. Given that the average credit score in the U.S. is currently 718, you can see that a 640 falls below the norm.

Read on for the definition of a 640 credit score, what it means, and what you can get in terms of loans and lines of credit.

What Does a 640 Credit Score Mean?

A 640 credit score means your score falls within the “fair” category — 580 to 669. It’s below the average credit score that most Americans have.

Credit scores fall in a credit score range from 300 to 850 in the most popular Fair Isaac Corporation (FICO) model. Here’s how these numbers stack up:

•   Exceptional: 800 – 850

•   Very Good: 740 – 799

•   Good: 670 – 739

•   Fair: 580 – 669

•   Poor: 300 – 579

FICO scores consider different aspects of your credit and have different weights attributed to various items:

•   Payment history (35%)

•   Credit utilization (the amount you owe) (30%)

•   Length of credit history (15%)

•   Mix of credit accounts (10%)

•   New credit accounts (10%)

Some lenders may see your credit score and decide you have unfavorable credit. In the end, they may decline your credit application. If they accept your application, they may charge you a higher interest rate to compensate for the lower credit score.

Here’s another question you may wonder about: Is 640 a bad credit score?

No, it’s not.

Learn more: What’s the difference between FICO vs. credit score?

💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

What Can You Get with a 640 Credit Score?

So, what can you qualify for with a 640 credit score? It’s a great question because when you think about the basic things you might need, many of them — homes, cars, and buying power — require credit to get.

However, it’s not just loans and lines of credit that may use your credit score as a qualifying factor. Landlords may look at your score when you apply to rent a property, and utility companies may check your three digits as well when deciding whether to charge you for equipment (such as cable boxes). A higher credit score (say, one firmly in the good or very good category or higher) could help you in these regards.

Can I Get a Credit Card with a 640 Credit Score?

Yes, you may be able to get a credit card with a 640 credit score. However, your 640 credit score could make it difficult for you to get approved for credit cards with favorable interest rates and perks. Typically, credit card issuers look for scores of 670 or higher.

A secured credit card could make it possible for you to qualify if you don’t get approved or are trying to build your credit. A secured credit card is one in which you must put a security deposit to open the account. Cardholders make a one-time, refundable deposit that acts as collateral for the card. For some people, using a secured credit card responsibly can be a stepping stone to having an unsecured card.

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Can I Get an Auto Loan with a 640 Credit Score?

Those with a 640 credit score may find it hard to get a car loan or to get one with an affordable interest rate. Typically, those go to borrowers with credit scores of 675 or higher.

If you are finding it challenging to get a car loan, you might consider putting down a higher down payment or adding a cosigner.

Can I Get a Mortgage with a 640 Credit Score?

Yes, you can get a mortgage loan to purchase a home with a 640 credit score. Let’s look at a few different home loan types and a rundown of each:

•   Conventional mortgage: A conventional mortgage is a loan not backed by a government agency. You can typically qualify for a conventional loan with a 620 credit score — so you should be in the clear with a 640, but remember that other factors come into the equation, such as your income. You will also need to put down a down payment and have enough to cover closing costs.

Those with higher credit scores (say, 740 and up) may be able to put down less than those with lower scores and also score lower interest rates since they are seen as less risky borrowers. Other factors, such as income history, job stability, and debt-to-income ratio may also have an impact on whether you are approved and with which terms.

•   FHA loans: FHA loans vs. conventional loans are backed by the federal government, specifically the Federal Housing Administration (FHA). What does “backed” mean? It means the federal government insures the loan to protect your lender if you quit making your mortgage payments. FHA loans often allow you to borrow with a credit score minimum of 500 and a lower down payment option. You can roll closing costs into your loan.

•   VA loans: VA loans are backed by the U.S. Department of Veterans Affairs. To qualify, you must be a service member, veteran, or qualifying surviving spouse. Most lenders look for a score of 620 (though some may accept 580), so you can likely get one with a 640 credit score. They do not require a down payment, but you must have a Certificate of Eligibility (COE) to qualify for a VA loan.

•   USDA loans: The U.S. Department of Agriculture guarantees USDA loans. You typically need a credit score of at least 640, so you’re in the right credit score neighborhood. You must also meet certain income criteria and purchase a home in a designated rural area.

•   Jumbo loans: This is the only loan you may not qualify for. They typically require you to have a higher credit score, typically 700 to 720 or higher, with a 10% to 20% down payment in order to qualify for these larger loans.

Jumbo loans exceed the Fannie Mae and Freddie Mac conforming loan limits. For 2025, the conforming loan limit is $806,500 unless you live in a high-cost area like Alaska or Hawaii, where the conforming loan limit is $1,209,750 for a single-unit property. The number increases depending on the number of units you own.

Are you unsure which type of mortgage fits you? Talk to a lender to learn more about the route you should go based on your score and other qualifications.

Can I Get a Personal Loan with a 640 Credit Score?

Yes, you should be able to get a personal loan with a 640 credit score. You can compare rates from a few different lenders, particularly through a local bank, credit union, or online lender.

Getting prequalified for a personal loan type can help you determine the interest rate you’ll qualify for. If you’re unsatisfied with the interest rate, you may consider cosigning with someone with a higher credit score than you.

The Takeaway

A 640 credit score is neither good nor bad. It is considered “fair” according to credit score ratings. While you may qualify for credit cards, other lines of credit, and loans, you likely won’t get the most favorable rates or perks. Building your score through diligent on-time payments and management of your credit utilization may help you snag better terms.

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By Timothy Moore

(Last Updated – 02/2024)

Per the FICO® credit score ranges, a credit score of 671 qualifies at the low end of a good score, which is typically classified as between 670 and 739.

Having a strong credit score can be crucial to getting approved for the loans many people need throughout life. The higher your score, the more likely you are to get a mortgage, car loan, personal loan, or credit card — and at competitive interest rates.

With a 671, you likely won’t have trouble qualifying for any loans, though you should aim for a score from 740 to 850 (“very good” to “excellent”) to get the best rates and terms.

Below, you’ll learn what it means to have a credit score of 671, including what kinds of loans you’ll qualify for and what rates you can expect.

What Does a 671 Credit Score Mean?

Companies like FICO and VantageScore® use the data on your credit report (you have one with each of the three major credit bureaus) to assess how reliable you are as a borrower. Their analysis results in a credit score, which represents how responsibly you manage and repay your debts.

While there are multiple credit scoring models, the most popular one in the United States is FICO, where scores range from 300 to 850. So is a 671 credit score good on this model? Yes, but just barely. Here’s what FICO’s credit score ranges look like:

•   Exceptional: 800 to 850

•   Very Good: 740 to 799

•   Good: 670 to 739

•   Fair: 580 to 669

•   Poor: 300 to 579

As you can see, a 671 credit score is just above the bottom threshold of what FICO deems a “good” score. There’s good news if you have a 671 credit score: Though you may not get the best rates and lowest fees, you shouldn’t have trouble qualifying for credit.

💡 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 671 Credit Score?

With a 671 credit score, you’ve officially landed in the “good” category on FICO’s scoring model. That means you should qualify for credit cards, personal loans, mortgages, and car loans.

That said, there’s still a lot of room for your score to grow. If you build your credit score over time, you may be able to qualify for loans with lower interest rates, more flexible terms, fewer and lower fees, and higher borrowing amounts.

Recommended: FICO Score vs. Credit Score

Can I Get a Credit Card with a 671 Credit Score?

There is no minimum credit score to get a credit card. Those with lower scores may find, though, that what they are offered is different than someone whose score is in the very good or excellent range.

Some credit card issuers offer secured credit cards to borrowers with poor credit. These can come with high interest rates and require some form of collateral (usually a cash security deposit). Since you need to have the cash upfront for the security deposit, it’s not really useful for borrowing money you don’t already have — but it can help you build your credit score to qualify for a better unsecured card.

But if you have a 671 FICO score, you are likely to have considerably more options. While many credit card issuers only offer rewards credit cards and travel credit cards to borrowers with very good or exceptional credit, borrowers with good credit can still usually still qualify for unsecured cards with decent rates and fees.

Ready to apply for a credit card? Compile a list of the best credit cards for good credit, see which ones you can prequalify for, and then apply for the offer that suits you best.

Can I Get a Personal Loan with a 671 Credit Score?

As with credit cards, there’s no single minimum credit score for personal loans. Each lender has its own requirements, and there are lenders out there who will offer secured personal loans (again, backed by collateral) to subprime borrowers — that is, those with credit scores at or near the low end of the spectrum.

Borrowers who don’t have great credit may also be able to get a true unsecured personal loan, but interest rates can go as high as 36%, which makes this an expensive borrowing option. Online lenders, which you can find through personal lending marketplaces, can be a good place to start.

With a 671 credit score, however, your options for personal loans really start to open up. Lenders may offer you a higher loan amount, more flexible repayment terms, lower or no origination fees, and lower interest rates. This can be helpful if you are looking for a credit card consolidation loan or, say, funds to pay off medical debt.

Just remember that credit scores are only one component of a personal loan lending decision. Lenders will also want to see that you have steady income to repay the loan and that you don’t already have too much debt in your name. When you research how to apply for a personal loan, you will see that your credit score, income, and outstanding debt are likely to be considered.

💡 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 a Mortgage with a 671 Credit Score?

Personal loans and credit cards are one thing, but will lenders allow you to buy an entire house with a 671 FICO score? In many cases, yes. In fact, according to Experian, more than a quarter of Americans with a 671 FICO Score have a mortgage loan.

The minimum credit score to buy a house is usually 620 for conventional mortgages, but you can get approved for government-back loans (FHA loans, VA loans, and USDA loans, for instance) with scores ranging from 580 to 620.

Conventional loans often require a sizable down payment, so you’ll need to make sure you have enough money to fund the purchase. The lowest amount you can typically put down is 3%, but lenders may require you to put down more, even with a 671 credit score.

As with personal loans, when you go through the steps of how to get a mortgage, there are an array of factors involved. The underwriting process for a mortgage loan is complex and will include income and employment verification, among other forms of input.

Can I Get An Auto Loan with a 671 Credit Score?

The principles of buying a new or used car are similar to the other loans discussed here: The better your credit score, the better your chances are of approval — and at a lower interest rate. However, auto lenders typically use a special FICO Score, called the FICO Auto Score (250 to 900). Others may use a VantageScore 3.0 or 4.0 scoring model.

Generally, a 671 FICO Score should translate to approval for a typical car loan. Experian reports that nearly half of Americans with a 671 credit score have an auto loan.

At a 671 credit score, you won’t qualify for the lowest rates and fees, but you should be able to get behind the wheel of your own car. In fact, there’s no real minimum credit score to buy a car. Even subprime borrowers can get approved, but interest rates can get notably high — and if they miss payments, the car, of course, serves as collateral.

You may still have trouble leasing a car with a 671 score, however. While there isn’t a set credit score needed to lease a car, borrowers with a 680 credit score or higher generally have more luck and get the best deals.

The Takeaway

Is a 671 credit score good? Yes, it is officially considered “good” on the FICO scale, though at the low end of the range. While you still won’t qualify for the lowest rates and fees and the best terms on mortgages, car loans, credit cards, and personal loans, you shouldn’t have trouble getting approved for these types of loans. Consider starting small, with a credit card or personal loan, and working to build your credit score before taking out a larger loan to buy a house or a car.

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

FAQ

Can I buy a house with a 671 credit score?

Yes, you should be able to buy a house with a 671 credit score. The minimum threshold for a conventional mortgage is 620, so a 671 score puts you in good standing. You’ll also need steady employment and income and enough money for a down payment.

Can I buy a car with a 671 credit score?

Although auto lenders typically use the FICO Auto Score model, a 671 FICO Score typically means you can buy a car with an auto loan. If you can wait to build your score, however, you’ll likely qualify for a larger loan amount or better rate.