By Austin Kilham

(Last Updated – 03/2024)

A 680 credit score does indeed qualify as a good credit score. With a three-digit score between 670 and 739, you are classified as in the “good“ range, according to FICO^®, which produces the most commonly used credit scores by lenders.

A credit score of 680 will likely qualify you for many options when it comes to loans and lines of credit. Here’s a closer look at what a score of 680 could mean for you and your ability to secure different kinds of credit.

What Does a 680 Credit Score mean?

A credit score of 680 puts you in the “good” category per FICO credit scores. Above that is “very good” at 740 to 799, and “exceptional” at 800 to 850.

At its most basic, a credit score is a numerical representation of your credit history. It gives weight to factors such as length of credit history, how much credit you are currently using, whether you pay your bills on time, how many different types of accounts you maintain, and whether you’re actively seeking new credit.

When you apply for a new loan or line of credit, here are some considerations:

•   Your potential lender will take a close look at your score to determine your creditworthiness. They’re looking for higher scores, which demonstrate that you’ve been responsible with credit in the past, paying bills across multiple accounts on time.

•   Borrowers with numbers in the higher credit score ranges are potentially less risky to lenders. And as a result, lenders are more likely to offer them lower interest rates and favorable terms.

•   Lenders typically see borrowers with low scores as potential risks. They’re worried these individuals may be more likely to default on their loan, a process that is costly for lenders as they try to recoup their losses.

•   Lenders may choose not to extend credit to borrowers with low scores, especially those with “poor” scores of less than 580.

•   When lenders do offer credit to individuals with a lower or what you might call bad credit score, they may offset their risk with higher interest rates and fees, which increases the cost of borrowing.

How do you compare to the rest of the nation? Most people in the US have a credit score between 600 and 750, and the average score is 715. Though a credit score of 680 is a bit less than average, it does still qualify you as a “prime” borrower. In other words, lenders believe you’re likely to pay your bills on time and pay off your loan in full.

💡 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 Else Can You Get with a 680 Credit Score?

With a credit score of 680, there will likely be a wide range of loans available to you. In addition, you may favorably impress landlords who check your credit score when you apply to be a tenant.

Can I Get a Credit Card with a 680 Credit Score?

With a credit score of 680, you’ll likely qualify for a broad range of credit cards. There may be only a few cards that are reserved for individuals with excellent credit. In addition, the higher your score, the more likely you are to qualify for lower rates and enhanced rewards, such as points, miles, and/or cash back.

Used wisely, credit cards can help you continue to build your credit. If not, they can cause you to take on more debt and potentially hurt your credit score.

•   Credit cards are a form of revolving credit that allow you to carry balance from month to month. In return, they may charge very high interest rates. These hover around 20% on average, and can make borrowing very expensive.

•   You can avoid interest payments by paying your bill in full every month, which can help build credit. If you fall behind, however, you’ll carry a balance and owe interest.

•   Beware: Credit card interest compounds. If you continue to carry a balance only making minimum payments, you’ll begin to owe interest on the interest you’ve already accrued, causing your debt to grow.

•   If you’re unable to pay off your card and you default on your loan, you could hurt your credit score.

💡 Quick Tip: With fixed interest rates on loans from $5K to $100K, a SoFi personal loan for credit card consolidation can substantially lower your payments.

Can I Get an Auto Loan with a 680 Credit Score?

With a score of 680, you’ll likely qualify for an auto loan. In fact, 45.90% of new loans went to prime borrowers in 2023. Compare that to the 22.82% of loans that went to super-prime borrowers (those with a score of 720 or higher) and 12.67% of loans that went to subprime borrowers, meaning those with scores between 580 and 619. Prime borrowers, by the way, are considered those with credit scores of 660 to 719.

As a prime borrower, you’ll also likely have access to some of the best interest rates. On average, prime borrowers paid 6.88% in interest on new loans in the period most recently reviewed. Super-prime borrowers did slightly better with average rates of 5.61%, while subprime borrowers were charged a much higher rate of 11.86% on average.

•   Remember to shop around from various lenders to find the best way to finance a car purchase.

•   Building your credit score could help you qualify for lower, super-prime rates.

Can I Get a Mortgage with a 680 Credit Score?

If you’re seeking a mortgage loan, a credit score of 680 should provide a host of options. You will likely qualify for most conventional loans, which typically require a credit score of 620 or higher. These are loans that are not insured or guaranteed by the federal government and are typically what you’ll find at most banks.

Among conventional loans, you’ll likely find a variety of options, including fixed- and adjustable-rate interest rates, as well as different options for length of the loan term.

Since lenders are taking on the risk, they look for individuals with higher credit scores. They’ll also take into account the size of the down payment you can make. The higher the amount, the less risk they need to take on, and the lower your interest rates may be.

Individuals with 680 credit scores should also easily qualify for government-back loans, such as Federal Housing Administration (FHA) loans. These usually require a credit score of 580 with a 3.5% down payment. Or, if you put 10% down, you may qualify with a lower score. Homes purchased through this program must be your primary residence.

If you’ve been in the armed forces, you may qualify for a VA loan. These are offered through the U.S. Department of Veteran Affairs and usually require a credit score of 580 to qualify.

Can I Get a Personal Loan with a 680 Credit Score?

A personal loan is a lump sum payment you agree to pay back in monthly installments. There are few restrictions for how personal loans can be used. For example, they could be used for credit card consolidation, home improvements, even the cost of a wedding celebration.

Borrowers with good credit scores will likely be able to secure a personal loan. And in some cases, a personal loan may be cheaper than other forms of credit, such as high interest credit cards. Currently, the average personal loan interest rates are about 12%, compared to about 20% or higher for credit cards.

As with other forms of credit, the lowest possible interest rates will likely go to borrowers with the highest scores.

Can I Build My Credit Score?

As mentioned above, the higher your credit score, the more likely lenders will offer lower interest rates, which makes borrowing cheaper. So before you apply for a loan, you may want to take steps to build your credit score a bit. Some tips:

•   Always make on-time payments. This is the most important factor in your credit history, comprising 35% of your credit score.

•   Keep your balances low. The amount you already owe represents 30% of your score. Consider paying off debts — especially high-interest debts — to lower your debt-to-income ratio and make more credit available.

•   Work to lengthen your credit history, have a good mix of types of credit (lines of credit and installment loans, for example), and don’t apply for too much credit in a short period of time.

It can take some time to build your credit, so if you know you’ll need to borrow in the future, it can be wise to start as soon as possible.

The Takeaway

With a credit score of 680, you are in the range of what are considered “good” credit scores. That means you’ll likely have access to most types of credit. Before you apply for a loan, however, take steps to ensure you’re getting the best deal possible. Be sure to shop around to multiple lenders for the lowest interest rates and best terms.

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 Austin Kilham

(Last Updated – 03/2024)

A credit score of 610 is considered a “fair” score vs. a “good” score. According to FICO^®, which compiles one of the most commonly used credit scores, a “good” credit score is anywhere between 670 to 739. A 610 credit score falls short of that mark.

That said, is a 610 score bad? No, it’s a notch above the “poor” category. And it can still provide options for you to secure a loan or line of credit. You are likely to have more limited choices and pay more to borrow. Here’s a closer look at what a score of 610 means, and what you can expect when borrowing funds.

What Does a 610 Credit Score Mean?

Most people in the U.S. have a credit score between 600 and 750. In fact, the average score is 715. With a 610 FICO score, you land squarely in the “fair” range, which comprises scores of 580 to 669, according to FICO. This score is below average, and may be categorized as “subprime.” That said, there may be lenders willing to approve loans at this credit level.

Here’s a little more intel on credit score ranges:

•   As noted above, if you’re three digits are between 670 and 739, you qualify as having good credit.

•   Scores in the 740 to 799 range are considered to be very good, and anything higher is exceptional.

•   FICO isn’t the only measure out there. The credit reporting bureau Experian pegs a good credit score at 700 or more.

So what does a below-average credit score of 610 mean? First, understand why your credit score is important. It’s a numerical representation of your credit history. It distills into one number factors such as your history of paying bills on time, how long you’ve had credit, how many accounts you’re able to maintain at once, and whether you’re actively seeking new credit.

When you apply for a loan, lenders will look at this score to help them determine your creditworthiness.

•   Higher scores can signal that you have been responsible with your credit in the past, and you’ve likely managed to pay your bills on time, even when juggling multiple forms of debt.

•   Lenders usually see borrowers with higher scores as less risk. They’re more likely to offer these borrowers credit at lower interest rates and with more favorable terms.

•   Lenders worry that borrowers with low credit scores are more likely to default on their loans. A default is time-consuming and costly to the lender as they attempt to recoup their losses, so a low score represents more risk.

•   Lenders may choose not to extend credit to borrowers with low scores. And if they do, they may offer loans with much higher interest rates and fees to help offset the risk they’re taking on.

💡 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.

Can I Build My Credit Score?

You can build your credit score. In fact, doing so may be a good idea for those wishing to avoid higher interest rates and fees. Strategies for raising your credit score include:

•   Always making on-time payments, first and foremost.

•   Keep your credit utilization ratio to below 30%. Many financial experts recommend keeping balances below 10% of your available limit.

•   Aim to extend your credit history, which can mean not closing out accounts you use infrequently.

•   Show you can handle a mix of credit types responsibly, such as lines of credit and installment loans.

•   Don’t apply for too much credit in a short window of time, if possible. It can create the impression that you are a risky borrower.

Recommended: Do Store Credit Cards Build Credit?

What Can You Get with a 610 Credit Score?

With a credit score of 610, you’ll likely have access to most types of lending products. However, there may be some restrictions on certain types of loans or credit lines, and you may not get the best rates and terms.

Can I Get a Credit Card with a 610 Credit Score?

You likely qualify for a credit card if you have a credit score of 610. However, think carefully about whether you’re able to take on this kind of credit.

Why? Credit cards are a form of revolving credit. They will allow you to carry a balance from month to month, but in return, they can charge high interest rates. Consider that the average interest rates for credit cards are above 20%. And this can make the cost of borrowing very expensive.

The only way to avoid interest is to pay your bill in full every month. Ask yourself whether you are able to do so. If you can’t, you could set yourself up to fall into increasing amounts of debt.

One alternative to consider: a secured credit card. A secured credit card allows you to put down a deposit and spend up to that amount. Making regular payments with a secured card can be a good way to improve your credit score, if your lender reports the activity to the credit bureaus.

Responsible use of a secured card can help you qualify for an unsecured card in the future.

💡 Quick Tip: Choosing a personal loan with a fixed interest rate makes payments easy to track and gives you a target payoff date to work toward.

Can I Get an Auto Loan with a 610 Credit Score?

There are no hard and fast rules for minimum scores needed to get an auto loan. The qualifications will vary lender to lender.

The higher your score, the more likely you are to qualify for a loan. In 2023, 17.10% of new auto loans went to those with below-average credit scores. Compare that to the 45.90% of new loans that went to prime borrowers.

Unfortunately, the lower your credit score, the more you will likely pay to borrow when you finance a car. Consider that the average interest rate for a near-prime borrower was 9.29% in 2023, while prime borrowers paid an average of 6.88% in interest.

Can I Get a Mortgage with a 610 Credit Score?

When it comes to getting a mortgage loan, a credit score of 610 can reduce your options. At 610, your credit score is not quite high enough to qualify for most conventional loans. These are loans that aren’t backed by a government agency, and they typically require a credit score of 620 or higher. It may be possible lenders will offer you a loan with a lower credit score, but they will almost certainly hike interest rates to compensate. This can significantly increase the cost of borrowing.

While conventional loans may be tough to secure, there are some government-backed options that are worth considering.

Federal Housing Administration or FHA loans with a 3.5% down payment typically require a credit score of 580. You can often qualify for one if you have a lower score as long as you put 10% down. There are some limitations on this program. For example, the home you purchase must be your primary residence, and you’ll need to demonstrate proof of employment.

Members and former members of the armed forces may qualify for a VA loan, which is offered through the U.S. Department of Veteran Affairs. Like FHA loans, they usually require a credit score of 580 to qualify.

Can I Get a Personal Loan with a 610 Credit Score?

There are personal loans available to borrowers with lower credit scores. However, as with the other forms of credit mentioned above, there are likely trade-offs, namely in the form of higher interest rates and fees.

Before you take out a personal loan, consider whether you are able to take time to increase your credit before you borrow. That way, you may qualify for a loan with cheaper rates.

Recommended: How to Get a Debt Consolidation Loan With Bad Credit

The Takeaway

With a credit score of 610, you will likely qualify for several useful types of credit. However, that credit will be more expensive due to potentially higher interest rates and fees than borrowers with higher scores would be charged. Take steps, if you can, to increase your credit score. And at the very least, shop around to multiple lenders to help ensure that you’re getting the lowest rates and best terms possible.

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 Austin Kilham

(Last Updated – 02/2024)

A 600 credit score is considered “fair,” which is the category below “good.” It’s actually towards the lower end of “fair,” nudging towards “poor.”

Most people have a credit score somewhere between 600 and 750, with an average score of 715 in the U.S. So what if you find yourself on the low end of that range? A 600 credit score may mean you have limited options for some loans and lines of credit. Those that you do qualify for may charge a higher interest rate and have less favorable terms.

Here’s a closer look at what a score of 600 means and what loan options might be available to you.

What Does a 600 Credit Score Mean?

A credit score range of 580 to 669 is considered to be “fair” according to FICO®. This score is below average, though many lenders are likely to approve loans at this level.

What constitutes a good credit score then?

•   According to FICO, the most popular credit bureau, a good credit score is in the 670 to 739 range.

•   Scores higher than that are considered to be very good (740 to 799) or exceptional (800 to 850).

•   Credit reporting bureau Experian puts good credit scores at 700 or more.

That said, if you’ve got a 600 credit score and you’re looking to secure credit, there are probably options available to you.

When you apply for a loan, a lender will look at your credit score to determine your creditworthiness. Your credit score is basically a numerical representation of your financial history. It takes into account factors such as your history of paying bills on time, how much debt you currently have, length of credit, and whether you’re actively pursuing new lines of credit.

Higher scores suggest that you are more responsible, that you manage multiple types of debt, have a long credit history, and that you pay your bills on time and in full. What does that mean to you and your ability to access credit?

•   Lenders see these higher scores as being less risky. They have shown that they use credit responsibly, repaying their loans on time.

•   As a result, they are more likely to extend credit to people with higher scores, and they are more likely to offer these borrowers lower interest rates and more favorable terms.

On the other hand, lenders see people with lower scores as representing more risk.

•   The lender may conclude that these borrowers are more likely to default on their loan. Defaults are costly for lenders who must spend time and money recouping their losses.

•   As a result, lenders may decide not to extend credit to people with low scores. Or they may compensate for this risk they take on by offering loans with higher interest rates or fees.

Building Your Credit Score

Prospective borrowers who wish to avoid higher rates and fees may consider ways to increase their credit score. Strategies include:

•   Always making on-time payments

•   Keeping debt-to-income ratios low, usually between 10% and 30% (this meaning you are using 10% to 30% of your available credit limit)

•   Lengthening your credit history

•   Having a good mix of credit (installment loans and lines of credit, say)

•   Be sparing with applying for new credit. Too many applications in too short a period of time can look risky.

Building better credit doesn’t happen overnight, so if you plan on seeking a loan in the future, start taking steps as soon as possible.

💡 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 Else Can You Get with a 600 Credit Score?

With a FICO credit score of 600, you generally fall in the what’s known as the subprime category of borrowers, or those who have less than average credit. However, as mentioned above this does not mean that you won’t have access to loans or lines of credit.

Here’s a closer look at what you may qualify for with a 600 credit score.

Can I Get a Credit Card with a 600 Credit Score?

You can likely get a credit card with a credit score of 600, but think about this choice carefully. Those with credit scores of 700 or higher typically have the most choice and the most favorable terms.

Credit cards are high-interest debt. Currently, average interest rates are often above 20%. And if you have below average credit, you may see your rate reflect this average or reach even higher.

High interest rates can make the cost of borrowing very expensive. Consider your ability to pay off your credit card in full every month, which is the only way to avoid paying interest.

If this is something you have trouble doing, you may consider an alternative, such as a secured credit card. With a secured credit card, you put down a deposit and can spend up to that amount as you credit limit. Using a secured card and making regular payments can be a good way to improve your credit score.

💡 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 600 Credit Score?

There is no minimum credit score for securing an auto loan, but for new car loans, most borrowers have a score of 730. Consider that in 2023, subprime borrowers received 12.67% of new auto loans, while prime borrowers received 45.90% of new loans.

What’s more, you will likely pay more for the privilege of borrowing if you’re in the subprime category. The average interest rate for subprime borrowers was 11.86% in 2023 compared with a 6.88% interest rate for prime borrowers.

Recommended: Pros and Cons of Car Refinancing

Can I Get a Mortgage with a 600 Credit Score?

You have reduced options for getting a mortgage loan with a credit score of 600. For most conventional loans, which are not backed by a government agency, you’ll need a credit score of 620 or higher. Without that, lenders either won’t offer you a loan or they will offer a loan with a higher interest rate, which increases the cost of borrowing.

A government-backed USDA loan typically requires a credit score of 620 and other qualifying factors. Some other potential options to consider:

•   Federal Housing Administration or FHA loans are backed by the federal government. To qualify for a loan with a 3.5% down payment, you typically need a credit score of 580. You can usually qualify for a loan with a 10% down payment with a score between 500 and 579. Homes purchased through this program must be the buyer’s primary residence, and the borrower will need to demonstrate proof of employment.

•   If you are or have been a member of the armed services, you may qualify for a VA loan offered through the U.S. Department of Veteran Affairs. They are also backed by the federal government and require a credit score of 580.

Can I Get a Personal Loan with a 600 Credit Score?

You can likely get a personal loan with a “fair” score. Many lenders start approving personal loans for those with scores between 560 and 660, so loans for a 600 credit score are possible. But as with the other forms of credit examined in this article, you will likely be charged a higher interest rate and may have less desirable terms (such as higher fees) than borrowers with higher scores.

You might consider whether it is critical for you to take out a personal loan with a 600 credit score now or if you can take steps to improve your credit score before you borrow.

Recommended: Typical Personal Loan Requirements Needed for Approval

The Takeaway

Though a credit score of 600 is below average, you may still secure many types of credit. However, borrowing may cost you more than it would someone with a good, very good, or excellent credit.

There are steps you can take to help prevent overpaying, however. Any time you seek credit, be sure to compare rates among multiple lenders to help ensure that you receive the best interest rate possible and the best loan terms. You may also want to take steps to build your score as well.

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.