By Melissa Brock

(Last Updated – 06/2024)

A credit score of 674 is an average, or fair, score and may indicate to lenders that you are a lower-risk borrower. According to FICO, a score that falls in the 670 to 739 range is classified as “good.” FICO scores are based on information typically provided by the three major credit bureaus: Experian, TransUnion, and Equifax.

Although FICO^® scores are used by 90% of the top lenders, some creditors base their decisions on a credit score provided by VantageScore. VantageScore’s “good” credit score range is 661 to 780. So even with a 674 credit score, you’re still considered lower risk.

Many lenders in the U.S. consider people with a “good” credit score to be acceptable borrowers. This means they may see you as eligible for an array of credit products, though you may not get the most choice product offers, lowest interest rates, or best loan terms.

What Does a 674 Credit Score Mean?

Your credit score is a three-digit number that indicates to lenders your creditworthiness. According to FICO, credit scores range from 300 to 850. The higher the number, the more likely creditors will see you as someone who can be trusted to repay a debt, such as a personal loan, on time.

A 674 credit score puts you right in the middle of FICO’s credit score ranges. Here’s how the scores break down:

•   Exceptional: 800 to 850

•   Very Good: 740 to 799

•   Good: 670 to 739

•   Fair: 580 to 669

•   Poor: 300 to 579

Borrowers with a credit score of 674 are considered a relatively lower risk when it comes to paying back the money they owe. However, lenders might be more cautious, as some borrowers in this credit range have a record of missed or late payments; have a higher credit utilization rate, which could lower their credit score; or have a shorter credit history.

Note that since a 674 credit score is only four points above the lowest end of the “good” range, you’ll want to ensure it doesn’t slip into the “fair” credit score range.

Recommended: What Is a FICO Score? FICO Score vs. Credit Score

What Else Can You Get with a 674 Credit Score?

Since you fall into the “good” credit range with a 674 credit score, you could be eligible for a variety of credit cards and different types of loans. Let’s take a closer look.

Can I Get a Credit Card with a 674 Credit Score?

With a 674 credit score, you should be able to qualify for a standard, or unsecured, credit card. This type of credit card allows the cardholder to use their credit card when they want to, up to the credit limit. There’s no end date for an unsecured credit card, and you can use it continuously.

One thing to keep in mind about your credit card options with a “good” credit score: You most likely won’t qualify for the best credit card perks out there, such as balance transfer offers, 0% APR offers, or those credit cards with peak cash-back rewards. You may also not get the best rates or terms.

Can I Get an Auto Loan with a 674 Credit Score?

While there’s no credit rate minimum etched in stone for an auto loan, a good number of borrowers have a credit score of 660 or higher, according to Lending Tree. Meanwhile, Wallethub.com reports individuals with credit scores below 700 receive more than 40% of all auto loans.

Your interest rate on a car loan does depend on your credit score, along with some other factors, such as your debt-to-income ratio, how much of a down payment you put down, the length of your loan term, and whether you’re buying a new or used car. The latest average auto loan interest rates for a credit score of 674 is 6.40% for a new car and 8.75% for a used car, according to Experian.

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.

Can I Get a Mortgage with a 674 Credit Score?

Borrowers whose credit scores fall below the “good” credit range are often still able to get a mortgage, so with a 674 credit score, you should be able to secure a mortgage loan. Case in point: Homebuyers need only a minimum 620 credit score to apply for a Fannie Mae or Freddie Mac fixed-rate mortgage loan and a minimum 580 credit score to apply for a government-backed Federal Housing Administration (FHA) loan.

Generally, having a 674 credit score will put mortgage borrowers in a good position to get approved for a mortgage and have access to favorable loan rates.

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: FHA Loan vs. Conventional Mortgage: Decoding the Differences

Can I Get a Personal Loan with a 674 Credit Score?

There are many reasons why you may want or need a personal loan, including home improvements, a wedding, medical bills, or credit card consolidation. In fact, according to Bankrate, more Americans (39%) take out a personal loan to consolidate debt than any other reason.

Whatever the reason, with a credit score of 674, you will likely have options for securing a personal loan. Typically, you need a credit score of at least 610 to 640 to qualify for a loan, so a credit score of 674 makes you a good candidate in the eyes of many lenders. Though some lenders prefer a borrower who falls into the “very good” or “exceptional” range, with a 674 credit score, you may still qualify for a personal loan with competitive loan terms.

Takeaway

Is 674 a good credit score? Having a 674 credit score puts you in the “good” category, according to the main credit scoring companies, FICO and VantageScore. Creditors and lenders consider the score to be average and borrowers who have it to be lower risk.

However, if your credit score is under 700, you may not be able to reap all the benefits when it comes to credit cards or loan offers, such as securing a low interest rate. The good news is, you may be able to raise your credit score by making timely payments, keeping credit utilization low, and checking your credit report on a regular basis to monitor for any errors that could be impacting your score.

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 Laurel Tincher

(Last Updated – 06/2024)

A 714 credit score is considered a “good” credit score. With this score, you should be able to qualify for most borrowing options, likely at attractive rates and terms. However, a 714 score falls below the top two credit tiers (“very good” and “exceptional”), which means you probably won’t qualify for a lender’s best rates.

Here’s a look at what types of mortgages, car loans, personal loans, and credit cards you may be able to get with a 714 credit score.

What Does a 714 Credit Score Mean?

SA credit score is a three-digit number that tells lenders how much risk you pose as a borrower. Scores typically range from 300 to 850 — with higher numbers indicating less risk — and are based solely on information in your credit reports. Factors that can impact your credit scores include your payment history, amounts owed, length of your credit history, and the types of credit you use.

While many people think they have just one credit score, you actually have multiple credit scores. The reason is that credit scores can be calculated using different credit reports and different scoring models, such as FICO^®, VantageScore^®, or a lender’s proprietary algorithm. Each model has its own standard for what qualifies as “good.”

Here’s what a 714 credit score means based on FICO’s scoring model, which is the most widely used:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

VantageScore uses slightly different credit score ranges and nomenclature for each range:

•   Excellent: 781-850

•   Good: 661- 780

•   Fair: 601-660

•   Poor: 500-600

•   Very Poor: 300-499

Under both the FICO and VantageScore credit models, 714 is a “good” credit score. According to Experian, a 714 score is right around the average credit score in the U.S. (which is 715).

A credit score in this range can mean you have a somewhat short credit history marked by responsible credit management, or that you’ve had a longer credit history but have made a few mistakes along the way — such as late payment here or there or a tendency to use a lot of your available credit. Generally, though, lenders will see you as relatively low risk.

What Else Can You Get With a 714 Credit Score?

Having a 714 FICO score can help you save money on interest charges by giving you access to better rates. However, the benefits of a good credit score go beyond new credit.

Having good or better credit may help you qualify for lower premiums on car insurance. Utility companies may look at a new customer’s credit scores and may be willing to waive security deposits for those with good credit.

You might also have an easier experience renting an apartment or house, since landlords will often look at applicants’ credit scores to see how reliable they are with repaying bills and debt.

Your credit score can also impact your job prospects. Some employers request your permission to check your credit. They do so to confirm whether you’re financially stable, particularly for jobs that involve finances or that require security clearance.

Recommended: 8 Tips for Maintaining a Good Credit Score

Can I Get a Credit Card with a 714 Credit Score?

Yes, a 714 credit score is typically sufficient to meet a credit card issuer’s minimum credit criteria. You might also be approved for credit cards offering attractive benefits such as cash back, travel rewards, or a 0% introductory APR.

Since your score is considered average and not “exceptional” or “excellent,” however, you might not receive the lowest APR possible on the card. And to qualify for the best reward cards, you generally need at least excellent credit.

Keep in mind that when it comes to getting a credit card, credit scores are just one part of the equation. A lender may also consider criteria not reflected in your credit scores, such as your employment status and income level, when deciding if you qualify for a credit card, as well as the rates and terms they will offer.

Can I Get an Auto Loan With a 714 Credit Score?

Yes, you can likely get an auto loan with a 714 credit score, and may qualify for a competitive rate. However, it may not be a lender’s best rate.

To get an idea of what you can get with an 714 score, here’s a look at the average auto loan interest rate paid by borrowers with scores in various ranges (using the VantageScore model) as of the fourth quarter of 2023.

With a 714 credit score, you’re in the “prime” range, which offers an average auto loan rate of 7.01% for a new car. Used car loans typically have higher rates, averaging 9.73% for a 714 score. Still, this is significantly lower than the average rate of 14.12% for “nonprime” borrowers.

In addition to having good credit, you’ll also need to meet the lender’s income and down payment requirements. The type of vehicle you finance also impacts whether you qualify and the rate you’ll receive.

Can I Get a Mortgage with a 714 Credit Score?

Yes, 714 is a good credit score for buying a house. At a minimum, most conventional mortgage loans require a credit score of about 640. In general, any score above 700 is considered a good credit score to mortgage lenders. To get the best available mortgage rates, though, you generally want your score to be 740 or higher.

When you apply for a mortgage, lenders will also consider factors other than your credit score, such as the amount of your down payment and your income. Mortgage companies will also be interested in your debt-to-income ratio (DTI), which tells them what percent of your income is going toward debt repayment each month. They generally prefer to see that ratio remain below 36%.

To calculate your DTI, simply add up your monthly debt payments (including rent), divide that number by your monthly gross income, then convert the figure into a percentage by multiplying it by 100.

Can I Get a Personal Loan with a 714 Credit Score?

Yes, you can likely get a personal loan with a 714 credit score, and may qualify for a low interest rate. To qualify for a lender’s best rates, however, you generally need a score of at least 780.

The average APR for a three-year personal loan for borrowers with credit scores in the 680-719 range is 21.69%. For borrowers with a credit score 780 or higher, on the other hand, the average APR lands at 13.64%.

The interest rate you’ll pay for a personal loan depends on factors other than credit score, however. Lenders will typically also look at your income, employment history, and DTI. Since most personal loans are unsecured, you don’t need any collateral (like a car or a home) for approval.

Once you qualify, a personal loan provides you with a lump sum of cash that can be used for virtually any purpose, including home improvements, a vacation, a large purchase, and credit card consolidation. You repay the loan in regular installments over the loan’s term, which can range anywhere from one to seven years.

Takeaway

AA 714 credit score is a good score. It generally exceeds lenders’ minimum credit score requirement for new credit requests, but it also isn’t the highest score in the FICO or VantageScore range.

This means that while you might be eligible to get a loan or credit card, you might not be offered the lowest available rates. The most competitive rates and terms offered by lenders generally require “excellent” credit.

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.