By Jackie Lam

Technically speaking, a 638 credit score falls in the “fair” range, which puts it below a “good” score. When you have a fair credit score, it can be harder to get approved for credit or financing. And if you do, that loan or line of credit will probably come with steeper interest rates and less flexible terms than you’d be offered if you had a higher score.

Here, you’ll learn the details of what to expect with a 638 score as well as possible ways to build your three digits into the category of good scores.

What Does a 638 Credit Score Mean?

Consumer credit scores fall between 300 and 850, and the higher your number, the better. You’ll most commonly come across the FICO® Score, which is used by 90% of lenders.

How can you tell what your credit score means? Here are the FICO credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent (or exceptional): 800-850

As you can see from these numbers, a 638 credit score is on the higher end of the fair camp. It’s not as low as a poor credit score, which tops out at 579, but it’s not as high as a good score, which begins at 670.

However, what the lender deems as a “good enough” credit score — or one where they’re willing to extend you financing — depends on the lender. What a 638 score can get you, in terms of approval, loan amounts, rates, and terms, is set by the lender’s credit requirements and how they factor in your other financial information.

Recommended: Personal Loan Calculator

What Else Can You Get with a 638 Credit Score?

The odds are good that you can land a car loan, credit card, personal loan, or mortgage with a credit score of 638. That said, expect to have higher interest rates, less desirable terms, and less flexibility than if you had a score that was in the good, very good, or excellent ranges.

A higher interest rate means you’ll be paying more for borrowing the same amount of money. And if you’re taking out a type of installment loan (such as a personal loan or home equity loan) and have a longer term, that could also mean more interest paid over the life of the loan.

Besides other criteria such as your debt-to-income ratio (DTI), income, collateral, and education, your credit score is one of the main things creditors and lenders will take a close look at when determining whether to give you that loan or line of credit. You might focus on building your score to qualify for better terms. Making on-time payments, reducing your debt, and avoiding hard credit checks can be valuable tactics.

Can I Get a Credit Card with a 638 Credit Score?

With a 638 credit score, the odds are good for you to qualify for certain credit cards. However, for many credit cards (including those with robust rewards), you need to land at least in the “good” range of credit scores.

Some options that you may qualify for:

•   Retail or store cards usually have lower credit score requirements. For instance, an Amazon or Best Buy store card may be available to those with a credit score over 580.

However, these cards usually come with lower credit limits, higher interest rates, and fewer card perks. Plus, retail cards can be limited in use. For example, you might only be able to use it at one retailer or a group of retailers.

•   A secured card can work well for people with fair credit scores. Like store cards, secured cards also have less stringent minimum credit score requirements. They’re made for folks who are building their credit and require you to secure the card by putting down a deposit. They usually have lower credit limits; typically, the limit equals the deposit. Say your deposit is $250. In that case, your credit limit will be $250.

Secured cards work just like other credit cards, and they’re accepted wherever the card network is accepted. And with some secured cards, after a series of on-time payments, you might be able to graduate to a standard card.

Note that besides having fewer options, you’ll likely be approved for cards with higher interest and fees and less flexible terms. See if you can get prequalified online. This usually requires you to provide some basic personal and financial details. Plus, it won’t result in a hard pull of your credit, so won’t hurt your score.

Can I Get an Auto Loan with a 638 Credit Score?

Your chances are good for getting approved for an auto loan with a 638 credit score. However, be open to exploring different options. A few places where you can apply for auto loans are banks, credit unions, and dealerships.

While you’ll likely get a green light on a car loan, you might be paying higher interest rates. In addition, borrowers with fair credit scores typically have longer loan terms than those with higher scores. According to recent data from Experian®, in Q2 of 2024, the average loan term for borrowers with nonprime credit scores (601 to 660) was 74.13 months, or just over six years, while the average loan term for super prime borrowers (781 to 850) was 64.04 months, closer to five years. A longer loan term can mean more interest paid over the life of the loan.

Remember to factor in the total cost of the car vs. just the monthly payment. For instance, include maintenance and repairs, gas, and insurance.

Can I Get a Mortgage with a 638 Credit Score?

It’s possible to secure a mortgage when you have a 638 credit score. The minimum credit score depends on the type of home loan:

•   Conventional home loan: The minimum credit score for a conventional home loan tends to hover around 620.

•   FHA loan: FHA loans are available if you have a 580 credit score and a 3.5% down payment. That score and down payment can secure you the maximum amount of financing available.

•   VA loans: There’s technically no minimum credit score for a VA loan, but you’ll likely find lenders requiring a score of 580 to 620.

•   USDA loans: USDA loans usually require a minimum credit score of 640 to qualify. Otherwise, you’ll need to provide a full credit review before getting approval.

With a 638 credit score, one option is also to work on building your credit score to potentially qualify for more options and better rates.

Can I Get a Personal Loan with a 638 Credit Score?

Personal loans are typically unsecured loans that can be a convenient way to access funds for a variety of uses, such as to pay off medical debt or a car repair bill or to finance a wedding or vacation.

You may land a personal loan with a 638 score, but having a higher score usually means you’ll have more favorable interest rates and flexible terms.

It’s important to note that while you might be paying more on a personal loan with a fair credit score, interest rates on a personal loan are usually lower than those of a credit card. Data from the Federal Reserve reveals that the average interest rate on a 24-month personal loan is 11.92%, while the average rate for a credit card hovers at 21.51% as of 2024.

(Worth noting: If you have racked up a balance by swiping or tapping your plastic, you could apply for a credit card debt consolidation loan. You’ll likely need a score of 640 to 670.)

To find a loan amount and rate that works best for you, it’s a good idea to do some shopping. Lenders will look at various credit and financial criteria when looking over your application.

Recommended: Average Interest Rates for Personal Loans

The Takeaway

A 638 credit score falls in the “fair” vs. “good” range. While you can land a line of credit or financing with a 638 credit score, you’ll likely have a tougher go at securing a mortgage, auto loan, credit card, or personal loan than if you had a higher credit score. You might be offered higher interest rates, less favorable terms, and less flexibility.

If you can build your score by making on-time payments and keeping your accounts in good standing, you can likely qualify for more options with better terms. And if you’re shopping for a personal loan, check out what SoFi offers.

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.