By Jamie Cattanach

A credit score of 627 is not a good score. Rather, it’s considered fair. Borrowers with a 627 credit score may qualify for some loans and credit cards, but with less favorable rates and terms than those with a higher number.

Here, take a closer look at what your 627 credit score means, including what doors it can unlock for you — and how you might build your score to qualify for more credit products or those with more competitive terms.

What Does a 627 Credit Score Mean?

As mentioned above, a 627 credit score is in the fair category. The fair credit score range is higher than the lowest category (poor) but lower than the good, very good, and excellent categories.

Here’s how the credit score ranges stack up:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

Currently, the average American’s credit score is 717, so your current score is considerably lower than that of most people. Perhaps you are new to using credit or have missed some debt payments in the past, which lowered your credit score.

As you see, the fair credit score range starts at 580 and runs to 669. If you build your credit score to 670, you’ll be in the good category of FICO® Scores (the most popular system of credit scoring). This can make it easier to qualify for loans — and to get better terms for the loans you do take out, including potentially lower interest rates.

Recommended: What Credit Score Do You Need for a Personal Loan?

How to Build Your Credit Score

Building your credit score is all about persistence and creating consistent habits that can have a positive affect on your score.

For example, your payment history accounts for fully 35% of your FICO credit score, which is the highest weight of any factor. Payment history simply refers to how often you’ve made your debt payments on time.

That means that, even without taking any other action, making on-time payments can have a positive impact on your credit score. Keeping a lower total debt balance by paying down any revolving balances you carry can build your credit score. That’s because the amount you owe versus the amount of credit you have available counts for another 30% of your score, the second most highly weighted category.

What Else Can You Get With a 627 Credit Score?

Whether or not you focus on building your credit score, a 627 FICO score can still unlock access to credit. Here’s a closer look at which types of loan products you’re likely to qualify for.

Can I Get a Credit Card With a 627 Credit Score?

Typically, you need a credit score of 670 or higher to qualify for an unsecured credit card with a competitive interest rate. That said, plenty of card issuers offer credit cards specifically designed for those with fair, poor, and even nonexistent credit. However, these products usually involve higher interest rates, and credit cards are already known for often having high interest rates. It’s important to think carefully about whether you can truly afford to use a card with a higher interest rate.

Another option you may find is a secured credit card. These allow you to put down a cash deposit as collateral (therefore making the deal less risky for the issuer). Typically, that cash deposit acts as your credit limit, capping how much you spend. Activity on these cards is reported to the credit bureaus and can help you build your credit history. You may be able to graduate from a secured card to an unsecured card after showing that you’ve managed your debt responsibly.

You will likely need to build your score into the very good or higher range in order to qualify for credit cards that offer lower interest rates and more rewards, such as points or cash back.

Tip: Focus on paying off your credit card every month in full on the due date to avoid ever paying any interest on your purchases.

Can I Get an Auto Loan With a 627 Credit Score?

There’s not a specific minimum credit score required to take out an auto loan. Some lenders will want to see a 670 credit score or higher. Others will approve loans to those with a 600 or higher score. Some people may qualify with an even lower score.

What usually occurs is that the lower your credit score, the more interest you will pay for the privilege of borrowing cash for a car purchase. For instance, at the end of 2024, those with a credit score between 781 and 850 would on average be assessed an interest rate of 5.25% for a new car loan and 7.13% for a used car loan, according to Experian® research. For those with a score of 627, the rates would be higher: 9.83% for a new car loan and 13.92% for a used car loan. These higher interest rates can cost you thousands of additional dollars over the life of a loan.

If you have a lower credit score, it may make more financial sense to purchase a cheaper car in cash rather than to apply for a car loan. It can be worthwhile to consider this and other approaches when you need to buy a car.

Can I Get a Mortgage With a 627 Credit Score?

Excellent news: If you’re in the market for a new home, your 627 credit score can make the cut. Most conventional home lenders require a minimum credit score of 620, which means your score is just on the right side of the equation.

Again, however, a higher credit score can help you get a lower interest rate. Additionally, keep in mind that your mortgage lender will be looking at other factors as well, including your income, job stability, how much debt you carry, the amount you have saved, and more. In other words, your credit score isn’t the end of the story.

Also, there are certain types of loans that can be available to those with lower credit scores at the discretion of the lender. These can include FHA, VA, and USDA loans. Depending on a variety of factors, you may qualify for these programs.

Can I Get a Personal Loan With a 627 Credit Score?

Personal loans are usually unsecured loans, meaning they aren’t secured by any kind of collateral. They typically have a fixed interest rate that’s considerably lower than that of credit cards, and they have one- to seven-year terms in most cases. The lump sum amount you receive with a personal loan can range from $1,000 to $100,000.

Borrowers can use the funds for just about any purpose they want. For instance, you might use the funds for a kitchen remodel or to pay for a wedding. These loans do, however, tend to come with stricter eligibility requirements than other types of loans.

With a credit score of 627, you may or may not qualify for a personal loan. For instance, you might only be approved by a lender who charges you a higher interest rate than they would charge those with higher scores. Still, using a personal loan to consolidate debt could help build your credit score over time and may still be worth it in the long run, even if the interest rate is somewhat higher than you would like.

If you are contemplating a personal loan for any purpose, a personal loan calculator can help you understand the total cost of your loan over its lifetime. This can be a valuable step before you decide whether or not to forge ahead.

Recommended: How to Apply for a Personal Loan

The Takeaway

A credit score of 627 is in the fair category, which is below the good range. You may still qualify for some types of loans and lines of credit, though you likely won’t get the lowest interest rates and most favorable terms. Those tend to be reserved for those with very good or excellent scores. If you work on building your credit score into the good or higher range, you should have more competitive options to choose among for products like car loans, mortgages, credit cards, and personal loans.

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 Lauren Ward

A 750 is better than a good score. It qualifies as a very good credit score and can help you qualify for loans and lines of credit with favorable interest rates and terms. While it’s not in the very top category, which is called excellent and requires a score of 800 and above, it is still a reflection of the fact that you manage credit well.

Learn more about what financial products a 750 credit score can unlock.

What Does a 750 Credit Score Mean?

A 750 credit score means your credit is above the average American’s, which is 717 and falls into the very good range.

Here’s how the FICO® Score, a popular credit-scoring model, groups its credit categories:

•   Under 580: Poor

•   580-669: Fair

•   670 to 739: Good

•   740-799: Very good

•   800 or more: Exceptional or excellent

Your 750 credit score also means that you’re likely to qualify for favorable financing terms, like lower interest rates and larger loan amounts and credit lines. In terms of credit cards, you will probably be able to get a card with robust rewards like cash back or travel perks.

That’s because you’ve developed a solid repayment history over time, and lenders will likely feel as if there’s a very small chance you’ll default on any future payments. If your score has improved since you last took out some kind of financing, you may even be able to refinance a loan at a better rate.

What Factors Cause a 750 Credit Score?

A credit score of 750 indicates that you have positive records on your credit report across most, if not all, categories that are analyzed. And any negative items are likely several years old.

Here are the five scoring categories represented on your credit report that contribute to your solid score and reveal how you are probably managing your credit

•   Payment history: The vast majority of your loan and credit payments have been made on time over the last seven years:

•   Amounts owed: Your credit lines aren’t overleveraged.

•   Length of credit history: Your credit history is established enough where lenders are confident in your ability to repay.

•   New credit: You don’t have too many new inquiries or credit lines opened in the last year.

•   Credit mix: You likely have a mixture of both revolving credit and installment loans on your report.

What Else Can You Get With a 750 Credit Score?

Having a 750 credit score isn’t just a point of pride. It offers real financial benefits. Interest rates offered to those with a 750 credit score tend to be some of the lowest out there, whether you’re looking for a new credit card or a personal loan.

But depending on the type of financing you’re looking for, other factors impact your quote as well. Here’s how to navigate four types of financing with a 750 credit score.

Can I Get a Credit Card With a 750 Credit Score?

You’re likely to get approved for a credit card with a low interest rate for a 750 credit score. On top of that, you might also qualify for a higher credit line and better rewards programs. These are usually available to those with a credit score of 700 or higher. Some of the very top-tier benefits, however, may require a score of 800 or higher.

Explore different types of available rewards to choose the best card for what you’re interested in. Just keep an eye out for any annual fees, which sometimes accompany credit cards with substantial perks.

Common credit card rewards you can accrue as you make purchases with your card include:

•   Cash back: Earn a small percentage of your spending, usually between 1% and 5%, to be used as you like (such as applying it to your credit card bill or spending it).

•   Travel miles: Accrue travel miles that can be applied to future travel expenses.

•   Points: Accumulate points that can later be redeemed as cash back or purchases.

When searching for rewards cards, also look for sign-up bonuses. You can earn more points, cash back, or miles by meeting certain spending criteria within an introductory period.

Creditors also look at other factors when you apply for a credit card — not just your credit score. They might also evaluate your employment, income, financial assets, and existing debt. In this way, your overall financial profile can come into play.

Can I Get an Auto Loan With a 750 Credit Score?

You should get approved for an auto loan at this level of credit. But what interest rate can you get with a 750 credit score for a car? The average rate as of mid-2024 was 6.87% for a new car and 9.36% for a used car if you have a credit score between 661 and 780 vs. 13.18% for a new car and 18.86% for a used car for those who have credit scores between 501 and 600. As you can see, lenders charge less in interest for new cars because they’re easy to value and are assumed to be in good condition.

But your desired loan amount also impacts your eligibility and credit score. You might get quoted a higher rate for a more expensive car. You’ll also need to have enough income and a lower debt-to-income (DTI) ratio to support the loan amount you want.

The lender uses both metrics to determine your maximum monthly payment. Depending on the lender, the maximum DTI usually ranges between 46% and 50%. That means all of your monthly debt payments, including all auto loans, other loans, and mortgage, can only account for up to 50% of your monthly income.

To find your DTI, add up all of your monthly debt payments and divide the total by your monthly gross income. Multiply by 100 to get your DTI percentage.

Can I Get a Mortgage With a 750 Credit Score?

You will likely have your pick of mortgage programs with a 750 credit score and may also qualify for a lower down payment. Here are some options:

•   Conventional loan: With a 750 credit score, you should qualify for some of the best rates available. Down payment requirements for this loan type range between 3% and 20%.

•   Jumbo loans: This mortgage helps you buy a high-value home that’s over the conventional loan limit for your area. In most areas, it’s $806,500. You could qualify for a jumbo loan with a 750 credit score, as long as you have enough income and assets.

•   FHA loan: This government-back mortgage requires a minimum credit score of 580. So while you would qualify with a 750, it may not be the best option because of the fees that come along with it.

•   VA loan: This loan is designed for military service members, veterans, and surviving spouses. It comes with a 0% minimum down payment and low credit score minimums. Fees may be low so it’s an option for borrowers with good credit scores who meet the service requirements.

•   USDA loans: This is another government program but is targeted to homebuyers house hunting in rural areas instead of veterans. There’s no down payment required, but you can only earn a certain amount in order to qualify for this 0% down payment mortgage.

Remember, the higher your score, the more favorable your interest rate and terms are likely to be.

Can I Get a Personal Loan With a 750 Credit Score?

In most instances, you should be able to get a personal loan, an unsecured loan typically with a fixed interest rate, that can be used for almost any purpose, such as paying for a wedding. Amounts offered can vary from $1,000 up to $100,000, and terms can run from two to seven years.

Another kind of personal loan is a debt consolidation loan. These usually combine one or more high-interest lines of credit into a single, convenient installment loan at a significantly lower interest rate. This can be more convenient and make it easier to pay down debt.

But how much can you borrow with a 750 credit score? It depends on multiple factors outside your credit, including your income and current debt loads.

A personal loan calculator can help you estimate monthly payments for different loan amounts. By adding that to your other existing debt payments, you can gauge your debt-to-income ratio to see how large a loan you could qualify for.

Whenever you’re applying for any type of financing, remember to preserve your credit score by only applying for new credit as needed and avoiding maxing out your credit cards. And as always, stay on top of your payments each month to avoid a sudden drop in your score.

Recommended: Typical Personal Loan Requirements Needed for Approval

The Takeaway

A credit score of 750 is considered very good and indicates that you have handled debt responsibly in the past. This 750 score can give you lots of options when it comes to financing. You will likely qualify for credit cards with favorable terms and attractive rewards, home loans including jumbo loans, car loans, and personal loans.

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 Jackie Lam

A 637 credit score is neither good nor bad. It puts you squarely in the fair category, which is above a poor rating but below a good score.

Your credit score of 637 is 33 points below the range of good credit, which typically starts at 670. What’s more, it’s 80 points below the current national credit score average of 717. While you may well find lenders or creditors to approve a loan or credit card, you’ll likely have higher interest rates and less flexible terms than if you had a higher score.

What Does a 637 Credit Score Mean?

A credit score gauges your creditworthiness, or how likely you are to demonstrate responsible borrowing behaviors, such as paying back your loans on time. Your three-digit score reflects how well you’ve managed credit in the past. Lenders and creditors use credit scores to determine whether to extend you financing, such as a mortgage, car loan, credit card, or personal loan, and with what kind of terms.

Some details to know about credit scores:

•   You have three credit reports from the major credit bureaus: Experian®, Equifax®, and TransUnion®.

•   Credit scores are based on scoring models such as FICO® or VantageScore. A lender might also have its proprietary algorithm.

•   There are dozens of different scoring models within these scoring models. You can also have different credit scores, which might be used for different purposes, such as insurance policies or taking out a car loan.

•   The FICO Score is the most popular credit scoring model in the U.S. The credit score ranges from 300 to 850; the higher the number, the better the score.

The breakdown for the FICO credit score ranges is as follows:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent (or exceptional): 800-850

A score of 637 hovers in the fair range, and, as you see, does not make the cut as a good credit score.

What Else Can You Get With a 637 Credit Score?

With a credit score of 637, you have less-than-stellar credit and are considered a higher-risk borrower. Getting approval for that loan or line of credit might take a little more effort. On top of fewer options, the ones made available to you might come with higher interest rates and other drawbacks.

So while you may be approved for most financial products with a 637 credit score, you’ll probably pay more for the same amount of money borrowed due to that higher interest rate. If you are applying for a credit card, in addition to paying a higher interest rate, you may not be offered the same credit card rewards (such cash back or points) as you would with a higher credit score. Here’s a closer look.

Can I Get a Credit Card With a 637 Credit Score?

What kind of credit cards can you get with a 637 FICO score? Typically, you need a 670 credit score for a basic credit card. That said, you may qualify for some unsecured credit cards with a credit score in the fair range. Just note that with fair credit, the card offered will likely charge you a higher interest rate (and credit cards offered to those with good or better credit scores are already considered high-interest). In addition, it will probably lack the rewards, like travel perks, given to those with very good or excellent credit.

With fair credit, here are some other types of credit cards you’ll likely have higher odds of getting approved for:

•   A secured card can be a solid route if you have fair credit and are working to build your score. These cards tend to have less rigid credit and financial requirements, lower credit score requirements, and higher debt-to-income (DTI) thresholds.

With a secured card, you typically need to put down a security deposit, which can match your credit limit. So, if you put down a $500 security deposit, your credit limit is also $500. In general, secured cards have lower credit limits.

Some cards allow you to move up from a secured card to an unsecured card after making a series of on-time payments.

•   Retail or store cards, like secured cards, usually have looser credit requirements, making them easier to qualify for. You may also hear them referred to as closed-loop cards, which means you can only use them at one retailer or retail group. This is compared to an open-loop card used anywhere the credit card network (i.e., Visa, Mastercard, American Express) is accepted.

While retail or store credit cards are easier to get, they also might come with higher interest rates. Plus, their “interest-free” plans might be a deferred interest plan. In other words, if you don’t pay off the balance in time, you’ll be on the hook with all the accruing interest.

If you feel like your options are limited, don’t despair. Points to consider:

•   Creditors don’t just look at your credit score; other factors like your income, education, and debt-to-income ratio (DTI) are also considered.

•   If you want a credit card with a higher credit score, practicing sound credit-building behaviors, such as always making on-time payments, lowering your debt load, not applying for credit too often, having a mix of credit (such as installment loans and lines of credit), and maintaining as long a credit history as possible. These moves can have a positive impact on your credit score.

Can I Get an Auto Loan With a 637 Credit Score?

You’ll likely be able to land an auto loan with a 637 credit score, but, as mentioned above, a lower score usually equates to higher interest rates.

According to data compiled by Experian, in the second quarter of 2024, the average interest rate for someone with a credit score between 601 and 660 for a new car was 9.83% and, for a used car, 13.92%. For those with a score between 781 and 850, the interest rates fell to 5.25% and 7.13%. Over the term of a loan, those rate differences can have a real impact on the total amount you’ll pay.

As you think about getting a car loan, it’s also important to look at the total cost of the car, which includes insurance premiums, the cost of gas, and repairs and maintenance. That way you can adequately size up the total outlay of funds before you apply for an auto loan, which can in turn help you stick to your budget.

Can I Get a Mortgage with a 637 Credit Score?

Yes, getting a mortgage with a 637 credit score is possible. The lending criteria and credit score requirements hinge on the type of home loan:

•   Conventional home loan: For a conventional home loan, you’re often looking at a minimum credit score of 620. (Some lenders, however, may require 640 or 660 and up.)

•   FHA loan: Mortgages backed by the Federal Housing Administration (FHA) usually require a credit score of at least 580 and a 3.5% down payment. If those two criteria are met, you’ll probably be able to get access to the most financing available for FHA loans.

•   VA loans: Home loans available through the U.S. Department of Veteran Affairs often require you to have at least a score in the range of 620 or 640. However, some lenders may approve applicants with a lower score, such as 580 or more.

•   USDA loans: Loans offered by the USDA generally need you to have a minimum credit score of 640. If you don’t have a 640 credit score, you must undergo a full credit review before landing a USDA loan.

When you have a fair credit score and aren’t rushing to buy a home, you can work on building your credit score to have a broader range of options and possibly land a lower interest rate.

Can I Get a Personal Loan With a 637 Credit Score?

The beauty of personal loans is that they’re very flexible in their use. They’re typically unsecured, offer a fixed rate, and have terms of two to seven years. You might borrow, say, $1,000, or some lenders might extend you a personal loan of $100,000.

You can use personal loans for almost any legal purpose you can think of, such as:

•   Paying for a home renovation

•   Consolidating credit card debt into a single monthly payment, usually at a significantly lower interest rate (you may need a score of 640 or 670 and up to qualify)

•   Taking care of a major medical, dental, or car repair bill

•   Financing a wedding or a vacation

•   Funding family planning costs, such as IVF or adoption expenses

It’s possible to secure a personal loan when you have a 637 credit score; offers tend to become available with a score of 580 and up. However, you’ll likely have to pay higher interest rates and less favorable terms than if your score were higher. Those with scores of 740 or more tend to get the lowest interest rates. With a fair credit score, you also might need to settle for a smaller loan amount than you were hoping for.

Still, take note: A benefit of a personal loan is that the interest rates are usually lower than what you’d find with credit cards. Per the Federal Reserve, in 2024 the average interest rate for a 24-month personal loan is 12.33%, whereas the average rate for credit cards is 21.76%. So even if you pay a higher interest rate on that personal loan with fair credit, you’re likely paying less than a credit card. You can use a personal loan calculator to run the numbers and see what your payments would look like.

Recommended: What Are Personal Loans Used For?

The Takeaway

A 637 credit score isn’t good. Technically, it falls in the fair credit range, which means you will likely face some challenges getting approved for credit. You might be denied by some lenders or face higher interest rates than those who have loftier scores. However, if you build your credit score, you will likely enjoy more options (and more affordable ones) for credit cards, auto loans, mortgages, and personal loans.

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.