A 650 credit score is considered fair. Your score helps lenders decide whether you qualify for products like credit cards and loans, and what interest rate you should pay.
The share of Americans with a score below 650 was 24% as of April 2023, according to credit scoring company FICO. A 650 credit score is not considered "bad" by both FICO and its competitor VantageScore. Generally speaking, scores below 630 fall into the bad range.
Here’s how a 650 credit score can affect your financial life.
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With a 650 score, you may pay higher rates than others
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
Credit scores change often based on your activity, so your 650 score can go up. Here are some tools you can use to build credit:
Take your good credit habits to the next level: Pay all your bills on time and try to use no more than 30% of the credit limit on all your credit cards. Those are the two biggest factors affecting your credit score. The less you use of your available credit, the better it is for your score. Opening a new credit card that's used for one small recurring purchase can also help, just make sure to research eligibility requirements before applying.
Apply for a secured credit card, a type of card that's backed by a cash deposit.
Visit your local credit union to get a credit-builder loan or secured loan. A credit-builder loan allows you to build your score and save up some money at the same time.
Ask a family member or friend with a high credit score and long credit history to add you as an authorized user on their credit card. That gives you an additional line of credit on your credit report.
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As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.
Typically, the minimum credit score for personal loan approval is 610 – 640. The best credit score for a personal loan with good rates and terms, though, is most often 650 or higher. Each personal loan gets evaluated on an individual basis, and requirements vary by lender.
It may take you 4 months to a year to reach the credit score of 700. Your credit score improvement is completely dependent on your financial activities.
Getting a car loan is possible if you have a 650 credit score. Although the loan terms may not be ideal, and you'll end up paying more for the car than someone with a lower credit score, you're still eligible for a loan.
Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670. Some lenders state they require stable, consistent income, while others list a minimum income requirement.
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
The major credit bureaus have different credit scoring categories, and a good credit score is between 670 and 739. A 650 is on the high end of the fair credit score category, which ranges from 580 to 669. A 650 credit score will help you qualify for most home loans, but you may end up with a higher interest rate.
You need a credit score of 580 or higher to get approved for a $10,000 personal loan in most cases. You will also need a steady income, be at least 18 years old, be a U.S. citizen or a permanent resident, and have a valid bank account.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
The major credit bureaus have different credit scoring categories, and a good credit score is between 670 and 739. A 650 is on the high end of the fair credit score category, which ranges from 580 to 669. A 650 credit score will help you qualify for most home loans, but you may end up with a higher interest rate.
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Generally, it takes around 4-12 months to reach the point where you can apply for a loan. It will take a few months to get to 750 if your score is currently somewhere between 650 and 700. However, if you have a credit score of less than 650, it will take more time to improve the score.
The best way to get your credit score over 800 comes down to paying your bills on time every month, even if it is making the minimum payment due. According to LendingTree's analysis of 100,000 credit reports, 100% of borrowers with a credit score of 800 or higher paid their bills on time, every time.
Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.
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