Question: Is A Credit Score Of 628 Good Or Bad?

A credit score of 628 isn’t “good.” It’s not even “fair.” Rather, a 628 credit score is actually considered “bad,” according to the standard 300 to 850 credit-score scale.

How good is a credit score of 628?

628 Credit Score: Is it Good or Bad? Your score falls within the range of scores, from 580 to 669, considered Fair. A 628 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

Can I buy a house with a 628 credit score?

FHA Loan with 628 Credit Score

FHA loans only require that you have a 580 credit score, so with a 628 FICO, you can definitely meet the credit score requirements. With a 628 credit score, you should also be offered a better interest rate than with a 580-619 FICO score.

Can I get a credit card with a 628 credit score?

Can I Get a Personal Loan or Credit Card w/ a 628 Credit Score? Like home and car loans, a personal loan and credit card is incredibly difficult to get with a 628 credit score. A secured card with Discover or Capital One might be an option, but you may have to pay $500-$1000 just for a deposit.

What is a decent credit score?

For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750.

Can I get a car loan with a 688 credit score?

Credit mix accounts for about 10% of your credit score. 42% Individuals with a 688 FICO® Score have credit portfolios that include auto loan and 29% have a mortgage loan.

Can I buy a car with a 628 credit score?

You need a loan to buy a car, but with fair credit — generally a credit score between 630 and 689 — you worry you won’t qualify for a good interest rate. You might also be concerned that, with a lower credit score, the dealer might mark up your rate above what you really deserve.

What is the minimum credit score for a credit card?

Generally speaking, a credit score of between 300 (the lowest FICO score) and 650 is considered bad credit. However, some card issuers will consider scores of 550 to 650 as being simply poor credit and may consider you for an unsecured credit card.

What credit card can I get with a 623 score?

Here are the best credit cards for a 623 credit score:

Sponsored Capital One® Secured Mastercard®Harley-Davidson® Secured Credit Card
Rewards Bonus
Rewards Rate1 point / $1
Purchase Intro APRNot OfferedNot Offered
Transfer Intro APRNot OfferedNot Offered

5 more rows

How can I quickly raise my credit score?

Here are seven of the fastest ways to increase your credit score.

  • Clean up your credit report.
  • Pay down your balance.
  • Pay twice a month.
  • Increase your credit limit.
  • Open a new account.
  • Negotiate outstanding balances.
  • Become an authorized user.

How long does it take to rebuild credit?

Rebuilding while you repair

So while the repair process may only take 3-6 months, the time it takes to rebuild your credit can take longer. It can take up to a year or more to achieve a good credit score, depending on how low you start.

What should my credit score be for my age?

Average Credit Scores by Age

Generally, a very good credit score is one that is 720 or higher. This score will qualify a person for the best interest rates possible on a mortgage and the most favorable terms on other lines of credit.

Why did my credit score drop when I paid off a loan?

That scoring factor is one reason your credit score could drop a little after you pay off debt. Having low credit utilization (30% or less and the lower the better) is good; having no credit utilization may be harmful to your score. Some of the other factors that affect your credit score also could come into play.

What is a decent credit score to buy a car?

Average Credit Score Needed to Buy a Car

Experian uses a credit score model of 300 to 850, with super prime borrowers at the top and deep subprime borrowers at the bottom. If your credit score is inferior, you might still qualify for a loan.

What is the lowest credit score to buy a car?

According to FICO, consumers having scores in the 700-850 range are considered near-prime or prime borrowers. That means they’ll garner the lowest interest rates and most-favorable loan terms. Borrowers who fall below the 620 mark are often considered “subprime.” That means they’ll pay more to finance a car.

What is the average credit score in the US?

People between the ages of 40 and 49 have an average FICO® Score of 684, while Americans between the ages of 30 and 39 score 673 on average. The average FICO® Score for Americans between the ages of 20 and 29 is 662.

How fast will a car loan raise my credit score?

The biggest piece of the pie is payment history, making up 35 percent of your credit score. When you take out an auto loan, especially a bad credit car loan, you gain the opportunity to make a positive impact on your credit by making all your monthly payments on time and in full.

Can I get a car loan with a 530 credit score?

Many people think that getting a car loan with a 530 credit score approved is impossible. But one thing is clear; most of the lenders will charge higher rates of interest to approve applicants who have credit scores as less as 530.

Can I get a car loan with a 540 credit score?

Credit Score of 540: Car Loans

Buying a car with a credit score of 540 is possible, but higher interest rates are always given to people with bad credit. First, let’s take the average amount borrowed by car buyers: $27,000 according to Melinda Zabritski, Experian’s senior director of automotive credit.