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.
How does NerdWallet get my free credit report and score? NerdWallet partners with TransUnion® to provide your TransUnion® credit report. Using the data in your credit report, it also provides your VantageScore® 3.0 credit score. Your score and credit report information are updated weekly.
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.
Credit scores help lenders decide whether to grant you credit. The average credit score in the United States is 705, based on VantageScore® data from March 2024.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
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.
For a score with a range between 300 and 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 consumers have credit scores that fall between 600 and 750. In 2023, the average FICO® Score☉ in the U.S. reached 715.
Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog.
Introduction: My name is Kareem Mueller DO, I am a vivacious, super, thoughtful, excited, handsome, beautiful, combative person who loves writing and wants to share my knowledge and understanding with you.
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