Is 639 a good credit score?

Is 639 a Good Credit Score?

A credit score of 639 is generally considered to be in the “fair” range. This means that while your credit score is below average, it is not in the realm of “bad credit” and should not necessarily prevent you from getting certain types of loans. However, lenders may view individuals with a 639 credit score as higher-risk borrowers, which could lead to higher interest rates or less favorable loan terms.

What Does a 639 Credit Score Mean?

Credit scores in the 580-669 range are considered fair credit. While your credit score is below average, it is not in the realm of “bad credit” and should not necessarily prevent you from getting certain types of loans.

Can I Get a Credit Card with a 639 Credit Score?

With a 639 credit score, you may be able to get a traditional credit card. While most credit card issuers don’t publish minimum credit scoring standards, some will approve applicants in the fair credit range. You’re unlikely to get approved for the best credit card offers, but you might be able to get a basic credit card or store credit card with your score.

If you can’t qualify for a credit card (or one with decent benefits), you can apply for a secured credit card. Secured credit cards work just like traditional credit cards, including regular credit reporting. The difference is that you’re typically required to make a deposit equal to your credit limit to open an account.

Can I Get an Auto Loan with a 639 Credit Score?

The short answer is yes, but you’re likely to get a significantly higher-than-average interest rate.

Can I Get a Mortgage with a 639 Credit Score?

Yes, your 639 credit score can qualify you for a mortgage. And you have a couple of main options.

Can I Get a Personal Loan with a 639 Credit Score?

You aren’t likely to get a lender’s best rates on a personal loan without a good credit score, but a FICO score of 639 should allow you to qualify for one. This is especially true when it comes to personal lending marketplace like Upstart that specialize in loans for consumers with less-than-perfect credit histories.

How Can I Improve My 639 Credit Score?

Although you have a fair credit score and should be able to qualify for loans in many cases, it is certainly easier to borrow money with good credit. Plus, a higher credit score can save you money on interest, and could even make it easier to rent an apartment or get a job.

With that in mind, here are some steps you can take to boost your fair credit score and set yourself on the path to good, or even great credit in the future:

• Assess the damage and check for errors

  First of all, your credit score is just a number. To figure out why your credit score is below average, you’ll need to check your credit reports. You can get a free copy of your credit reports from the three major credit bureaus every year at annualcreditreport.com. Once you have your credit reports, there are two things you should do. First—check for errors. Incorrect information is a silly reason to have a below-average credit score, so if you find information that is inaccurate or outdated, this should be the first move. Second, read through your credit report and make a note of any negative information. This can mean late payments, delinquent accounts, charge-offs, collection accounts, judgements, foreclosures, etc.

• Do some damage control

  Adverse information typically stays on your credit report for seven years, and if your score is in the fair credit range, you probably don’t have too much of it. But you might be surprised what you can accomplish with a little damage control. For example, if you have a delinquent credit account, try calling your credit card company or the collection agency to see what can be done. It’s not uncommon for a creditor to agree to delete a negative item in exchange for payment in full, or to stop reporting late payments if you explain a financial hardship and promptly bring the account current. Think of it this way. The worst thing they’ll say is “no.” And if they’re willing to work with you (because after all, they want your money), it could have a sharp positive impact on your credit score.

• Use your credit

  Did you know that your “credit mix” makes up 10% of your FICO score? This means that if you have a variety of different account types (say, a mortgage, auto loan, and credit card), it can help your score? Plus, by using your credit and showing responsible behavior, you can establish a good

FAQs

What is a 639 credit score considered?

A 639 credit score is considered to be in the “fair” range.

Can I get a credit card with a 639 credit score?

You may be able to get a traditional credit card or a secured credit card with a 639 credit score.

Can I get an auto loan with a 639 credit score?

Yes, but you’re likely to get a significantly higher-than-average interest rate.

Can I get a mortgage with a 639 credit score?

Yes, you can qualify for a mortgage with a 639 credit score, but you may have to pay a higher interest rate than someone with a higher credit score.

Can I get a personal loan with a 639 credit score?

You should be able to qualify for a personal loan with a 639 credit score, but you may not get the best interest rates.

How can I improve my 639 credit score?

You can improve your credit score by paying your bills on time, keeping your credit utilization low, and avoiding taking on new debt.

What are some tips for building credit?

Some tips for building credit include becoming an authorized user on someone else’s credit card, getting a secured credit card, and using a credit-builder loan.

What are some common credit score myths?

Some common credit score myths include that checking your credit score hurts your score, that you need to carry a balance on your credit cards to build credit, and that closing unused credit cards helps your score.