650-674 Credit Score

LOUISVILLE BANKRUPTCY ATTORNEY
650-674 credit score

Your credit score and history have a significant impact on your life. You may already be aware that your credit score affects your ability to obtain a loan and how much that loan will cost you in interest. However, credit scores aren’t only important when you’re applying for a loan for a big purchase such as a vehicle or a home mortgage. Did you know your job, cell phone bill, insurance, and ability to get cable service could also depend on your credit score? That’s because your credit score indicates how likely you are to repay your debts.

If you’ve found yourself in a tight spot with debt, bankruptcy may be a way out. Read on to learn more about credit, credit scores, and what your bankruptcy credit score may be if you file from our experienced Kentucky bankruptcy attorneys.

What Is a Fair Credit Score?

FICO and VantageScore are the two most widely-used types of credit scoring, but their criterion for a Fair credit score differ slightly.

  • According to FICO, a Fair credit score ranges between 580 and 669.
  • VantageScore says a 601 to a 669 is a Fair credit score.

Fair credit falls in the middle of the credit score scale. Around 17% of Americans have Fair credit ratings.

What is a Good Credit Score?

A FICO score of 700 or more is generally considered Good. FICO’s “Good” range is 670 to 739. The 300 to 850 range is used by the two newest VantageScore credit models (VantageScore 3.0 and 4.0). VantageScore considers 661 to 780 to be the Good range for these recent models.

Fair vs. Good Credit Score

You want to get the highest credit ratings possible, so you can save money when you need a loan or credit. If you have a Fair credit score, lenders will consider you subprime. This means you will likely receive less favorable terms than someone with a higher credit score. This can result in higher interest rates or possibly a rejected application.

Ways to Improve a Fair Credit Score

Improving your credit ratings includes the same types of activities that can damage your score. All you have to do now is put it in reverse and start doing the “right things.”  

  • Pay Your Bills on Time: In many credit score algorithms, establishing a positive payment history is the most important component. 
  • Improve Your Credit Utilization Ratio: Reduce the amount of credit you’re using or raise your credit limits to ensure you’re not using more than 30% of your available credit.
  • Don’t Over Apply: Only apply for credit when you truly need it, and don’t apply for multiple lines of credit at once. Credit card churning can be a dangerous game.
  • Look for Errors: Pay close attention to the information on your credit reports and correct any mistakes you find.
  • Avoid Fast Fixes: It’s important to remember that rebuilding your credit takes time. 

Is 650 a Good Credit Score?

A FICO Score of 650 places you within the range of people whose credit is considered Fair. However, your FICO Score of 650 is lower than the average credit score in the United States, which is 704. 

Your 650 credit score is almost inside the range of 670-739, which is considered Good. Examining the report that comes with your credit score may assist you in determining what caused your score to drop. 

Is 653 a Good Credit Score?

A credit score of 653 is considered to be Fair. With a score in this range, it can be difficult to obtain credit without paying high fees and interest rates. Even though many people have fair scores, some lenders don’t like these odds and won’t work with consumers with scores in the Fair range. Consumers with Fair credit scores may be targeted by lenders who specialize in “subprime” borrowers that often charge exorbitant fees and interest rates. 

Is 656 a Good Credit Score?

You need a score of at least 700 to have “Good” credit. However, a 659 credit score isn’t “bad.” It’s considered to be a Fair credit score. Credit cards and loans should be available to you, but a little credit repair will open up a lot of doors and allow you to save money.

Credit scores in the 659 range fall into two categories. On the one hand, there’s the rising score of 659 that’s just a stop along the route to Good credit, Great credit, and, eventually, Excellent credit. Then there’s the 659 credit score that’s on the way down.  

Is 659 a Good Credit Score?

A credit score of 659 is classified as Fair. While financial institutions are unlikely to give you their best cards, you can still get good interest rates and terms without much effort. You’ll start to qualify for better cards as you make regular payments.

You must understand how certain acts will harm or help your credit score while creating a plan to rebuild your credit rating and keep in mind that it takes time to build up your credit score.  

Is 663 a Good Credit Score?

The range for Fair credit scores is 580-699 for a FICO Score and 601-699 for a VantageScore. With a score of 663, you are very close to the Good credit score range of 670-739. The best thing you can do is focus on building your credit and raising your scores. A great way to do this is to be added as an authorized user on an account by someone who has great credit. It’s also possible to have someone with good credit cosign for you. 

Is 666 a Good Credit Score?

The average FICO Score is 704, which is somewhat higher than your 666, showing that you have many opportunities for improvement. However, your 666 credit score is almost inside the range of 670-739, which is considered Good. You may be able to get your score up easily just by continuing to pay your bills on time, keeping your credit utilization below 30% across all of your accounts, and establishing a solid credit mix of revolving credit and installment debt.

Is 669 a Good Credit Score?

Your score of 669 is only one point away from the range (670-739)  for Good credit scores. It’s also a great starting point to raise your score even higher. Increasing your credit score to the Good range can lead to additional credit possibilities, lower interest rates, and lower fees. 

Having a FICO Score of 699 allows you to apply for a wide range of loans and credit cards, but raising your score can enhance your chances of being approved for even more, and under more inexpensive conditions.

Is 672 a Good Credit Score?

With a 672 credit score, getting a mortgage, vehicle loan, or personal loan is fairly simple. Lenders prefer to work with clients who have Good credit, because it is less risky.

672 is a median score and median scores are classified as “Good,” so lenders don’t consider you a high risk for loans and you shouldn’t experience too much trouble qualifying for one. Since a 672 FICO Score is towards the bottom of the Good level, you’ll want to keep an eye on it to avoid falling into the more restrictive Fair credit score range (580 to 669).

Is 674 a Good Credit Score?

A FICO Score of 674 falls within the Good range of scores, which range from 670 to 739. Consumers with Good FICO Scores are considered “acceptable” borrowers by a vast number of U.S. lenders, which means they consider you eligible for a wide range of credit products. However, they may not charge you the lowest interest rates or extend you their most selective product offers.

A little time and effort can help raise your score into the Very Good category (740-799).

Does Filing Bankruptcy Help Your Credit?

For a while, bankruptcy hurts credit ratings, but so does amassing debt. In reality, for many people, bankruptcy is the only way to get out of debt and improve their credit score.

Your bankruptcy credit score will be lower. High credit scores are affected more than low scores. The sliding scale system will deduct as many points as needed to demonstrate that you have bad credit. If you already have bad credit, your bankruptcy credit score may barely reduce. 

Take heart, after bankruptcy, you should be able to concentrate on improving your bankruptcy credit score 12 to 18 months after the filing. If the correct actions are taken, most people will experience some improvement after one year.

Call O’Bryan Law Offices Today

At O’Bryan Law Offices, we put our significant credit and bankruptcy knowledge to work for our clients. Whether they wish to file for bankruptcy to reorganize their finances or merely need debt counseling, we can help. A skilled Louisville bankruptcy attorney will guide you through each step of the process, ensuring that you emerge in a better financial position. For additional information on filing for bankruptcy or bankruptcy credit scores, call today to schedule a free consultation at 502-400-4020.

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