A 637 credit score is considered fair, not good, falling just below the "good" range (typically starting at 670) but above "poor," meaning you can likely get approved for some credit but often with higher interest rates and less favorable terms, like for auto loans or credit cards. While lenders may see you as a higher risk, you're still a viable borrower, and consistent positive actions like on-time payments can improve your score relatively quickly.
You might borrow, say, $1,000, or some lenders might extend you a personal loan of $100,000. It's possible to secure a personal loan when you have a 637 credit score; offers tend to become available with a score of 580 and up.
A strong credit score could help you secure a lower mortgage rate. You generally need a credit score of at least 620 to qualify for a conventional mortgage, though every lender is different. FHA loans, which are backed by the federal government, may be an option for individuals with credit scores as low as 500.
There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. Most borrowers need a FICO score of at least 661 to get a competitive rate on an auto loan.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 637 FICO® ScoreΘ 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.
If you're new to credit, it may take six months to a year to reach a solid score of around 700 using FICO® or VantageScore® models. Hitting an exceptional score of 800 or higher often takes years of careful and responsible credit management.
With a 697 credit score, there's a good chance you'll qualify for an auto loan with a decent rate. But you likely won't be offered a lender's most competitive APR.
To qualify for a $30,000 car loan, most lenders prefer to see a credit score of at least 660 to 700. That being said, your credit score is only one part of the equation. Lenders will also consider: Your debt-to-income ratio (how much you owe compared to how much you earn)
A fair, good or excellent TransUnion Credit Score
TransUnion (formerly Callcredit) is the UK's second largest CRA, and has scores ranging from 0-710. A credit score of 566-603 is considered fair. A credit score of 604-627 is good.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
Credit scores range from 300 to 850, so the lowest possible score is 300. 💡 While it's pretty rare to have a score of 300, about 13% of Americans have a “poor” credit score according to Experian. A poor score is 300–579 on the FICO scale.
But generally speaking, here are some of the best ways to take your credit score into 700 territory.
For Experian, a score of between 561 and 720 is classed as poor, and 0 to 560 is very poor. If Equifax hold a credit score for you, it is considered poor if it's between 280 and 379, or very poor between 0 and 279. With TransUnion, 651 to 565 is seen as poor and 0 to 550 is in the very poor range.
Ways to improve your credit score
Paying your loans on time. Not getting too close to your credit limit. Having a long credit history. Making sure your credit report doesn't have errors.
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
What Is a Bad Credit Score? A bad credit score is a FICO® Score Θ below 580. A bad VantageScore® credit score is a score below 600. That said, lenders may have different ideas of what a bad credit score is when they're reviewing a loan application.
Loan options with a 600 credit score
After you pay off your debt, you may notice a drop to your credit scores. This happens because removing the debt affects certain factors affecting your credit score. These include your credit mix, your credit history or your credit utilization ratio. For example, paying off an auto loan can lower your credit scores.
There's no minimum credit score required to get an auto loan. However, a credit score of 661 or above—considered a prime VantageScore® credit score—will generally improve your chances of getting approved with favorable terms. For the FICO® Score Θ , a good credit score is 670 or higher.