Yes, a 688 credit score is generally considered good, falling into the "Good" range for both FICO (670-739) and VantageScore (661-780), meaning you'll likely get approved for loans and credit cards but might not always get the absolute best interest rates, though timely payments can help you reach the "Very Good" tier for better offers.
A 688 credit score is good, offering access to various credit and loan products. Prime borrowers, including those with a 688 score, often receive favorable auto loan rates. Qualification for most conventional and government-backed mortgages is likely. Personal loans are accessible, but rates may not be optimal.
It may also characterize a longer credit history with a few mistakes along the way, such as occasional late or missed payments, or a tendency toward relatively high credit usage rates. Late payments (past due 30 days) appear in the credit reports of 52% of people with FICO® Scores of 688.
With a 668 credit score, you might 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.
Usually, higher scores mean lower interest rates on loans. According to Experian, a target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.51% or better, or a used-car loan around 9.65% or lower. Superprime: 781-850.
Depending on the situation, it may take anywhere from a few months to a few years to rebuild your credit history. If you have minor credit issues, such as high credit card balances, you may see your score improve within a few months if you start paying them down.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
The 2-2-2 credit rule is a guideline for building strong credit, suggesting you should have two active credit accounts (like cards or loans) for at least two years, with consistent on-time payments for those two years, often with a minimum credit limit of $2,000 per account, to demonstrate financial responsibility to lenders, especially for mortgages. It's a benchmark to show you can handle credit well over time, reducing lender risk and improving approval odds for major loans.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
In general, you'll need a FICO credit score of at least 661 to qualify for a traditional auto loan, although there are lenders that offer bad credit auto loans. Because interest rates remain high, securing a subprime auto loan may be more difficult — and while it is possible, expect to pay a premium.
If you want to increase your score, there are some things you can do, including:
A 668 credit score, depending on the credit scoring model used, can either be considered fair (though right on the verge of good) or just within the good category. See below the credit scoring models and their ranges. As of May 2024, VantageScore ® ranges are 1 : Excellent: 781 to 850.
Yes, depending on the lender, you may actually find it relatively easy to qualify for a personal loan with a credit score of 680.
Best Credit Cards for a 680 Credit Score
How to Improve a 686 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.
Trying to raise your credit score?