A FICO® Score of 670 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. ... 21% of U.S. consumers' FICO® Scores are in the Good range. Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
With a 670 credit score, the FICO Loan Calculator now estimates that you might qualify for an APR around 7.89%. Based on that rate, your monthly payment on the same $38,000 auto loan would be $768. You would pay $8,106 in total interest over the life of your loan.
670–740: Good credit – Borrowers are typically approved and offered good interest rates. 620–670: Acceptable credit – Borrowers are typically approved at higher interest rates.
Good Credit (670-739)
A late payment or a high credit card balance may be all it takes to drag your score down from exceptional to good. Borrowers in this range will pay around 4.5% for a car loan.
Depending on the individual lender or insurer, you may see different standards, but generally a FICO score above 800 is considered excellent; “very good” FICO scores range from 740 to 799; a “good” score ranges from 670 to 739; and 580–669 is considered “fair.” Any score below 580 is considered poor.
A 670 (on that 300-850 scale) is a borderline score, so small improvements or problems in your payment history could make a big difference when you're applying for credit. It's also important to be aware that scores fluctuate, so you want to aim for a score that is comfortably above any cutoff.
The highest credit score you can have under the TransUnion model is 850. A 670 credit score means you've earned a “C” grade, which is equivalent to the other bureaus' “good” ranges.
Average Recovery Time
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 640 FICO® Score 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.
Based on Bankrate's national interest rate survey, a consumer with a FICO score between 680 and 699 trying to borrow $300,000 in early April would have qualified for a 3.709 percent rate on a 30-year fixed mortgage, resulting in a $1,382 monthly payment.
A 680 credit score is considered fair, but it is very close to good credit territory. Your credit score helps lenders determine whether you qualify for products like credit cards and loans, and what interest rate they should charge you.
Going into 2022, the minimum credit score needed to get approved for a mortgage is 640, though it would be more accurate to say that anywhere between 620 and 680 would be considered a minimum, depending on the lender.
FHA loans are generally intended for home buyers with lower credit, starting at 580. So they're likely not best for someone with a 700 credit score. With a 700 score, you're likely to qualify for a conventional loan with cheaper mortgage insurance and an even smaller down payment.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
FICO scores were introduced in 1989. The company uses information found in individual consumers' credit reports to calculate credit scores for them. These scores are then used by lenders to gauge each consumer's creditworthiness and determine whether to approve applications for loans, credit cards, and other borrowing.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
Lenders typically want to see a good credit score of 670 or higher before they'll offer you financing.
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.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.