What kind of loan can I get with a 650 credit score?

Home Forums Credit Reports & Scores What kind of loan can I get with a 650 credit score?

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    Jordan Moore
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    Team StellarFi
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    A 650 FICO® score is in the fair credit score range (580-669). According to Experian® data, as much as 28% of the American population has a fair credit score. Several lenders target this group for loans and credit cards. With a 650 credit score, you are only 20 points away from being in the “good” range, so your chances of getting loans and credit cards are not bad.

    So the answer to the question is, yes, you can get all kinds of loans – like personal, auto, and mortgage loans – as well as credit cards.

    Your credit score is just one of the factors that lenders look into to approve a loan or credit card. The only catch is that the loans will have relatively higher interest rates. Credit cards, when approved, may not offer you the best reward options.

    The good news, however, is that you can easily improve your credit score with just a bit of careful strategizing. Plan your expenses so there is diversity in the kinds of credit you have, and keep your oldest credit line open for as long as possible. Other than that, simply paying bills on time and keeping credit utilization as low as possible can get you a good deal on any kind of borrowing you are looking to do.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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