Is a credit score of 650 good and what loans can I take out with it?

You’re probably here because you learned that you have a 650 credit score and are wondering if it’s good or not

I want to share with you what a 650 credit score means in terms of borrowing and what to expect from lenders when applying for a mortgage, car loan, or credit card with a 650 credit score.

In a nutshell, here’s what a credit score of 650 means:

First, let’s look at a credit score range. Credit generally ranges from 300 to 850, with 850 being the highest credit you can get.

300-549: bad credit
550-649: Difficult credit rating
650-749: good credit
750-850: excellent credit
As you can see, a credit score of 650 is in the “good credit” range. You will also find that you are at the very beginning in this area. This means that while you are in the good credit zone, there is plenty of room for improvement.

Also, you could get into bad credit territory pretty quickly if you suddenly default on your loans or have a hard time paying your bills and loans on time.


Experian, a popular credit reporting and reporting company, compiled a sample of average credit scores from 3 million credit profiles. These creditworthiness profiles ranged from 330 to 830.

They found that the average credit score in the US is 687. They also found that the southern states generally had lower scores. It’s not clear how many samples they used, so this information may not be representative of the entire US population.

However, it gives you an idea of ​​the average American credit score and gives you a comparison of how a 650 credit score compares to the rest of the United States.

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You can get a home loan with a credit score of 650, but that’s probably the basic score that lenders will accept. Getting a mortgage may not be easy, and you may have to go through a few additional hurdles or visit different lenders to get it done.

I recommend working towards getting your credit score to 650 if you can before applying for a home loan. Having a higher credit rating will help you get a loan more easily since lenders will consider it less risky. But perhaps the biggest benefit of applying for a mortgage (or loan) with a better credit rating is the money you save.

In general, someone with a higher credit rating gets cheaper (lower) interest rates. Over 30 years or so, a 1% interest rate change means tens of thousands of dollars saved in interest payments. So it really pays to get your credit score as high as possible before applying for a mortgage.

There is a program called the Federal Housing Administration (FHA). They do not grant loans themselves and guarantee the lender that the loan will be paid out in the event of a default.

FHA mortgages have many advantages. One of the biggest advantages you have is the ability to get a loan with a less than stellar credit history. For example, your 650 credit score won’t excite lenders, but with the help of an FHA loan, this may be what you need to secure the necessary funds for your home loan.

Keep in mind that your down payment size and income level will dramatically affect your ability to get a home loan.


You can definitely get a car loan with a 650 credit score. Although lenders would like you to get a higher score, you should be able to secure a good amount of money on a car loan. In general, you can expect a loan as long as there is nothing too damning about your credit history.

Since you have a higher risk of default with a score of 650 (compared to someone with a credit score of, say, 750), you will likely have to pay a higher interest rate to offset that risk.

Some things will really affect the amount of money you can get on a car loan. Your income is incredibly important. The amount of debt you currently have is also important. And the amount of the desired car loan is also very important.

Generally, when you apply for a loan from the financing department of a car dealership or a financial institution such as a bank, your personal information is entered into computer software that generates numbers. The computer and its algorithm decide how much credit you get and at what interest rate. They will determine this by considering your credit history, the amount of money you make and the amount of your current debt (which they can see if they take your credit report).


Credit cards are pretty easy to get, even after the 2008 credit crash. Although lenders have made it harder to get a credit card, they’re still pushing everyone.

If you are looking for an unsecured credit card with a 650 credit score, simply visit a credit card comparison site and search for credit cards in the 650 range. Apply for the one you like best and see what results you get. .

If you apply for a credit card that is within your credit range, you are not guaranteed approval. You can apply for a different credit card if it is not accepted on the first try. Remember that the more loan applications you make, the more “hits” you will have on your credit history, and this can lower your credit score.



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