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Credit Scores

Is A 650 to 659 Credit Score Good? Or Bad? (2020)


By Mark Huntley, J.D.

Real estate investor, lawyer, personal finance writer, and Co-Founder of Credit Knocks


Advertiser Disclaimer - Some links on this page may pay us advertising fees.



Summary: People who have a credit score between 650 and 659 are considered to have fair credit. With a fair credit score you should qualify for a wide range of loans and credit cards while also having the opportunity to significantly improve your credit score. 

Credit scores are used by lenders to help them estimate the possibility of the borrower not paying them back. 

Lenders will use all the information that is available to calculate their risk, which will determine the interest rates you are offered. 

However, where the line of good credit scores begins and ends fluctuates higher or lower based on the type of loan you are considering. 

Quick Article Guide

What can I do with a 650 to 659 credit score?

Credit scores range between 300 and 850, with 300 being the lowest and 850 being the highest. 

A 650 credit score is considered fair credit which opens up a lot of borrowing opportunities from all sorts of lenders. 

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In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.

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In the past your credit report may show reports of; late payments, charge-offs, bankruptcy, high utilization ratios, collections, and too many hard inquiries

If you have a credit score around 651, 653, 655, or 657, then you can be sure there are plenty of credit options! 

With that in mind, to answer, ‘Is A 650 to 659 Credit Score Good? Or Bad?’ for a particular loan type or how to improve it, we will address each individually.
650 credit score, 651 credit score, 652 credit score, 653 credit score, 654 credit score, 655 credit score, 656 credit score, 657 credit score, 658 credit score, 659 credit score

650 Credit Score - 651 Credit Score - 652 Credit Score - 653 Credit Score - 654 Credit Score - 655 Credit Score - 656 Credit Score - 657 Credit Score - 658 Credit Score - 659 Credit Score

With a fair credit score you should qualify for an auto loan, personal loan, traditional credit card, and even possibly a home mortgage. 

Keep in mind that the interest rates you will be offered will be much higher than if you had a good or excellent credit score. 

Some lenders will not be willing to lend you money as they only work with people who have higher credit scores. 

While a 650 credit score isn't bad, there still is a lot of room for improvement and financial incentives for you to improve it. 

One quick fix we recommend is contacting our top-rated credit repair company for a free conversation about how they really can help you.

The great thing about a lower credit score is how quickly you can improve it by making just a little bit of effort.

Disclaimer: Credit Score Refers to "FICO Score"

When we say "credit score" in this article, we mean your FICO score.  If you have a free credit score (i.e. VantageScore from Credit Karma or Sesame), that does not likely equal your FICO.  For example, a 650 VantageScore could be a FICO score of... 501, 616, 707?  Who knows?  90% of Lenders use FICO scores, not the free VantageScore. You can get your FICO score here.

Can I Get A Car Loan With A Credit Score Of 650 To 659?

Auto loan rates by credit score are divided into five categories, with Super Prime being the highest and deep sub-prime the lowest.

This is where credit score terminology gets a bit confusing. 

650 credit score, 651 credit score, 652 credit score, 653 credit score, 654 credit score, 655 credit score, 656 credit score, 657 credit score, 658 credit score, 659 credit score

Car Loan Credit Score 650 - Credit Score 651 - Credit Score 652 - Credit Score 653 - Credit Score 654 - Credit Score 655 - Credit Score 656 - Credit Score 657 - Credit Score 658 - Credit Score 659

A 652, 654, 656, or 658 credit score can be referred to correctly by calling your score fair credit or non-prime credit. 

Referring to your credit score by any of these two categories would be technically correct. 

Fair credit or non-prime credit are two names for the same credit score category. 

BUT, with auto loans, they don’t use the bad/excellent categories, because lenders break your credit score into the Prime categories. 

The reason auto lenders use the prime categories is that regardless of your credit score if you have a job, someone will probably give you a car loan, thus more categories to be able to distribute the lender’s risk better.

Auto Loan Credit Categories

Credit Score Range

Super Prime

780 - 850

Prime

660 - 779

Non - Prime

600 - 659

Sub - Prime

500 - 599

Deep Sub - Prime

300 - 499

Auto loans are considered secured loans because you use the actual vehicle as collateral for the loan. 

This allows lenders to offer to finance to people with credit scores that wouldn’t otherwise qualify for an unsecured loan based on their FICO score. 

While Super Prime and Prime credit scores will be good for the best auto loan rates by credit score, the premium charge for Non-Prime and Sub-Prime auto loan rates surprisingly isn’t that bad. 

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Once your credit score starts nearing 500 and below, your auto loan options will significantly decrease with a deep sub-prime credit score

But this doesn’t mean that all is lost because many independent dealerships will offer inhouse financing, and we even have a few lenders that may still give car financing for even the lowest credit scores. 

The APR rates charged for a car loan with a deep sub-prime score are cripplingly high, and we discuss many alternative options in our articles on how to get an auto loan with a deep sub-prime credit score

There are many excellent auto loan lender options that you can spend hundreds of hours reviewing… 

Or piggyback on our research and save yourself some time by reading our article on the Best Auto Loan Companies of 2020.

How To Get A Personal Loan With A 650 - 659 Credit Score

Personal loans are broken into four credit score categories, and to keep things confusing, they usually refer to them as excellent, good, fair, or bad/poor.

Personal Loan Credit Categories

Credit Score Range

Excellent

760 - 850

Good

690 - 759

Fair

580 - 689

Bad or Poor

300 - 579

Personal loans are the Swiss army knife of loans, capable of being accessed for an emergency, to consolidate debt, or even start a business. 

They can be used for a variety of reasons, the list below is just some of the more common uses for a personal loan:

  • Debt Consolidation
  • Pay Off Credit Cards
  • Car Purchases
  • Mortgage Down Payments
  • Home Improvement
  • Emergency Cash
  • Medical Bills
  • Education
  • Business Start-Up
  • Vacation
  • You name it!

Most personal loans are unsecured by any collateral and have lower interest rates than credit cards. 

Many people will look to a personal loan to consolidate their credit card debts at a much lower rate than their credit cards APR to save thousands of dollars.

With a 650 credit score, you will fall into the fair category for a personal loan which will open up a lot of great borrowing opportunities. 

650 credit score, 651 credit score, 652 credit score, 653 credit score, 654 credit score, 655 credit score, 656 credit score, 657 credit score, 658 credit score, 659 credit score

Personal Loan 650 FICO Score - 651 FICO Score - 652 FICO Score - 653 FICO Score - 654 FICO Score - 655 FICO Score - 656 FICO Score - 657 FICO Score - 658 FICO Score - 659 FICO Score

Personal loans can range from $1,000 to $100,000 with payment terms as short as six months and as long as seven years. 

People with an excellent and good credit score will receive the best rates because they are at a lower risk of not paying back the lender. 

As your credit score falls to fair and lower, the number of lenders willing to risk giving an unsecured personal loan dwindles. 

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However, even with a bad credit score someone can still qualify for personal loans as large as $35,000 but at much higher rates. 

People with a 579 credit score or lower, may pay rates as high as 35% to 155%. It goes without saying that you should avoid high interest personal loans if at all possible. 

Keep in mind that Bad credit personal loans are usually also marketed as ‘installment loans,’ which have higher interest rates and payment terms between 6 months to 7 years. 

A bad credit personal loan with an APR rate of 100% will double in value each year if you have to take out a bad credit loan, take the smallest amount out possible for the shortest length of time. 

With a credit score in the 650 range you should qualify for much better rates than someone with a bad credit score but you may have to look around a bit more than someone with a good or excellent score. 

Check out our review of the best personal loan companies of 2020 for fair credit.

Best Credit Cards For A 650 To 659 Credit Score

If your credit score is around 650 than you should qualify for a traditional credit card, albeit, with a lower credit limit. 

There are a number of no deposit credit cards someone with fair credit can choose from once your credit score hits around 651, 653, 655, or 657.

Credit Card Credit Categories

Credit Score Range

Excellent

750 - 850

Good

660 - 749

Fair

600 - 659

Bad or Poor

300 - 599

The great thing about a fair credit score is you may even qualify for some credit cards that offer rewards. 

The most common rewards given with a credit score around 652, 654, 656, or 658, are the cash back rewards. 

With a fair credit score expect to be offered 1% to 1.5% back in cash rewards while paying an annual fee of $99 or less. 

If you choose to build credit to improve your credit score it will open more credit card opportunities that offer a wider range of rewards. 

Can I Get A Home Mortgage With a 650 to 659 Credit Score?

Generally speaking, you will need at least a 580 credit score to qualify for a home mortgage loan

This is because most mortgages are backed by Fannie Mae or Freddy Mac and if you credit score is too low they won't be able to package them for investment. 

650 credit score, 651 credit score, 652 credit score, 653 credit score, 654 credit score, 655 credit score, 656 credit score, 657 credit score, 658 credit score, 659 credit score

Home Loans 650 VantageScore - 651 VantageScore - 652 VantageScore - 653 VantageScore - 654 VantageScore - 655 VantageScore - 656 VantageScore - 657 VantageScore - 658 VantageScore - 659 VantageScore

Remember the mortgage crisis in the 2000's? 

That was partially caused because they accepted people with much lower credit scores and didn't verify important things like applicants income. 

HOME MORTGAGE LOAN TYPE

MINIMUM CREDIT SCORE REQUIRED

Conventional

620+

FHA

580+

VA

620+

USDA

640+

With a credit score around 652, 654, 656, 658, you may qualify for a FHA home loan if you have a stable job history with verifiable income, a low debt-to-income ratio, and a small down payment. 

With interest rates so low right now, it makes sense to be looking to get a home mortgage even with a 651, 653, 655, or 657 credit score. 

credit knocks logo

Increase Your Credit by 100+ Points

In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.

Consultation is quick, easy, and free.

Home APR rates are so low right now that over 50 million people in the U.S. stand to save tens of thousands of dollars if they were to refinance their home mortgage

Best Home Mortgage Loan Rates With A 650 - 659 Credit Score

Mortgage Loans By Credit Score

Rates By Credit Score

650 Credit Score Home Mortgage Loan 

651 Credit Score Home Mortgage Loan

652 Credit Score Home Mortgage Loan

653 Credit Score Home Mortgage Loan

654 Credit Score Home Mortgage Loan

655 Credit Score Home Mortgage Loan

656 Credit Score Home Mortgage Loan

657 Credit Score Home Mortgage Loan

658 Credit Score Home Mortgage Loan

659 Credit Score Home Mortgage Loan

How To Improve My Credit Score?

I improved my credit score by almost 200 points in 90 days by purchasing the following credit-building tools. 

These tools will increase the key categories that will have the most significant effect on your credit history categories. 

#1: Apply for a Fingerhut Account

fingerhut logo

The first step I took was to apply for a Fingerhut Online Store Credit Card

Department store credit cards are an easy way to increase your revolving credit which accounts for 35% of your FICO credit score. 

Fingerhut credit cards are issued by WebBank and are known for giving unsecured credit to people with notoriously bad credit. 

Quick Note:


Your Fingerhut account won’t include an actual credit card because you can only use the credit to purchase items from their website.   

When I signed up for Fingerhut, I had a credit score of around 550, and they gave me a $1,000 credit. 

I have documented just about 100 points of credit score increase just from my Fingerhut account. 

One year later and I have a $2,900 credit limit, and all I do is make the minimum monthly payment, and they just keep giving me more credit. 

This is important because the more credit you have and do not use, the higher your credit score will increase. 

#2: Become an Authorized User

The second step I took was to be added as an authorized user to some of my family’s credit cards. 

You need to be careful when choosing which family members to ask because by being added as an authorized user, your credit history inherits the credit card credit history. 

The credit card you are added to must have a 100% positive credit history with no late payments or over the limit uses. 

Many people report that they have a hard time finding someone with a good credit card to be added as an authorized user. 

No problem, you can legally purchase an authorized user Tradeline online. 

To learn more, visit our Tradeline Supply Company Review.

Two other ways to quickly improve their credit score are by getting a Credit Builder Loan or having your Rent Reported to the three major credit bureaus. 

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