A 650 credit score is considered fair. Your score helps lenders decide whether you qualify for products like credit cards and loans, and what interest rate you should pay.
The share of Americans with a score below 650 was 24% as of April 2023, according to credit scoring company FICO. A 650 credit score is not considered "bad" by both FICO and its competitor VantageScore. Generally speaking, scores below 630 fall into the bad range.
Here’s how a 650 credit score can affect your financial life.
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With a 650 score, you may pay higher rates than others
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
Credit scores change often based on your activity, so your 650 score can go up. Here are some tools you can use to build credit:
Take your good credit habits to the next level: Pay all your bills on time and try to use no more than 30% of the credit limit on all your credit cards. Those are the two biggest factors affecting your credit score. The less you use of your available credit, the better it is for your score. Opening a new credit card that's used for one small recurring purchase can also help, just make sure to research eligibility requirements before applying.
Apply for a secured credit card, a type of card that's backed by a cash deposit.
Visit your local credit union to get a credit-builder loan or secured loan. A credit-builder loan allows you to build your score and save up some money at the same time.
Ask a family member or friend with a high credit score and long credit history to add you as an authorized user on their credit card. That gives you an additional line of credit on your credit report.
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Visit your My NerdWallet Settings page to see all the writers you're following. A 650 credit score is considered fair. Your score helps lenders decide whether you qualify for products like credit cards and loans, and what interest rate you should pay.
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.
The major credit bureaus have different credit scoring categories, and a good credit score is between 670 and 739. A 650 is on the high end of the fair credit score category, which ranges from 580 to 669. A 650 credit score will help you qualify for most home loans, but you may end up with a higher interest rate.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
Generally, it takes around 4-12 months to reach the point where you can apply for a loan. It will take a few months to get to 750 if your score is currently somewhere between 650 and 700. However, if you have a credit score of less than 650, it will take more time to improve the score.
It's possible to get approved for a car loan with a 650 credit score. If you are approved for a car loan, having a lower credit score may mean you're offered less favorable loan terms, like a higher interest rate.
Tesla doesn't list a minimum credit score to be approved for financing, however, typically your shot of being approved will increase if your score is in the 600s or better. It could be possible with a 500 score still, though not as likely.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
According to Experian data, baby boomers and other older consumers comprise 66% of the consumers with 850 FICO Scores, and Generation X another 26%. Millennials and younger consumers, so far anyway, account for less than 8%. In brief: The summit isn't out of reach.
Introduction: My name is Aracelis Kilback, I am a nice, gentle, agreeable, joyous, attractive, combative, gifted person who loves writing and wants to share my knowledge and understanding with you.
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