A 687 FICO® score is in the range of scores that are considered good, which is 670 to 739. The average U. S. FICO® Score, 714, falls within the Good range. A large number of U. S. Good FICO® Score customers are regarded by lenders as “acceptable” borrowers, which means you can apply for a wide range of credit products, but you might not be offered the best interest rates or the most exclusive products.
Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
Fair credit, not excellent credit, is what a 697 credit score represents. A credit score of 697 is marginally below the 700 mark, which is typically required to be categorized as having good credit.
What Does a 697 Credit Score Mean?
A 697 credit score is considered fair by most lenders. This means that you are likely to be approved for loans and credit cards, but you may not get the best interest rates or terms. You may also have to pay higher security deposits for utilities and rent.
Here is a breakdown of what a 697 credit score means:
- You are considered a “subprime” borrower. This means that you are seen as a higher risk to lenders than borrowers with good or excellent credit.
- You may be eligible for loans and credit cards, but you may not get the best interest rates or terms. You may also have to pay higher security deposits for utilities and rent.
- You will need to work on improving your credit score if you want to get the best interest rates and terms on loans and credit cards.
How to Improve Your 697 Credit Score
There are a few things you can do to improve your 697 credit score:
- Pay your bills on time. This is the most important factor in your credit score. Late payments can stay on your credit report for up to seven years, so it is important to make sure you pay your bills on time.
- Keep your credit utilization low. Your credit utilization is the amount of credit you are using compared to your total available credit. It is best to keep your credit utilization below 30%.
- Dispute any errors on your credit report. You can get a free copy of your credit report from each of the three major credit bureaus (Experian, Equifax, and TransUnion) once a year. Review your credit reports carefully and dispute any errors you find.
- Become an authorized user on a credit card with good credit. This can help you build your credit history without having to open a new credit card.
- Get a secured credit card. A secured credit card is a credit card that requires you to make a security deposit. This deposit is used as collateral in case you default on your payments. Secured credit cards can help you build your credit history and improve your credit score.
What Kind of Loan Can I Get with a 697 Credit Score?
You might be able to get approved for a mortgage, auto loan, or personal loan with a credit score of 697. However, you may not get the best interest rates or terms. You may also have to make a larger down payment on a mortgage.
The average interest rates for various loan kinds with a credit score of 697 are shown in the following table:
| Loan Type | Average Interest Rate |
|---|---|
| Personal Loan | 10.24% |
| Auto Loan | 5.99% |
| Mortgage | 4.25% |
Although a 697 credit score is considered fair, it is not a high credit score. Even though you might be able to qualify, you might not receive the best terms or interest rates on credit cards and loans. To obtain the best terms and interest rates on loans and credit cards, you will need to work on raising your credit score.
Here are some additional resources that you may find helpful:
- Credit Karma: https://www.creditkarma.com/
- Experian: https://www.experian.com/
- Equifax: https://www.equifax.com/
- TransUnion: https://www.transunion.com/
How to build up your credit score
Because of your strong FICO® score, you have a decent chance of being approved for a range of loans. However, you may be able to qualify for better interest rates and save thousands of dollars in interest over the course of your loans if you can raise your credit score and eventually fall into the Very Good (740-799) or Exceptional (800-850) credit-score ranges. Here are few steps you can take to begin boosting your credit scores.
Check your FICO Score® regularly. Tracking your FICO® Score can provide good feedback as you work to build up your score. Acknowledge that periodic declines in your score are normal, and as long as you continue to practice good credit habits, you should see consistent improvement. To automate the process, you may want to consider a credit-monitoring service. Additionally, you might want to investigate identity theft protection services that have the ability to flag questionable activity on your credit reports.
Avoid high credit utilization rates. High credit utilization, or debt usage. Try to keep your utilization across all your accounts below about 30% to avoid lowering your score.
Seek a solid credit mix. Although it is never a good idea to take on debt, responsible borrowing, such as installment loans and revolving credit, can help build good credit.
Pay your bills on time. There is no better way to raise your credit score—you’ve probably heard this before—so pick a plan that works for you and follow it through. While sticky notes and paper calendars are useful for some people, automated tools like smartphone reminders and automatic bill-payment services are not for everyone. After six months or so, you may find yourself remembering without help. (Keep the system going anyway, just in case. ).
How to improve your 687 Credit Score
Access to a wide range of credit card and loan products is possible with a FICO® Score of 687, but raising your score can improve your chances of being approved for even more loans with more favorable terms.
A 687 FICO® Score is also towards the lower end of the Good range, so you should definitely watch your score to avoid falling into the more restrictive Fair credit score range (580 to 669).
The best way to determine how to improve your credit score is to check your FICO® Score. You’ll get information about how to raise your score based on particular details in your credit file, along with your score. Youll find some good general score-improvement tips here.
660 – 699 Credit Score: Key Things to Know
FAQ
How good is a 697 credit score?
Can I buy a house with a 697 credit score?
Can I get a personal loan with a 697 credit score?
What credit card can I get with a score of 697?
Is a 697 FICO ® score good?
A 697 FICO ® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
Can a 697 credit score be used for a credit card?
However, you still have room for improvement. With a score of 697, your focus should be on raising your credit scores before applying for any loans to make sure you get the best interest rates available. Credit card applicants with a credit score in this range will be approved for most credit cards.
Is a 697 score a good score for a mortgage?
This means that with a score of 697, you have a high probability of being approved for a mortgage loan. But lenders won’t be offering you the best interest rates out there—some experts suggest that you need score of 760 to get those. It’s important to note that having a score of 697 doesn’t guarantee you’ll be approved for a mortgage.