If your credit score is 683, you are right in the middle. As of 2021, the average FICO score for a consumer in the United States is 714, according to Experian, with a score between 670 and 739 generally regarded as good.
An average credit score of 683 indicates that you typically pay your bills on time, according to most lenders. This post will go into greater detail about what a 683 credit score means when it comes to loan applications and what you can do to raise it.
Here’s the million-dollar question: Is 683 a good credit score?
Well, it’s not quite that simple. While 683 falls within the “fair” credit score range, it’s not quite the golden ticket to unlocking the best financial products. But don’t fret! This score still opens doors and offers opportunities to build a stronger credit future.
Let’s dive deeper into what a 683 credit score means and how you can leverage it to your advantage.
What Does a 683 Credit Score Mean?
A 683 credit score falls within the “fair” credit range, which generally sits between 640 and 699. While it’s not considered bad, it’s not quite good or excellent either. This means you might face some challenges securing loans or credit cards with the most favorable terms and rates.
But here’s the good news:
- You’re not starting from scratch. You’ve already established some credit history, which is a positive step.
- You have options. While you might not qualify for the best credit cards or loans with a 683 score, there are still plenty of decent options available.
- It’s a stepping stone. With consistent effort and good credit habits, you can improve your score and unlock even better financial products in the future.
Here’s a quick breakdown of what a 683 credit score can get you:
| Type of Credit | Do You Qualify? |
|---|---|
| Store Credit Card | YES |
| Unsecured Credit Card with No Annual Fee | YES |
| Unsecured Credit Card with Rewards | YES |
| Home Loan | YES |
| Auto Loan | YES |
| Personal Loan | MAYBE |
| 0% Intro APR Credit Card | NO |
Note: It may be possible to qualify for a personal loan or 0% credit card in some cases, but it will be difficult to find a good offer.
What Can You Do with a 683 Credit Score?
1. Secure a Credit Card:
A credit card can be a powerful tool for building credit, especially if you use it responsibly and pay your bills on time. Look for cards with low fees and either rewards or a low APR promotion.
2. Apply for a Loan:
While you might not qualify for the best rates with a 683 score, you can still secure a loan for a car, home, or other needs. Compare your options and shop around for the best terms.
3. Build Your Credit History:
The key to improving your credit score is consistent, responsible credit behavior. Make all your payments on time, keep your credit utilization low, and avoid opening too many new accounts.
4. Monitor Your Credit Reports:
It’s crucial to regularly check your credit reports for any errors or inaccuracies. Dispute any mistakes you find to ensure your credit score accurately reflects your financial health.
5. Consider Credit Counseling:
If you need help managing your credit or developing a plan to improve your score, consider seeking guidance from a reputable credit counselor.
Remember, a 683 credit score is just a snapshot of your financial history. With consistent effort and good credit habits, you can transform it into a powerful tool for unlocking your financial goals.
Here are some additional resources to help you on your credit journey:
- Credit Karma: Check your credit scores and reports for free, get personalized recommendations, and learn about credit-building strategies.
- WalletHub: Access free credit reports, compare credit cards and loans, and get personalized credit advice.
- Experian: Learn about credit reports, credit scores, and how to improve your credit health.
- Equifax: Access your free credit report, dispute errors, and learn about credit-related products and services.
- TransUnion: Get your free credit report, monitor your credit score, and access fraud alerts and identity theft protection.
Don’t let a 683 credit score hold you back. Take control of your credit and start building a brighter financial future today!
Can I get a credit card with an 683 credit score?
The short answer is yes. In the category of good credit scores, you ought to be able to obtain a standard (non-secured) credit card with a FICO Score. Having said that, there are a couple of big caveats.
For starters, you probably won’t be able to take advantage of some of the best credit card deals available. In order to obtain the greatest rewards credit cards, balance transfer offers, and best 200 percent annual percentage rate offers, lenders might prefer to see excellent credit with scores that are noticeably higher than yours. You also might not get as high of a credit limit as consumers with higher scores.
Second, your credit score is just one part of the credit card approval process. Lenders will also take your other debts and employment situation into consideration. In fact, because their other debts are a little bit too high, it’s not uncommon for customers in the elite credit tiers to be turned down.
What does an 683 credit score mean?
As mentioned, an 683 credit score falls within the range that is typically considered to be good credit. Lenders will often consider a score in this range for loan approval. A score in this range, however, does not fall into the “very good” or “exceptional” credit tiers, so it is typically ineligible for the best loan terms or interest rates offered by lenders.
Borrowers with an 683 credit score are considered to be relatively low risk when it comes to paying money back. Statistical default rates range from 4.6% for consumers in the 660-679 FICO Score range to 1.9% for those in the 720-739 range. While your score is definitely not indicative of bad credit, many borrowers in the good credit score range have late payments, a limited credit history, or adverse credit information (like a loan default) from several years ago, so lenders do tend to be a bit more cautious.
What is a GOOD Credit Score in 2024? What’s the Average Credit Score Overall & By Age / Generation?
Can I get a personal loan with a 683 credit score?
Most personal loan lenders will approve you for a loan with a 683 credit score. However, your interest rate may be somewhat higher than someone who has “Very Good” or “Excellent” credit. It’s best to avoid payday loans and high-interest personal loans, as they create long-term debt problems and just contribute to a further decline in credit score.
Is a 683 credit score a fair score?
Our content is accurate to the best of our knowledge when posted. A 683 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for credit without high fees and interest rates with a score in this range. “Fair” score range identified based on 2023 Credit Karma data.
Is 690 a good credit score?
Your 690 credit score puts you solidly in the mainstream of American consumer credit profiles, but some additional time and effort can raise your score into the Very Good range (740-799) or even the Exceptional range (800-850). To keep up your progress and avoid losing ground, steer clear of behaviors that can lower your credit score.
Is a 683 FICO ® score good?
A 683 FICO ® Score is Good, but by earning a score in the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to check your credit score to find out the specific factors that impact your score the most and get your free credit report from Experian.