A 683 FICO® score is in the range of scores that are classified as 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.
Is 683 a Good Credit Score?
No a 683 credit score is not considered good. It falls within the “fair” credit range which means you may have some difficulty getting approved for loans and credit cards with favorable terms and rates. However, it’s not all bad news. With a 683 credit score, you still have opportunities to obtain decent credit cards or loans. It’s worth noting that making slight improvements to your credit can significantly expand your options and lead to substantial savings.
Key Things to Know About a 683 Credit Score
- Credit Rating: 683 is still considered a fair credit score.
- Borrowing Options: Most borrowing options are available, but the terms may not be very attractive. For example, you should be able to qualify for unsecured credit cards and personal loans, but the interest rate may be fairly high.
- Best Way to Improve a 683 Credit Score: Apply for a credit card and pay the bill on time every month.
What Does a 683 Credit Score 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.
Credit Cards with a 683 Credit Score
The best type of credit card for a 683 credit score is a card with low fees and either rewards or a low APR promotion. You should compare credit cards with rewards if you plan to use your card for everyday purchases that you can pay off by the end of the month. If you’re planning big-ticket purchases that will take months to pay down, consider low interest credit cards.
Car Loans with a 683 Credit Score
People with credit scores below 700 receive more than 40% of all auto loans. Still, it’s important to compare your auto loan options carefully if you want to get a decent APR.
Mortgages with a 683 Credit Score
Around 25% to 30% of first mortgages go to borrowers with credit score below 700, depending on the year, so you should be able to finance your home purchase.
Student Loans with a 683 Credit Score
Student loans are some of the easiest loans to get with a 683 credit score, seeing as more than 60% of them are given to applicants with a credit score below 700. A new degree may also make it easier to repay the loan if it leads to more income.
Note: Borrower percentages above reflect 2020 Equifax data.
How to Improve a 683 Credit Score
- Dispute Inaccurate Entries on Your Credit Report
- Pay Off Collections Accounts
- Reduce Your Credit Utilization
- Pay All Your Bills On Time
Ultimately, there are two types of 683 credit score. On the one hand, there’s a 683 credit score on the way up, in which case 650 will be just one pit stop on your way to good credit, excellent credit and, ultimately, top WalletFitness®. On the other hand, there’s a 683 credit score going down, in which case your current score could be one of many new lows yet to come.
Everyone obviously wants his or her credit score to be on an upward trajectory. So whether you need to turn things around or increase the pace of your improvement, you’d better get to work. With that in mind, you can find personalized advice on your WalletHub credit analysis page to supplement the tips above. You can also learn more about the types of people who have a 683 score below.
Who Has a 683 Credit Score?
| Age Group | 650+ Credit Score |
|---|---|
| 18-24 | 43% |
| 25-34 | 47% |
| 35-44 | 51% |
| 45-54 | 58% |
| 55-64 | 69% |
| 65+ | 83% |
| Income Bracket | 650+ Credit Score |
|---|---|
| < $30K | 23% |
| $30,000 – $49,999 | 47% |
| $50,000 – $74,999 | 84% |
| $75,000 – $99,999 | 87% |
| $100K+ | 88% |
Source: WalletHub data, as of 11/18/2016
As you can see, most people who are at least 35 years old have a credit score of 650 or higher. And even younger folks nearly have a majority. This just goes to show that people with 650 credit scores come in all shapes and sizes, with diverse backgrounds and differing financial obligations.
As a result, the grades for each component of your credit score, which you can find on the Credit Analysis page of your free WalletHub account, might not exactly match those of another individual with a 650 score. But the sample scorecard below will give you a general idea of what to expect.
Sample Scorecard for a 650 Credit Score
| Component | Grade |
|---|---|
| Payment History | C |
| Credit Utilization | B |
| Length of Credit History | B |
| Credit Mix | C |
| New Credit | C |
Overall Grade: C
Tips for Improving Your Credit Score
- Make all your payments on time. This is the most important factor in your credit score.
- Keep your credit utilization low. This means using less than 30% of your available credit.
- Don’t apply for too much new credit. Every time you apply for new credit, it can lower your score.
- Become an authorized user on a credit card with good credit. This can help you build your credit history.
- Check your credit report for errors. You can get a free credit report from each of the three major credit bureaus once a year.
A 683 credit score is not great, but it’s not terrible either. With a little effort, you can improve your credit score and get access to better interest rates and loan terms. Just remember to be patient and persistent, and you’ll eventually reach your credit goals.
Understand the benefits of a good credit score
A short credit history with sound credit management practices may be reflected in a good credit score. Additionally, it could indicate a longer credit history tainted by a few errors along the way, like sporadic missed or late payments, or a propensity for relatively high credit usage rates.
Lenders see people with scores like yours as solid business prospects. With a good credit score, most lenders will give credit to borrowers; however, they might not give their best interest rates, and card issuers might not give you their most alluring rewards and loyalty bonuses.
Maintaining your Good credit score
You fall firmly into the middle class of American consumer credit profiles with your 690 credit score, but with a little more time and work, you can move your score up into the Very Good (740–799) or even Exceptional (800–850) range. Avoid actions that can reduce your credit score in order to maintain your progress and not fall behind.
Factors that affect your credit score include:
Payment history. Delinquent accounts and late or missed payments can harm your credit score. A history of paying your bills on time will help your credit score. It’s quite simple and the single factor that has the biggest impact on your credit score, making up as much as 30.5 percent of your FICO%C2%AE%20Score.
Credit usage rate. Add up the balances on all of your revolving credit accounts (credit cards, for example) and divide the total by your credit limit to find your credit utilization ratio. For example, if your credit utilization rate is 2040% and you owe $4,000 on your credit cards with a $10,000 total credit limit. You are probably aware that your credit score will decline if you push your utilization ratio beyond the limit and into 20100%, but you might not be aware that the majority of experts advise maintaining this ratio below 200% to prevent your credit scores from falling. Credit usage is responsible for about 30% of your FICO® Score.
Length of credit history. Credit scores generally benefit from longer credit histories. There’s not much that recently opened credit can do about it other than to stay away from bad habits and try to build a history of prompt payments and wise credit decisions. Length of credit history can constitute up to 15% of your FICO® Score.
Total debt and credit. Credit scores reflect your total amount of outstanding debt you have, and the types of credit you use. The FICO® Score tends to favor a variety of credit, including both installment loans (i. e. , fixed-rate loans (like mortgages and auto loans) with predetermined payback periods, and revolving credit (i.e. e. accounts (like credit cards, which allow you to borrow money up to a certain credit limit and pay it back with variable payments) Credit mix can influence up to 10% of your FICO® Score.
Recent applications. A hard inquiry occurs when you apply for a loan or credit card; during this process, the lender requests your credit score and, frequently, your credit report. A hard inquiry typically has a short-term negative effect on your credit score. Hard inquiries usually have a short-term negative impact on your credit score, provided you continue to make your payments on time. (Checking your own credit is a soft inquiry and does not impact your credit score. ) Recent credit activity can account for up to 10% of your FICO® Score.
What is Transunion Credit Score? (What Is a Credit Score? )
FAQ
What should your TransUnion credit score be?
Can I buy a house with 683 credit score?
What loan can I get with a 683 credit score?
Can I buy a car with a 683 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.
Is 683 a good credit score?
However, even with a 683 credit score, you still have opportunities to obtain decent credit cards or loans. It’s worth noting that making slight improvements to your credit can significantly expand your options and lead to substantial savings. Credit Rating: 683 is still considered a fair credit score.
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.
Can a 683 credit score be used for a car loan?
Most auto lenders will lend to someone with a 683 score. However, if you want to ensure you qualify for a car loan at the best interest rates, you will want to continue improving your credit score. There are also several other factors that lenders consider when deciding whether to lend to you and at what interest rate.