What Can I Get with a 650 Credit Score?

Raising your score to a good range could help you get access to more credit. A credit score of 650 is considered fair. Your rating helps lenders decide if you qualify for products such as credit cards and loans, and what interest rate you should pay. Yes, your credit score of 650 may qualify you for a mortgage. And you have a couple of main options.

Personal loans are among the most desirable types of loans because they don't impose conditions on how you can spend the money you borrow. While mortgage loans limit you to buying a home and auto loans are intended for new or used vehicles, a personal loan has no strings attached. The lenders listed below have helped millions of consumers get the personal loans they need, regardless of their credit, and they will strive to do the same for you. Today's online lending networks regularly help consumers with credit scores even lower than 620 find the loans they need, including personal loans, auto loans, and mortgage loans. This is because these networks partner with lenders across the U.S.

In the U.S., increasing the number of lenders available to you increases your chances of getting approved. Between 25 and 30% of first mortgages are granted to borrowers with a credit score lower than 700, depending on the year, so you can finance the purchase of your home. In addition, you're likely to get relatively high interest rates for loans compared to borrowers with excellent credit scores. Statistically speaking, 28% of consumers with credit scores in the right range are likely to incur serious delinquencies in the future.

The opinions expressed here are solely those of the author, not the credit card issuer, and have not been reviewed, approved, or otherwise supported by the credit card issuer. Depending on how close you are to becoming a “good credit territory,” the credit cards and accounts listed below can help you move to the next stage of your financial journey with on-time payments. You can accumulate those 20 points as negative points on your credit report, such as late payments, getting a little older, and losing some impact on your score. There's not much new credit users can do about this, except avoid bad habits and strive to establish a history of timely payments and good credit decisions.

You're not likely to get the best interest rates from a lender for a personal loan if you don't have a good credit score, but a FICO score of 650 should allow you to qualify for one. You can generally qualify for financial products, such as a mortgage or a car loan, but you're likely to pay higher interest rates than someone with a better credit score. These loans, available at many credit unions, can take several forms, but all are designed to help improve personal credit history. With a little work, you may be able to achieve (and even exceed) that score range, which could mean access to a wider range of loans and loans, with better interest rates.

With a credit score of 580 or higher, you can qualify for an FHA loan to buy a home with a down payment of just 3.5%. As long as you continue to make on-time payments, your credit rating usually recovers quickly from the effects of difficult inquiries. In addition, a higher credit score can save you money in interest and could even make it easier for you to rent an apartment or find a job.

Jeffery Sheinbein
Jeffery Sheinbein

Hipster-friendly food specialist. Certified pop culture geek. Certified music aficionado.