A credit score of 651 isn’t necessarily bad or particularly outstanding. It lies somewhere between a good and bad credit score, and it can still qualify you for some loans.
A credit score of 700-749 is generally considered to be good, and 650-699 is generally considered to be fair. This range is based on widely used models, including VantageScore 3.0.
Overview of a 651 Credit Score
A credit score is a three-digit number that lenders use to assess borrowers’ likelihood of paying back their loans. It helps determine your eligibility for various types of credit, such as credit cards, auto and home loans, personal loans, mortgages and more.
A 651 credit score isn’t quite as good as a 700 or above, but it’s not terrible either. It’s within the “Fair” credit range, which is considered a safe bet when it comes to borrowing money and getting approved for loans.
There are some things that you can do to help raise your credit score, but the most important one is making payments on time and sticking with a responsible debt-management plan. This will help you establish a strong credit history and increase your chances of receiving a high credit score.
Credit Card Options with a 651 Credit Score
If you have a 651 credit score, your options for obtaining credit cards are limited. You may be able to find some low-interest credit cards, but the rewards are usually minimal and the terms often don’t offer many benefits.
The best credit card option for you with a 651 credit score is a secured credit card. Most issuers require a security deposit of $500 or more, but this can be an excellent way to build credit without paying a high interest rate.
It is important to make your payments on time each month. Delinquent accounts and late payments can hurt your 651 credit score. It is also important to keep your debt-to-credit ratio low.
Auto Loans with a 651 Credit Score
Auto lenders consider a number of factors when determining your loan terms, including your credit score. The higher your score, the better your borrowing terms.
Getting an auto loan with a 651 credit score may be difficult, but it is possible. Having a high down payment, good credit history and a cosigner may help you qualify for a loan.
You should keep your credit utilization low compared to your credit limits, which has a major impact on your credit score. Avoiding applications for other credit within six months of your auto loan application can also help you boost your score.
Your credit report may contain late payments or collections accounts, which can hurt your score. Be sure to pay all your bills on time.
Personal Loan Options with a 651 Credit Score
If you have a 651 credit score, there are a number of personal loan options available to you. These loans can be a great way to help you pay off your debts or consolidate your bills.
The first thing you need to do is find a lender that will accept your credit score. You should shop around for a variety of lenders so you can find the best rate and terms for your specific needs.
A good personal loan should have low interest rates and flexible repayment periods. You should also consider the tenure of your loan, as this will affect how much you will owe in total and how much you will have to pay each month.
One of the best things you can do to improve your credit is keep your debt utilization low. This means only using a small percentage of your total credit limit.
Mortgages with a 651 Credit Score
There are a variety of mortgages available to borrowers with a 651 credit score. These include conventional loans, FHA loans, VA loans, and USDA loans.
A mortgage lender can help you determine which loan program is best for you, and can also assist you in applying. The type of mortgage you choose will depend on your credit and income qualifications, as well as the interest rate you want.
The most common types of mortgages for borrowers with a 651 credit score are conventional, FHA, and VA. Conventional loans are a popular option, as they offer a lower down payment than many other types of mortgages and are more likely to be approved. An FHA mortgage can be a great choice for many borrowers with a 651 credit score, as these loans are guaranteed by the Federal Housing Administration. However, these loans are more complex than other types of mortgages and have additional requirements.