Your credit score is one of the most important indicators of your financial health. It helps lenders determine your likelihood of paying back loans.
Your credit score is based on data from your credit reports at three major credit bureaus. It typically ranges from 300 to 850.
Overview of a 652 Credit Score
A credit score is a three-digit number that lenders, banks and financial institutions use to evaluate your likelihood of paying back a loan. It is calculated based on your debt-management history, as recorded by the credit bureaus.
Having a 652 credit score means you are likely in the Fair credit range. That’s a fairly bad spot to be in, as you have less than average access to loans and credit cards, and pay higher interest rates than consumers with better scores.
To get the most from your 652 credit score, you need to work to improve it as quickly as possible. The quickest way to do this is to remove any negative items on your report that are holding it down.
Credit Card Options with a 652 Credit Score
A 652 credit score may be near the low end of the fair credit score range, but there are still plenty of options for borrowers in this category. Some lenders are willing to offer unsecured credit cards or personal loans, but they will often have high interest rates.
Another type of card that is available for this credit score range is a secured credit card, which requires you to put up a security deposit before you can get your line of credit approved. Secured cards typically come with a lower credit limit than unsecured cards, but you can build your credit line by making timely payments.
One option is the Capital One QuicksilverOne Cash Rewards Credit Card, which offers 1.5% back on eligible purchases in exchange for a $39 annual fee. This card is a great choice for people with average credit who are looking to rebuild their credit or improve their scores.
Auto Loans with a 652 Credit Score
If you have a 652 credit score, you can usually get a car loan. However, your auto lender may consider other factors such as your debt-to-income ratio and full credit history before approving your loan.
As a result, it’s essential to be aware of the terms of your auto loan before you sign on the dotted line. This includes the type of loan, its duration, and what your monthly payment will be.
You should also make sure to set a realistic budget before you begin shopping for your new or used car. This will help you find the right car for your needs, and allow you to secure a good auto loan.
You should also know that your auto loan interest rate will depend on your credit score. A few extra percentage points might not sound like much, but it can add up to thousands of dollars over the life of your loan.
Personal Loan Options with a 652 Credit Score
Getting a personal loan is a good option when you need to pay for an unexpected expense. It can also help you consolidate your debt at a lower interest rate. However, you’ll need to have excellent credit to get the best rates and terms on a loan.
Applicants with fair credit can apply for personal loans, but the loan options will be limited. You’ll need to prove that you can afford the loan and that you have a history of paying on time.
You can also use a co-signer, but the person with whom you’re co-signing will be responsible for repaying the loan if you default on your payments. A co-signer also can help you qualify for a loan with a lower interest rate.
Mortgages with a 652 Credit Score
If you have a 652 credit score, you should be eligible for most mortgage options. You can choose from conventional loans, FHA loans, VA loans, and USDA mortgages.
Depending on your situation, you may also qualify for down payment assistance programs or jumbo loans. However, it’s important to check with a mortgage lender to ensure you are getting the right type of loan for your situation.
The best way to improve your credit score is to build up a solid history of on-time payments. This will demonstrate to lenders that you can be trusted with a large financial commitment.
You should also take advantage of all the tools available to you, such as credit card and auto loan options. These can help you manage your money effectively and make smart financial decisions.