A credit score of 657 is neither awful nor particularly outstanding, falling somewhere on the border of “fair” and “bad.”
Generally speaking, a borrower with a score in this range will receive less favorable loan terms than someone with better credit.
This can impact everything from mortgages to auto loans and even a credit card. A few simple steps can help you raise your credit score and secure the best rates possible.
Overview of a 657 Credit Score
A credit score is a three digit number used to evaluate your financial ability to pay back loans. It reflects information on your credit history that is reported to one or more of the three major credit reporting agencies.
Those with credit scores in the 657 range are typically considered subprime consumers. They may be rejected by lenders or end up paying high fees and interest rates.
These consumers must be very careful to avoid delinquent accounts and late payments. They also must work to build positive payment habits in order to raise their credit scores.
This credit range is generally considered fair, but it can be difficult to find borrowing options without high fees and interest rates. Boosting your score into the good range will provide you with access to more credit options and lower interest rates.
Credit Card Options with a 657 Credit Score
Fortunately, there are a number of credit card options available to you with a 657 credit score. Many of these cards are unsecured, and you can usually get them without any deposit.
Some of these cards offer lucrative welcome bonuses, which may be in the form of 0% interest for balance transfers or purchases. They also generally have low or no annual fees.
The most important thing to do if you want to improve your 657 credit score is to pay your bills on time and keep your credit utilization under 30%. This is because delinquent accounts and late payments are the largest contributors to credit scores, and can have a negative impact on your overall score.
Auto Loans with a 657 Credit Score
When you apply for a car loan, your credit score impacts the interest rate you pay. This is because banks consider you a risk when you have a low credit score, so they will charge you more for your loan than if you had a higher score.
As such, it is important to get a loan with a good credit score. That means getting a loan with a credit score of at least 700.
If you have a 657 credit score, you may be eligible to get an auto loan, although it will likely come with less attractive terms than a borrower with a better credit score.
If you have a 657 credit score and need an auto loan, there are many lenders that specialize in helping you get approved for an auto loan even with bad credit. Canada Drives helps connect you with dealerships in your area that are willing to finance borrowers with bad credit.
Personal Loan Options with a 657 Credit Score
When it comes to personal loans, borrowers with a 657 credit score can find a variety of options. These include secured and unsecured personal loans, as well as low-interest rate personal lines of credit.
To qualify for a loan, lenders evaluate your credit score, as well as your income and other factors. These can vary by lender, so it’s important to research qualification criteria before applying for a personal loan.
To boost your score, pay down your debts and keep your credit utilization (the percentage of available credit you use) low. You should also take steps to repair your credit. This includes removing negative items and disputing inaccurate information.
Mortgages with a 657 Credit Score
Mortgages are one of the best ways to secure your new home. If you’re interested in a mortgage, there are several types of programs you can choose from, depending on your credit score and other qualifications.
If you have a 657 credit score, you might be able to qualify for a variety of loan options. Generally, you can apply for conventional loans with this score, though FHA and VA loan programs may also be available to you.
However, you should be aware that a low credit score can limit your financing options. Consumers with credit scores in the Fair range (600-669) are typically considered’subprime’ borrowers, and may face higher fees and interest rates than consumers with better credit.