Whether you’re looking to buy a home, car, or any other big ticket item, your credit score is one of the most important factors in determining whether or not you’ll be approved for a loan.
Your credit score is based on several factors, including your credit history, type of credit you have, and how much debt you owe. Learn more about the 658 credit score and how it impacts your financial life.
Overview of a 658 Credit Score
A credit score of 658 is a “Fair” credit rating, which means that it’s likely you will be approved for most loans and credit cards. However, your credit is only one factor that lenders use to determine how much risk you are to them.
You can improve your credit score by paying off bills on time, and making sure you don’t have too much debt. Boosting your credit score can help you access more loan and credit options, and it could also save you money by helping you qualify for lower interest rates.
Your credit score is based on your debt-management history. That history includes how and when you’ve paid your bills, as well as how much credit you’re using. Generally, good credit-management habits promote higher scores, while bad or erratic behavior leads to lower ones.
Credit Card Options with a 658 Credit Score
If you have a 658 credit score, there are plenty of options for you to consider. You should be able to find some cards that offer no annual fee or have a low ongoing APR.
If that’s not an option, try for a card that offers a high credit line and a rewards program. A good credit card can help you build a strong credit history and may even improve your overall financial picture.
You’ll probably have to shop around for the best credit card for your unique needs. A few of the more notable options for this credit score range include the Journey Student Rewards from Capital One and the Capital One QuicksilverOne Cash Rewards Credit Card. The former is a no-frills card that will help you build a solid credit profile and earn 1.5% cash back on purchases with a $39 annual fee.
Auto Loans with a 658 Credit Score
If you have a 658 credit score, you’ll want to know the different auto loan options that are available to you. Your credit score is one of the biggest factors that lenders consider when determining your car loan interest rate, and it can be the difference between getting approved for a low-interest auto loan or not.
A good credit score can get you a lower auto loan interest rate, and it can save you money over the life of your loan. For example, if you have a credit score of 600 and improve it to 780, your interest rate could drop by almost half.
Personal Loan Options with a 658 Credit Score
Your credit score determines how much you can borrow and how much interest you’ll pay. A higher score indicates that you’re responsible with your money, while a lower one suggests you’ve fallen behind on payments or have accumulated large amounts of debt.
If your credit score is less than stellar, there are still plenty of personal loan options available to you. Many lenders offer a prequalification process that allows you to see estimates of your rates and terms without negatively impacting your credit.
You’ll also want to shop around for the best interest rate and repayment term that fits your budget. You can use a free tool like Even Financial to compare offers from multiple lenders.
Mortgages with a 658 Credit Score
Mortgages are one of the most popular ways to finance a home purchase. They are available from a wide range of lenders and can include conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans.
Mortgage lenders may also offer down payment assistance programs, which can help borrowers who lack the cash to make up a large portion of the down payment. However, these programs have their own requirements and qualifications, so it’s important to research them carefully before deciding which one is best for you.
If you have a 658 credit score, there are a few options for mortgage lenders that can help you buy your dream home. However, it is important to keep in mind that your credit score will have a significant impact on the amount of interest you pay.