A 660 credit score is categorized as “Fair”. While it is generally considered to be a good credit score, it may still make it difficult for you to get approved for certain types of loans.
If you have a score in this range, there are some things that you can do to improve your credit and increase your chances of getting approved.
Overview of a 660 Credit Score
A 660 credit score is categorized as “Fair.” This means that you are among a population of consumers with credit scores that fall within the Fair range. While this is not considered a bad credit score, it can make it difficult for you to get loans and credit cards.
However, if you work to improve your 660 credit score, you can take advantage of this low range and gain access to a greater variety of credit options. You might also find lower interest rates and better borrowing terms.
In order to boost your 660 credit score, you should focus on paying all of your bills on time and maintaining a low revolving balance. Additionally, you should avoid applying for new loans and credit cards because this can lead to a hard inquiry on your credit report, which can lower your score by a few points.
Credit Card Options with a 660 Credit Score
When your credit score is 660, you have a lot of options when it comes to credit cards. Depending on your spending habits, you might be eligible for cash back or reward cards that offer rewards for your purchases.
If you are new to credit or are building credit, you may be able to qualify for low-interest, introductory offers that give you a credit line without any interest charges for the first year. These introductory offers are usually for balance transfers or purchases.
These introductory offers are a great way to build your credit and get a feel for what type of card you will enjoy using most often. As your credit score improves, you can start to find cards with lower ongoing APRs and no annual fees.
Auto Loans with a 660 Credit Score
There are a variety of auto loans available to borrowers with a 660 credit score. These include both new and used car loans.
These loans can range in terms from a few years to more than 85 months. Loan terms are determined by the type of vehicle you want to purchase, your credit history and the lender you choose.
Those with super prime credit scores between 760 and 780 may qualify for lower interest rates than those with lower scores. Super prime borrowers are also not required to have a co-signer on their auto loans.
Those with a 660 credit score may still be eligible for a subprime auto loan, although it will likely have higher interest rates than those with prime or superprime credit scores. These types of loans are usually offered by dealerships that advertise “guaranteed financing” or “buy here, pay here.”
Personal Loan Options with a 660 Credit Score
A 660 credit score may qualify you for a personal loan, especially if you have good income and a solid credit history. A personal loan is a type of unsecured debt that you can use to pay for a variety of expenses, such as home improvement projects, medical bills and debt consolidation.
A personal loan has fixed interest rates and repayment terms. A lender should disclose the monthly payments you’ll make before you sign a loan agreement.
You can also consider a co-signer, who is responsible for repaying the loan in case you default on your payment. Adding a co-signer can help you qualify for a lower interest rate than you would have on your own.
Mortgages with a 660 Credit Score
If you have a 660 credit score, there are several mortgage options available to you. These include conventional, FHA, and VA loans.
However, if your credit score is less than 660, your mortgage options are more limited and you may have a harder time getting approved for the best rates. This is because many lenders will not work with borrowers with credit scores lower than 660.
Because of this, it is important to get your credit score as high as possible before applying for a mortgage. By repairing your credit, you can increase your chances of getting the mortgage you want at the best possible rate.