Whether you’re shopping for credit cards, auto loans or mortgages, your credit score plays a crucial role. If your 665 credit score is good, you have many more borrowing options than if it’s bad.
A credit score of 665 is considered “fair” by FICO. That means lenders see you as a risk and the loans you do qualify for come with high interest rates.
Overview of a 665 Credit Score
Your 665 credit score places you in the “Fair” range. Statistically speaking, more than 28% of consumers with credit scores in the Fair range will become substantially delinquent in the future.
That’s why lenders normally don’t do business with borrowers that have credit scores in the Fair range. They see these borrowers as risky and are more likely to charge high fees and interest rates.
Fortunately, there are a few options for people with 665 credit scores to improve their credit score and gain access to more affordable borrowing. One of the best ways to do that is to work with a credit repair company.
A good credit repair company will evaluate your credit report and identify all of the negative items that are keeping your score low. Then, they will customize and send dispute letters to the credit bureaus to get those negative items removed for good.
Credit Card Options with a 665 Credit Score
If you have a 665 credit score, there are plenty of card options available to you. These cards generally offer low annual fees, reasonable interest rates and rewards programs.
A few of these cards also have introductory offers, such as 0% introductory APR on balance transfers for the first 12 months or longer after your account is opened. You may also find cards that offer a higher credit limit after you make a certain amount of purchases in the first six months or so.
Depending on your spending habits and lifestyle, some cards in this range offer a mix of dining, grocery, travel, and general spending benefits. These benefits include sign-up bonuses, rewards points and cash back on qualifying purchases.
Auto Loans with a 665 Credit Score
There are several auto loan options available to those with a 665 credit score. You may qualify for a traditional auto loan or an alternative financing option that may allow you to make a lower down payment.
A higher credit score means you’ll get a better interest rate on your car loan, which can save you money in the long run. Using free sites like Credit Karma can help you compare loan terms and rates from multiple lenders.
Your credit score is a numerical value based on your payment history, amounts owed, length of credit history and more. It’s typically derived from the FICO and VantageScore credit-scoring models. These scores range from 300 to 850, with higher scores indicating better credit health.
Personal Loan Options with a 665 Credit Score
The good news is that there are personal loan options for those with a 665 credit score. While these loans can be more difficult to qualify for than those offered to those with higher credit scores, they are available and offer competitive rates and terms.
One option is Avant, which offers personal loans with a minimum credit score of 600. The lender says that most of its borrowers have credit scores in the mid to high side of fair credit.
You may also want to consider a secured loan, which requires collateral, such as a vehicle. Putting up an asset as collateral can help you get a lower interest rate and better loan terms than you would with a traditional personal loan.
The best way to find the right personal loan for your needs is to shop around and compare lenders. This will empower you to make the best decision for your situation and ensure that you’re getting a personal loan with the lowest overall cost.
Mortgages with a 665 Credit Score
If you want to purchase a home, there are several mortgage options available to you with a 665 credit score. These include conventional loans, FHA loans and VA loans.
Some borrowers with this credit score may also qualify for down payment assistance programs, which are designed to help lower income borrowers purchase homes.
However, these loans have their own downsides and typically require FHA mortgage insurance.
A better option is to consider repairing your credit. It’s the best way to boost your credit score and get the most favorable terms on your next mortgage loan.
As with all credit scores, the lower your 665 credit score is, the harder it is to obtain the loans and lines of credit that you need. Lenders prefer to work with borrowers who have higher credit scores, because it is safer for them to lend to you.