Your 667 credit score is one of the biggest indicators of your financial stability. It influences whether you’ll be able to secure loans and credit cards and how much they will cost.
If you’re interested in repairing your 667 credit score, we recommend working with a reputable credit repair company. They’ll help you remove negative items from your report and improve your score quickly and affordably.
Overview of a 667 Credit Score
Your 667 credit score is considered a “Fair” credit score, meaning that lenders see you as a “acceptable” borrower. This means that you’re likely to be approved for a range of loans and credit cards, though your interest rates may not be as low as those offered to borrowers with better credit scores.
Luckily, improving your credit can lead to a variety of benefits, including easier access to loans, waived fees, favorable terms, and lower interest rates. To help you get started, we’ve compiled a list of some of the best credit-improving strategies to take on.
For example, if you’re new to credit, one of the best ways to build your credit is to apply for a secured credit card. These cards typically come with a small credit limit and require a deposit to be used for purchases.
Credit Card Options with a 667 Credit Score
If you have a 667 credit score, there are a few different options available to you. These cards can help you build your credit, manage your finances, and earn rewards for your good habits.
Some of these cards also offer perks, such as cash back or travel benefits, that can make them worth the annual fee. But they aren’t for everyone, especially if you don’t plan to carry a balance or pay interest.
If you don’t want to use a credit card, consider a debit card. This is a convenient option for many people because it lets you access your money directly and limits your spending. The best part is that you’re not reported to the credit bureaus when you use your debit card.
Auto Loans with a 667 Credit Score
A 667 credit score is considered fair credit, which means you may be able to get an auto loan without a high interest rate. However, lenders are likely to consider your credit history and other factors when determining whether to approve you for a loan.
In addition to your credit score, your debt-to-income ratio and full credit history will also affect your eligibility for an auto loan. For example, a high debt-to-income ratio can make it more difficult to qualify for an auto loan, which can result in a higher interest rate.
You can also improve your credit score by paying your bills on time. It is important to note that a late payment on an auto loan can have a negative impact on your credit score.
Personal Loan Options with a 667 Credit Score
A credit score of 667 is considered fair credit, which means you can still get a personal loan with it. However, borrowers in this range typically have lower approval odds and interest rates than those with excellent credit.
You can improve your credit score by making timely payments on debt and paying down existing balances. You can also try to use less than 30% of your credit card limits to keep your credit utilization low.
Many lenders offer personal loans to consumers with fair credit, although you should be aware that some charge origination fees or require collateral to qualify. You should also be careful to choose a lender that reports your payments to all three credit bureaus.
Mortgages with a 667 Credit Score
There are a number of mortgage options for borrowers with credit scores in the 667 range. These include conventional loans, FHA loans, VA loans, and USDA loans.
However, you must be aware that mortgage lenders will usually consider your 667 credit score to be “higher risk” than other borrowers, meaning you may have more stringent qualifications for loan approval. For example, you should have strong employment and income history and a reasonable amount of down payment, among other things.
If you have a credit score in the 667 range, you can still get a home loan if you meet the other requirements, such as having at least 2 years of consistent employment and providing income documentation (such as your tax returns and pay stubs). Down payment assistance programs are also available for those with lower incomes or a higher debt-to-income ratio.