A 670 credit score is within the range of scores categorized as “Good.” Lenders generally consider consumers with scores in this range to be “acceptable” borrowers.
Those with a FICO Score of 670 can expect to receive a wide variety of loans and credit card products at competitive interest rates and terms. However, they may want to manage their credit carefully to avoid dropping into the more restrictive Fair credit score range (580 to 669).
Overview of a 670 Credit Score
A 670 credit score places you squarely in the “good” range, which generally indicates that you have a sound financial history and are likely to make payments on time. A good score can also open you up to a broad range of credit products, such as loans and credit cards, at affordable interest rates.
If you’re seeking credit, it’s always a good idea to shop around for the best loan terms. Several lenders may offer similar mortgages, auto loans or credit cards, so it’s worth checking with each of them for their best terms.
The minimum credit score required for most mortgages, including conforming and FHA mortgages with low down payments, is 620. However, a credit score above 720 will qualify you for lower mortgage rates and better loan terms.
Credit Card Options with a 670 Credit Score
There are a number of credit card options available to consumers with a 670 credit score. These cards typically have low annual fees, helpful perks and no foreign transaction fees.
A popular introductory offer for this credit score range is 0% APR on purchases and balance transfers for the first 12 months after account opening. Some cards also have ongoing rewards, such as a 1% or 1.5% cash back on your purchases.
This credit score range is a good spot for people looking to start building a credit history and build up their credit score. With responsible use, credit card issuers may approve applicants for a variety of cards and even more types of loans.
Auto Loans with a 670 Credit Score
Those with a 670 credit score have access to a wide variety of auto loans. These include both new and used vehicle financing options.
In addition, a high FICO Score can help you get lower interest rates. You may also qualify for lower payment plans and more flexible terms.
You can improve your credit score through good credit practices and making payments on time. If you have a lower score, however, you might need to take steps to improve it before applying for an auto loan.
Your credit score is one of the most influential factors lenders consider when assessing your loan application. Your score is based on your total debt and credit mix, as well as your payment history.
Personal Loan Options with a 670 Credit Score
There are a variety of personal loan options available to people with a 670 credit score. They can be a great way to consolidate debt, finance a major purchase or cover unexpected expenses.
Your credit score is one of the most important factors that lenders consider when deciding whether to approve you for a loan and at what terms. You can improve your score by making payments on time and keeping your balances low.
It’s also important to avoid applying for new lines of credit, which can temporarily damage your score. Instead, try to prequalify for a loan, which will allow you to see what rates and terms you can qualify for without hurting your credit score.
If your credit is fair or bad, you’ll likely have more trouble finding a good loan, but you don’t need to give up. There are personal loan lenders that will work with people with fair credit, so shop around to find the best lender for you.
Mortgages with a 670 Credit Score
There are a number of mortgage options for borrowers with a 670 credit score. You can use your score to qualify for a conventional (Fannie Mae or Freddie Mac) mortgage, an FHA loan with a low down payment, or a VA loan.
Many state, county and city government agencies offer grants or vouchers to help borrowers with credit scores below 700. These programs are intended for lower income households and can make it easier to qualify for a home loan with a low credit score.
However, it is important to note that you are not likely to qualify for a lender’s best mortgage rates. Rather, lenders typically reserve their top interest rates for borrowers with very good or exceptional credit.