A credit score of 676 is considered a good credit score by most lenders. You should have little trouble qualifying for a mortgage or auto loan with a credit score in this range, assuming your income and assets are sufficient to support the debt.
The primary factors that affect your credit score include your payment history, the amount you owe, and your credit mix (how much of your available credit is in use). Maintaining a variety of types of credit, and handling them responsibly, can help boost your 676 credit score.
Overview of a 676 Credit Score
A 676 credit score is within the range that most lenders consider to be “good” – though it’s not in the top “very good” or “exceptional” credit tiers, and generally won’t qualify you for a lender’s best interest rates or loan terms.
The credit rating system assesses a number of factors, including your payment history (including late payments), amounts owed, length of credit history, new credit, types of credit used and the mix of different types of credit you have. While the weights for each factor vary, they all work together to determine your credit score.
If you have a 676 credit score, it’s possible to get several different types of loans, including mortgages, auto loans and personal loans. But to secure the best rates, you’ll want to shop around for the right terms and lenders.
Credit Card Options with a 676 Credit Score
There are a variety of credit card options available to people with a 676 credit score. These cards can have low or no annual fees, reasonable interest rates and a range of rewards and benefits.
These types of credit cards can help you build or rebuild your credit. They can also be a good way to make sure that you’re always on track to meet your credit goals.
The types of credit that are available to you depend on your credit score and your credit history. Your credit score is made up of five factors: payment history, amounts owed, length of credit history, new credit and credit mix.
You can improve your credit by paying your bills on time and not running up debt that you can’t afford to pay back. You can also increase your credit score by disputing negative items on your report and removing them from your report for good.
Auto Loans with a 676 Credit Score
A credit score of 676 falls within the range of FICO(r) Scores considered to be “Good.” It is a good choice for most car buyers as it provides access to a wide variety of auto loan products.
If you’re in the market for an auto loan, you should know that your credit score can play a significant role in your interest rate and terms. In fact, even a slight enhancement in your credit score can save you money over the life of an auto loan.
For example, according to a recent study, individuals with a 739 credit score paid an average 3.4% interest rate for a 60-month new auto loan starting in August 2017. Individuals with a lower credit score were charged 14.8% interest over the same term.
Personal Loan Options with a 676 Credit Score
A 676 credit score is a good enough credit score to qualify for a number of personal loan options. These include unsecured loans, which are often used for debt consolidation or to pay off credit card bills.
A personal loan will usually have a lower interest rate than credit cards, which can make it easier to keep your monthly payments low and preserve your credit score. However, it is important to read the fine print before committing to any lender.
Your credit score is based on your payment history, total debt and your credit mix (the types of credit you have). It can also be affected by how many new accounts you open and how quickly you pay them off.
Getting a personal loan with a 676 credit score is possible, but you may have to pay more interest than someone with better credit or no debt at all. A credit repair company can help you improve your score and get the best loan terms for your situation.
Mortgages with a 676 Credit Score
If you have a 676 credit score, there are several mortgage options available to you. These include conventional loans, FHA mortgages, VA loans, USDA loans, and jumbo loans.
A mortgage lender may also offer you down payment assistance, which can reduce your monthly payments. If you have a low income, these programs are especially beneficial.
A borrower with a 676 credit score will likely qualify for a conforming mortgage (a conventional loan that meets the standards of Fannie Mae or Freddie Mac) or an FHA mortgage with a low down payment. However, you should be aware that a 676 credit score isn’t high enough to qualify for a lender’s best mortgage rates and terms.