A credit score of 677 is a middle-of-the-road score that’s considered good by most lenders. However, you’ll want to work to raise your score to qualify for better terms on loans and credit cards.
Your credit score is based on five factors: payment history, amounts owed, length of credit history, new credit, and your credit mix (the total amount of open credit you have). Each of these can affect your credit score in different ways.
Overview of a 677 Credit Score
A 677 credit score falls within the range of scores that is typically considered to be “good.” However, this doesn’t mean that you automatically qualify for the best loan terms and interest rates.
A credit score reflects the total amount of debt you have and your credit mix (the types of accounts you have). It also identifies whether you handle your credit responsibly.
Your 677 credit score is likely to reflect a healthy credit mix consisting of both installment loans (like mortgages and auto loans) and revolving credit (like credit cards). If you don’t have a variety of credit account types, you could have an unhealthy credit mix that could lower your overall score.
Credit Card Options with a 677 Credit Score
If you have a 677 credit score, there are a few different credit card options for you to consider. These cards can help you build your credit and help you manage your spending.
Generally, the best types of credit cards for those with a 677 credit score are those that offer rewards or low interest promotions. These cards are also good for everyday purchases that you can pay off within a month or so.
Another option is to apply for a store card. These cards are issued by individual merchants and can only be used to charge purchases through that merchant. Typically, these cards do not report your purchases to the credit bureaus.
Auto Loans with a 677 Credit Score
When it comes to auto loans, there’s no industry-wide minimum credit score. That said, most lenders prefer borrowers with higher credit scores for a variety of reasons.
Having a good credit score is important when you’re shopping for an auto loan because it helps you qualify for better interest rates and terms. In addition, it may help you avoid paying for high-interest rates and fees that are typical of loans with lower credit scores.
People with a 677 credit score may be approved for an auto loan, although they might not get the best interest rate or terms. This is because a low credit score typically indicates a higher risk of defaulting on the loan. If you have a low credit score, consider making a larger down payment or shopping around for financing to reduce your risk. Additionally, bringing documentation like your most recent pay stubs and proof of address to show lenders how stable you are can also help.
Personal Loan Options with a 677 Credit Score
If you need to borrow money for any reason, personal loans can provide a quick and convenient way to get the funds you need. The key is to research and compare lenders and choose the best option for your needs.
Your credit score will play a large role in determining the interest rate you’re offered and how much you’ll pay back over time. However, your loan amount, repayment terms and other factors should also be taken into consideration.
A few companies offer debt consolidation personal loans to borrowers with fair credit scores. These loans can help you consolidate multiple debts into one monthly payment, reducing your total costs and simplifying your payments.
Mortgages with a 677 Credit Score
Those who have a 677 credit score may be eligible for a conventional mortgage (a loan that meets the standards of Fannie Mae or Freddie Mac), as well as FHA loans. You will need to meet the usual qualifications for a mortgage, including a stable employment history and 2 years of tax returns and pay stubs.
You may also be able to get down payment assistance programs, which are available for borrowers with low income and little down payment. To find out if you qualify for these programs, contact a mortgage lender.
The primary factors that affect your credit score are your total debt and the mix of types of credit you have. The better you handle all your credit accounts responsibly, the higher your credit score will be.