How a 679 Credit Score Can Affect Your Mortgage

Your credit score is one of the most important factors that determines whether you qualify for loans. It’s also a factor that can impact your mortgage interest rate and loan terms.

While a 679 credit score is considered good, you may want to consider improving your score to get the best loan rates and terms possible. Read on to learn more about how your credit score works, what counts toward it and how to improve your score.

Overview of a 679 Credit Score

A 679 credit score is right in the middle of the spectrum when it comes to credit scores. It falls within a range of scores from 670 to 739 that are considered “good.”

A credit score is based on five different types of information: your payment history, amount owed, length of credit history, new credit and your credit mix. The higher your score, the better it will be for you when you apply for a loan or credit card.

A credit score of 679 is a great start for anyone looking to build a solid credit foundation. As long as you make timely payments on your bills and don’t borrow more than you can afford, you should be able to get approved for most of the standard credit products without much trouble.

Credit Card Options with a 679 Credit Score

A 679 credit score falls within a range that lenders consider to be “good.” You’ll usually be able to get a variety of loans and credit card products at reasonable interest rates.

With a 679 credit score, you can also expect to find more cards with rewards or other promotions. These perks can be great for those who make regular purchases that they can pay off each month.

While a credit card with a low annual fee is the most common type, there are some cards that offer 0% introductory APRs. These aren’t as common in this credit score range, but if you’re a good candidate for them, they can be a great way to get started building up your credit.

Auto Loans with a 679 Credit Score

If you have a 679 credit score, there are a number of auto loans available to you. However, your interest rate will likely be higher than if you have a credit score of 700 or higher.

If you are interested in a new car, consider applying for a loan that has a low interest rate and a long term. This will ensure that you can save money on your monthly payments.

A lender will set your interest rate based on a variety of factors. These include your credit score, your credit history and the term of your loan.

Borrowers with a 679 credit score may also qualify for down payment assistance programs, which can help you avoid paying an up-front fee. These programs are typically designed for lower income households and are offered by both local and national organizations.

Personal Loan Options with a 679 Credit Score

Whether you need to finance a big-ticket item or make a home renovation, personal loans are an excellent way to get the funds you need. Generally available with reasonable interest rates, they are America’s fastest-growing form of credit from 2017 to 2019.

The average American credit score is 714, which is considered “good.” Lenders look for borrowers in this range when considering mortgage, auto and personal loans, and they offer better loan terms and lower interest rates to consumers with good scores.

A 679 credit score is a fair credit score, which means you need to work to improve your score. To do so, you can remove any negative items from your report (like collection accounts), re-establish a strong credit mix and maintain low credit utilization.

Mortgages with a 679 Credit Score

A 679 credit score puts you within a range of scores that lenders consider to be “Good”. This means you can access a wide array of mortgage, auto, and personal loan options.

Despite your score’s lower end of the Good credit tier, you can improve your odds of getting approved for an even greater number of loans at more affordable lending terms by repairing your credit. Identifying negative items on your report and completing minimal credit repair is one of the easiest ways to quickly increase your 679 credit score, and unlock better rates and terms for all of your future borrowing needs.

Your credit mix, or the total amount of debt and types of credit you have, can influence up to 10% of your FICO Score. This includes both installment loans (such as a mortgage or car loan) and revolving credit accounts (such as credit cards).

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