What You Should Know About a 691 Credit Score

A credit score of 691 represents average credit. It’s perfectly fine to secure a loan or credit card with this score, but you may have to settle for slightly higher interest rates and fees than you might otherwise be able to get.

In general, credit scores are based on five factors: payment history, amounts owed, length of credit history, new credit and types of credit used. These are weighted by the lender and can vary by borrower.

Overview of a 691 Credit Score

A credit score is a combination of five factors that make up a FICO(r) score, based on data gathered from a variety of sources. These include payment history, amounts owed, length of credit history, new credit and the types of credit you use.

In general, the payment and amount owed factors account for 35% of the score, while length of credit history and new credit accounts for 15% each. The smallest number, 10%, belongs to the credit mix, which refers to your collection of both revolving and installment loans.

A good mix of revolving and installment debt promotes a well-rounded credit profile. That means that, in addition to a solid mix of credit cards and retail accounts, you should also seek out some auto loans or mortgages.

Credit Card Options with a 691 Credit Score

Credit cards can be hard to get with a 691 credit score, but there are still options. Some cards for this credit score range come with low fees and rewards, or have a 0% APR promotion on balance transfers and purchases.

One option that some consumers may be able to qualify for is secured credit cards. These work like unsecured cards, but require you to deposit a security deposit before the card is issued.

Typically, these cards come with a low or no annual fee and can help improve your credit score over time. Some offer lucrative introductory offers, like 1.5% cash back on standard purchases for the first three months after opening a new credit card.

Auto Loans with a 691 Credit Score

If you have a 691 credit score, you’re in a good spot to find an auto loan. Lenders aren’t typically concerned with credit scores in the fair range, so they’re more likely to approve you.

However, you may need to work on improving your credit in order to qualify for the best possible terms and rates. A few key ways to do this include evaluating your credit report, disputing negative items, and maintaining low credit card balances relative to your credit limits.

You should also keep in mind that the more you shop around for an auto loan, the better your chances of securing a good deal. This is because each lender will look at your credit differently, and that can lead to different interest rates.

Personal Loan Options with a 691 Credit Score

When your credit is good, you have many borrowing options. That includes personal loans, which are available for a wide variety of purposes, including debt consolidation, home improvement and major purchases.

However, a bad credit score can make it more difficult to qualify for a loan with the best terms. You may have to pay higher interest rates and stricter lending limits than a borrower with excellent credit, so you’ll want to compare your options carefully.

A 691 credit score is considered “fair” in the FICO(r) scoring system, but you can improve it to get more credit and better rates. It can take time to reach a score of 700, but it is possible with a little effort. Ideally, you’ll need to remove inaccurate or negative information, maintain a solid mix of credit accounts and avoid revolving credit (credit cards that let you borrow against a spending limit). A low credit utilization rate can also help.

Mortgages with a 691 Credit Score

Mortgages are one of the best ways to get a home. Most lenders require a credit score of at least 620 to qualify for a conventional mortgage, but many will accept applicants with lower scores. In some cases, lenders may use other criteria — a solid source of income or an additional down payment — to override your low credit score.

A 691 credit score can help you qualify for a mortgage, though interest rates will likely be higher than borrowers with a better credit rating. However, repairing your credit will improve your credit score and increase your chances of qualifying for the mortgage you want at the terms you deserve. To start, request copies of your credit reports from the major credit bureaus. Then, identify any negative items on your report and dispute them to have them removed.

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