What does a 650 credit score mean?

Your score helps lenders decide whether you qualify for products like credit cards and loans, and what interest rate you should pay. The share of Americans with a score below 650 was 24% as of April 2023, according to credit scoring company FICO. A 650 credit score is not considered "bad" by both FICO and its competitor VantageScore.

What is a 650 FICO ® score?

A 650 FICO ® Score is a good starting point for building a better credit score. Boosting your score into the good range could help you gain access to more credit options, lower interest rates, and reduced fees.

What can I do if I have a 650 credit score?

Borrowing Options: Most borrowing options are available, but the terms may not be very attractive. For example, you could borrow a small amount with certain unsecured credit cards or personal loans, but the interest rate may be high. Best Way to Improve a 650 Credit Score: Apply for a credit card and pay the bill on time every month.