is a 640 credit score good

In general, most lenders consider a fico credit score of 740 or higher to be a good one. A score under 640 could make it difficult to qualify for auto or mortgage loans or earn the best credit card.

I have a low credit score. I bought a car and the loan was $12,000. Samah Dear Samah, Many people believe that to have good credit, you also have to hold on to debt. Not so! You seem to fall into.

A 640 FICO score is considered acceptable and typically qualifies a borrower to receive prime rates, according to Credit.org. Compared to borrowers scored under 620, an individual in the 620 to 680 score range is usually approved for credit and has a projected delinquency rate of 15 to 30 percent. In most cases, a 640 score does not qualify borrowers for the most competitive interest rates.

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Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO ® Score, 675, falls within the Good range.Lenders view consumers with scores in the good range as "acceptable" borrowers, and may offer them a variety of credit products, though not necessarily at the lowest-available interest rates.

A 640 credit score is neither good or bad. Instead, it’s considered fair. People with fair credit scores often have to deal with higher fees and interest rates than those who have good credit scores. Even so, a 640 credit score might be better than you think – it’s within striking distance of the good credit scoring range.

What does an Experian FICO score of 640 mean? What does a Equifax FICO score of 640 mean? Different ways of asking the same question! However, you must understand how a FICO score is calculated before you can label a particular number as "good" or "bad". A credit score, also known as a FICO Score is a number that summarizes your credit.

 · Non-Traditional Credit and USDA Loans. If you don’t have a traditional credit profile, you can still qualify for a USDA loan. You will be asked to provide proof of what’s called a "non-traditional tradeline," essentially meaning that you pay your bills on time.