IS 665 A GOOD CREDIT SCORE?: HOW TO IMPROVE IT IN 2024

Many people want to know about the credit score system, and often times many are confused about what you score that means a good credit score. However as many do not understand this credit score system, especially the 665 they often resort to the internet to research the 665 system. The FICO score is a score range that is mostly used by lenders. And it’s financial institutions serve to measure creditworthiness. This is normally between 300 and 850 , and anything short of this is a bad credit score. If you want to go by context, the average credit score in America is 714. This credit score has been tabulated in a table below, to describe what each credit score means for more illustrations

Credit Score Credit Ratings % of Population
300- 597 Poor 16%
580-669 Fair 17%
670-739 Good 21%
740-799 Very Good 25%
800-850 Exceptional 21%
  • 2024 665 Credit Score Credit Card & Loan Options

When it comes to borrowing and obtaining loans or getting a credit card. most borrowers do not grant credit to those on a fair credit score. When you are on a score of 665 what it means is that you are on a fair credit score.

However, your main action is to have a way of rebuilding your credit score level. And consider your credit histories before you embark on applying for any loans, or buying something on a credit. The question is how do you rebuild your credit history, as many do not know how to do this?.

Therefore, one of the best ways by which you can rebuild your credit history. And it will be added as an authorised user, by someone with a credit history or record. If you have someone in your life with a great credit history, who can co-sign for you is a great option for you and it works like magic.

However, One of the fears that people with great credit is that, when they co-sign you, it can hurt their credit score if you do not make your payment early. Or at the process of the loan, you miss a payment or default a payment. However, it’s hard to convince somebody to do that for you, unless such person is closely related to you. Let’s say a loved one or a member of your family.

Learn More: IS 617 A GOOD CREDIT SCORE in 2024?

  • Can you Get a Credit Card with a 665 Credit Score 2024?

Those who apply for a credit card with a credit score of 665, or in this range are required to put down a security deposit when they are applying for a credit card 2024. It is a good option to apply for a credit card, once you are on this credit score level. But one thing for sure is that, the credit card company will require you to make a security deposit of $500- $1000. There is a possibility that you can get a credit starter credit card from a credit union. This is an unsecured credit card that comes with a low credit limit and a high interest rate. However, as you continue to pay back when you buy with your credit card, your credit ratings will keep increasing.

If you can get a credit card, you must make sure you make your monthly payment on time. And you must keep your balance below 30% of your credit limit.

  • Can I Be Able to Get A Personal Loan with a Credit Score of 665 In 2024?

Yes, you can but it is only very few personal loan lenders will approve you for a personal loan, with just a 665 credit score. Though this is a fact some lenders work with bad credit borrowers. However, their loans come with a very high interest rate.

It is advisable to avoid those kinds of loan borrowers with high interest rates. This is to avoid creating long-term debt problems, which will automatically decline your credit score.

If you want to build credit, applying for a credit builder loan will be the best option for you. However, instead of them giving you cash, the money is put into a savings account. And once you pay off the loan, you will then get access to the money plus any interest accrued.

  • Can I Get a Home Loan with A Credit Score of 665?

It will interest you to know that the minimum credit score required by most conventional mortgage lenders is around 620 credit score. Those who are interested in applying for an FHA loan in 2024, are required to have a minimum FICO score of 500 for them to qualify for a down payment of 10%. Those with a minimum FICO score of 580 are qualified for a down payment as low as 3.5%.

 

  • Can I Get an Auto Loan with A Credit Score of 665 In 2024?

Most auto lenders will not lend to someone with a credit score of 665. That’s is, even when you can get an auto loan with a credit score of 665 , it will be very expensive as per the interest rate. As things going high day by day, It is better you concentrate on rebuilding your credit score for 2024 opportunity. Than going for an auto loan with a 665 credit score.

How To Improve a Credit Score of 665 In 2024

A fair credit score is indicative of a history of credit mistakes or errors. For example, you may have some late or missed payments, charges off, foreclosure, and even bankruptcies. That is showing on your credit reports. below are how you improve your credit score of 665,

Dispute Negative Accounts on your Credit Report

It is always a good idea to grab your credit report from three major credit bureaus, Equifax, Experian, and TransUnion to see what the reports say about you and you can dispute that.

Take Out a Credit Builder Loan

Credit builder loans are installment credit loans that are made to help people with poor credit to rebuild back their credit

Get a Secured Credit Card In 2024

Get a secured credit card that requires you to deposit some security amount. They work as much as unsecured credit cards but the difference is that with secured credit cards, you need some security deposit.

Become an Authorized User To Build Credit Score in 2024

This is when you co-sign with someone with excellent credit and it’s the fastest way to rebuild your credit card.

Build Credit By Paying Your Rent In 2024.

Although rent and bill payments are not reported to the three major credit companies with a small fee. Rent reporting services will add your payment to your credit report, and this helps improve your credit score.

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