For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.
For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good. A score in the high 700s or 800s is considered excellent. About a third of consumers have FICO® ScoresÎ that fall between 600 and 750âand an additional 48% have a higher score. In 2023, the average FICO® Score in the U.S. was 715.
Lenders use their own criteria for deciding whom to lend to and at what rates. But a higher credit score can generally help you qualify for a credit card or loan with a lower interest rate and better terms. The two main types of credit scores, the FICO® Score and VantageScore® credit scores, vary slightly in their ranges but have similar scoring factors.
Your credit score is one of the most important numbers in your financial life. It can determine whether you qualify for loans and credit cards, and how much interest you’ll pay. So where does a score of 648 fall on the credit spectrum? Is it a good score that will get you approved, or could it use some improvement?
I’ll examine what a 648 credit score means, how it impacts your borrowing potential, and most importantly – how to raise it. By the end of this article, you’ll understand whether 648 is a good credit score for your goals.
What Does a 648 Credit Score Mean?
Most credit scores fall on a 300 to 850 range, with higher being better. Scores are grouped into categories that give lenders a quick snapshot of your creditworthiness:
- Exceptional: 750-850
- Very Good: 700-749
- Good: 650-699
- Fair: 600-649
- Poor: 500-599
- Very Poor: 300-499
So with a score of 648, you’re in the fair range That means you have some credit history and your payments are current, but you also likely have late payments or high balances bringing your score down.
Overall, a 648 is below the average credit score of 716. Approximately 17% of consumers have scores between 580 and 669, which includes a 648.
How a 648 Score Impacts Your Credit Opportunities
While not stellar, a 648 credit score does make you eligible for most loans and credit cards:
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Credit cards You can qualify for standard credit cards with average interest rates, Excellent rewards cards are out of reach
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Car loans You can get approved but will pay higher interest rates Expect rates of 5-10% for new cars and 8-14% for used
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Mortgages: You can qualify for an FHA loan with a minimum 3.5% downpayment. Interest rates will be higher than for those with excellent credit.
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Personal loans: Approval is possible with interest rates of 10-22%. Lenders may require a cosigner.
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Apartment rental: Most landlords will approve you. A larger deposit may be required.
The bottom line is you won’t get the lowest rates, but can still access credit. Lenders will view you as higher risk and price that into your interest rates and terms.
How to Raise Your Credit Score from 648
Improving from a 648 to over 700 will open up much better borrowing opportunities. Here are powerful ways to increase your score:
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Lower credit utilization – This makes up 30% of your score, so keep balances low compared to limits. Below 30% is ideal.
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Pay bills on time – Payment history is 35% of your score. Set up autopay and calendar reminders to never miss due dates.
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Allow credit history to age – 15% of your score comes from the length of your credit history. Letting it grow improves your score.
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Limit new credit applications – New accounts lower your score temporarily. Only apply for needed credit.
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Correct errors – Errors on your credit reports drag down your score. Dispute any inaccuracies you find.
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Consider a secured card – This reports to the credit bureaus like a regular card. Helps build positive history.
With diligence and smart credit habits, you can surpass 700 within 12 months. That opens the door to prime borrowing rates.
Tips to Continue Credit Score Growth
Once you move past 700, you unlock even better credit opportunities. Here are some advanced tactics to propel your score higher:
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Ask for credit line increases – This lowers your utilization for extra points.
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Add your rent to your credit file – Services like Rent Reporters can build your history.
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Become an authorized user – Get added to a spouse or family member’s old account.
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Optimize card mix – Have a blend of installment loans (mortgage, auto) and revolving credit (cards).
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Limit hard credit inquiries – Each application causes a small, temporary score drop. Space them out.
With dedicated effort over time, you can reach a 760+ score to enjoy the lowest interest rates.
The Takeaway on a 648 Credit Score
A credit score of 648 is fair. It makes approval possible for loans and credit cards, but with higher interest rates. Excellent terms are out of reach.
The good news is that responsible habits can quickly boost your 648 score over 700, which unlocks much better rates. Pay bills on time, lower balances, and let your history age. Correct any credit report errors holding back your score.
A 648 credit score certainly gets you in the game. But improving it by 50-100 points can save thousands on interest and open doors to great credit opportunities. Use the tactics in this article to maximize your score. With dedicated effort, you can build an exceptional credit profile.
Why Having a Good Credit Score Is Important
Having good credit can make achieving your goals easier. It could be the difference between qualifying or being denied for an important loan, such as a home mortgage or car loan. It can also directly impact how much youll have to pay in interest or fees if youre approved.
For example, the difference between taking out a 30-year, fixed-rate $350,000 mortgage with a 620 FICO® Score and a 700 FICO® Score could be $138.58 a month. Thats extra money you could be putting toward your savings or other financial goals. Over the lifetime of the loan, having the better score would save you $49,889 in interest payments.
Additionally, credit scores can impact non-lending decisions, such as whether a landlord will agree to rent you an apartment.
Your credit reports can also impact you in other ways. Some employers may review your credit reports (but not your credit scores) before making a hiring or promotion decision. In most states, insurance companies may use credit-based insurance scores to help determine your premiums for auto, home and life insurance.
| FICO® Score | Interest Rate, 30-Year Fixed-Rate Mortgage | Monthly Payment | Total Interest Cost |
|---|---|---|---|
| 620 | 7.71% | $2,806.11 | $549,199 |
| 700 | 7.13% | $2,667.53 | $499,310 |
| 840 | 6.69% | $2,564.49 | $462,214 |
Source: Curinos LLC, December 6, 2024; assumes a $350,000 mortgage and 30-day rate-lock period
Learn more: Facts About Credit You May Not Know
What Is a Good VantageScore Credit Score?
The latest VantageScore 3.0 and 4.0 credit scores use a range of 300 to 850âthe same as the base FICO® Scoresâand a good score is 661 to 780.
VantageScore doesnt have industry-specific credit scores, but it has released updated models over the years. The first two VantageScore credit scores had a 501 to 990 range, but lenders dont commonly use those scores.
Is A Credit Score Of 648 Good? – CreditGuide360.com
FAQ
Can I get a mortgage with a 648 credit score?
With a credit score of 648, you have the option to get conventional mortgages, Jumbo, Super Jumbo, FHA, Va, USDA, Non-QM, and hard money loans.
Is 648 a good credit score to buy a car?
How good is 648 on your credit score?
Your score falls within the range of scores, from 580 to 669, considered Fair. A 648 FICO® ScoreΘ is below the average credit score.
Can I get a loan with a 648 credit score?
… 648 or higher, you are likely to have access to a wide range of financial products and services, including personal loans with favorable terms and conditions