631 credit score: A guide to credit scores
Quick insights
- A 631 credit score falls into the fair or near prime range of popular scoring models and could limit your eligibility for certain financial products.
- Lenders might still approve loans or credit cards to borrowers with a 631 score, but higher fees and interest rates could apply.
- Positive financial behaviors like making on-time payments and keeping credit card balances low may help raise your score over time.
A credit score is one of several factors considered by lenders in lending decisions—from credit cards to car loans and mortgages. If you’ve just checked your credit and found a 631 score, you might wonder how it could impact your financial future and what you can do to improve that number.
Let’s break down some financial habits that might lead to a 631 credit score, how this score could impact your eligibility for credit products and potential strategies to help improve your credit profile over time.
What does a 631 credit score mean?
Along with several other factors, lenders consider your credit score, a three-digit number between 300 and 850, to assess how likely you are to repay borrowed money on time. Higher scores generally signal lower credit risk to lenders and may be associated with greater borrowing opportunities.
For context, FICO®'s credit score ranges for FICO Score 8 are:
- Exceptional: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
And VantageScore®'s scoring ranges for VantageScore 3.0 are:
- Superprime: 781 to 850
- Prime: 661 to 780
- Near prime: 601 to 660
- Subprime: 300 to 600
A 631 credit score falls into the lower tiers of some credit scoring models. You may be able to qualify for some credit products with this score, but you could face higher interest rates and stricter borrowing requirements.
What leads to a 631 credit score?
Several behaviors can result in a 631 credit score:
- Late payments
- High credit utilization (the percentage of your credit limit you’re using)
- Recent applications for credit
- Negative marks like collections
- A short or “thin” credit history
Lenders may refer to credit reports, as well as credit scores, when making lending decisions like approvals and terms and conditions.
What loans and credit cards can I qualify for with a 631 credit score?
While lenders consider several factors when making lending decisions, with a 631 credit score, you may be eligible to apply for these credit products:
- Unsecured credit cards: Some credit cards are aimed at those with fair credit or who are rebuilding credit. These cards often have lower limits and may charge annual fees, but they can be a way to demonstrate positive credit habits and may help gradually improve your score.
- Auto loans: In the “fair” credit tier, rates tend to be higher. So, even if you’re approved, you could pay more in interest compared to someone with a higher credit score.
- Mortgages: With a 631, you may still qualify for some loans, but you might need to show steady income, increase your down payment or clarify any negative marks.
- Personal loans: Rates and requirements can vary widely at this score. Approval is possible, but you may be asked for a co-signer or face high interest rates if you’re approved.
Lenders and credit card issuers may offer prequalification tools designed to help you preview eligibility requirements before applying.
If you apply for a credit product and are denied, lenders may provide more details if you ask. Sometimes, it’s not your credit score alone but your debt-to-income ratio or a recent late payment. Understanding the denial reasons may help you to prepare or correct issues before reapplying.
Ways to increase your 631 credit score
It may be possible to increase a credit score over time. Strategies designed to build or rebuild credit include:
- Paying your bills on time every month: Payment history is a major factor in credit scoring, including on-time and late payments. Automatic payments or reminders may help you stay on track.
- Optimizing credit utilization: Most scoring models look for a low credit utilization ratio, typically below 30% of available credit.
- Monitoring your credit reports for errors: It may be helpful to check your credit report periodically. You may be able to dispute inaccuracies with the credit bureaus.
- Limiting hard credit checks: Applying for new credit may result in hard credit checks, which can temporarily lower your score.
Some people may see improvement over time after making positive changes. But larger jumps may take several months or more of consistent, positive action.
Banks or credit unions may offer credit monitoring tools to help you track your credit score. For example, Chase Credit Journey® is a free online tool for anyone 18 or older with a valid U.S. address and Social Security number (SSN), offering access to your credit score and personalized score improvement plans* provided by Experian™—no Chase account required.
In summary
A 631 credit score places you in the fair or near prime category, meaning you may face higher interest rates and stricter requirements when seeking loans or new credit.
Through consistent positive behaviors such as making on-time payments and strategically lowering your credit utilization, you may be able to improve your credit over time. Building a positive credit history takes time and dedication, but with focused effort, moving your score into a higher tier may be achievable.
