670 credit score: a guide to credit scores
Quick insights
- A 670 credit score is considered to be in the “good” credit range by the two main credit scoring models.
- You may be able to get approved for a mortgage or auto loan depending on your specific financial situation with a 670 credit score.
- While you may have access to more financial opportunities than individuals with a lower credit score, you may be able to unlock even more benefits if you bring your score to the "excellent" range.
If you have a 670 credit score, you can feel good about making it into the higher tiers of credit score ranges. However, you may be wondering what this score means and how you can further improve it.
Understanding your 670 credit score
A 670 credit score is within the "good" credit score range, but on the lower end of this range, as it goes from 661-780 for VantageScore® and 670-739 for FICO® scores. You may still be able to qualify credit cards, loans and interest rates with a 670 credit score.
Buying a house with a 670 credit score
Buying a house with a 670 credit score may be possible; however, keep in mind that it may be more challenging than if you had an excellent credit score. Some lenders may require a larger down payment, charge higher interest rates or have stricter loan terms.
Whatever you decide, carefully review and compare different lenders and loan options to find your best fit for your specific circumstances.
While important, credit scores are just one of several factors lenders use when approving home loans. In general, some lenders may require a larger down payment, charge higher interest rates or have stricter loan terms for mortgage applicants they may consider in the "good" range.
Getting a car loan with a 670 credit score
Thinking about applying for an auto loan? Purchasing an automobile may be possible with a 670 credit score, but different dealerships and lenders may use different credit scoring models and different scales to make their own loan decisions, which could impact your loan terms and approval odds. Even with a "good" credit score, you may be declined, subject to higher interest rates or need to provide a larger down payment than if you had a higher credit score.
You can help to improve your chances for approval; it is usually beneficial to add a co-signer to the loan—if the lender allows—to share financial responsibility. All applicants should take note that while important, your credit score is just one of several factors lenders take into account when approving a loan.
Getting a credit card with a 670 credit score
With a 670 credit score, you may be able to get approved for credit cards, such as those with travel and dining rewards.
Remember, your score is a tool to help lenders determine your creditworthiness. They also consider other factors like your credit report, which could indicate other aspects (for example, if you have a derogatory mark, you might have a harder time getting approved for a credit card).
Strategies to help improve a 670 credit score
While a 670 credit score is considered good, you may be interested in taking your score to the next level. A 750 score, for example, is considered excellent, and achieving this level could allow you to have even more financial opportunities.
To help improve a 670 credit score, consider implementing the following strategies:
- Actively monitor your credit score and report. You can help yourself to do so with tools like Credit Journey® where you can view your credit score with no impact and enroll in identity and credit monitoring alerts.
- Make your payments on time, as payment history makes up a large portion of your credit score.
- Reducing debt where possible. Consider using the debt avalanche method, snowball method or snowflake method to help you prioritize your debts.
- Using Credit Journey®'s credit score improvement feature, where you can receive a personalized action plan provided by Experian™. Your plan will provide you with steps you can take to help improve your credit score over time.
- Maintain a low credit utilization ratio, ideally about 30% or less.
Key takeaways
Having a 670 credit score usually means you’re on the right track. You might be developing healthy habits, but you may feel limited by some of your financial options. Whether you’re trying to improve your score to get your desired credit card or other loan, you can take proactive steps towards increasing your credit score over time. With time and consistency, you may be able to scale your score from good to excellent.
