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677 credit score: A guide to credit scores

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    Quick insights

    • A 677 credit score is considered to be “good” by both the VantageScore® and FICO® scoring models.
    • A good credit score may be maintained (or improved) by following some useful strategies.
    • Understanding the meaning of your credit score can be useful to make financial decisions that are right for you.

    A credit score is a three-digit number that helps demonstrate your creditworthiness. It can impact your ability to obtain approvals for loans and influence interest rates charged to you. If you have a 677 credit score, you may be wondering what this means and what you can do to improve it. Let’s explore together in more detail below.

    Navigating credit management with a 677 credit score

    To help you understand what a 677 credit score means for you, let’s review the credit score ranges for the two main credit scoring models below.

    As of May 2024, VantageScore® ranges are:

    • Excellent: 781 to 850
    • Good: 661 to 780
    • Fair: 601 to 660
    • Poor: 500 to 600
    • Very Poor: 300 to 499

    As of May 2024, FICO® score ranges are:

    • Exceptional: 800+
    • Very Good: 740 to 799
    • Good: 670 to 739
    • Fair: 580 to 669
    • Poor: 579 and below

    As you can see, a 677 credit score puts you in the good credit score category of these models. However, maintaining and improving a credit score takes determination and consistent, healthy habits. While this score is considered good, it is on the lower end of this range, which means there’s a risk of it slipping into lower credit score categories if you’re not careful. On the other hand, you have room to improve and even scale to the next credit score category.

    Buying a house with a 677 credit score

    Buying a home with a 677 credit score may be possible, though it may be more challenging than if you had an excellent credit score. Whatever you decide, carefully review and compare different lenders and loan options to find your best fit for your specific circumstances. Even though they are 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.

    Purchasing a car with a 677 credit score

    Buying an automobile may be possible with a 677 credit score, but some 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. To help 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.

    Helping improve a 677 credit score

    A 677 credit score may be considered good, but takes patience, diligence and determination to not only maintain, but to help improve this score. With a higher credit score, you could see an increase in your financial opportunities, more favorable terms for the loans you apply for and higher chances of getting approved for premium credit cards. To help you start on your path towards improving a 677 credit score, consider implementing the following strategies:

    • Make your payments on time. Just one late or missed payment can negatively impact your credit score. Continue to make your payments on time to help keep your credit score healthy or to improve it.
    • Continue to chip away at your debt. Improving your debt-to-income ratio can help you improve your chances of increasing your score. Consider managing your debt with the avalanche or snowball methods.
    • Lower your credit utilization ratio. This ratio is the amount of credit you use against your total available credit. Lowering this ratio to about 30% or lower may help you improve your credit score.
    • Monitor your credit report. Review your credit report so that you can catch any inaccuracies or potentially suspicious activity. You can report these discrepancies to the credit bureau(s).
    • Consider enrolling in Chase Credit Journey®, a free online tool anyone can use to check their credit score without impacting it. You may want to use the credit score improvement feature. This feature generates a personalized action plan, powered by Experian™, based on your credit behavior to help you achieve your score goal.

    Additional tips for starters

    If you're just starting out on your financial journey and looking for additional opportunities to enhance your credit score, there are several helpful tips to keep in mind. It can be important to consider creating a budget, for example, as this can provide more insight into your spending habits and help you find opportunities to save or adjust your spending.

    You may also want to avoid accumulating debt, not only to avoid hurting your credit score but to save on interest costs over time.

    Finally, it can be essential to keep personal information safe, such as your Social Security number (SSN), credit card account number(s) and more. You can help protect your information by, for example, shredding documents prior to discarding them and using secure websites (such as those containing “https://”) when making online purchases.

    In summary

    No matter what your score is, understanding the meaning behind the number can be crucial to your financial journey. By educating yourself on your credit score, you can take action, implement strategies and develop healthy habits.

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