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678 credit score: A guide to credit scores

minute read

    Quick insights

    • A 678 credit score is considered “good” by the two main credit scoring models
    • A 678 credit score can help you gain access to approvals for certain loans and credit cards.
    • By implementing a few strategies, you can help improve your credit score and potentially access more financial possibilities.

    Credit scores can impact your ability to be approved for loans or gain access to other lines of credit, like credit cards. It can also help (or hinder) you from employment and leasing opportunities. If you’re curious what a 678 credit score means, you’re in the right place. In this article, we’ll review the meaning behind this three-digit number.

    Understanding a 678 credit score

    To help you understand what a 678 credit score means, let’s first review the credit score ranges for the credit scoring models: VantageScore® and FICO® score.

    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 678 credit score falls within the good credit score range. But what does good mean? And what can you do with a 678 credit score? Let’s review in more detail below.

    Loans and credit cards available with a 678 credit score

    With a 678 credit score, you are potentially eligible for lines of credit. Keep in mind that every lender has their unique requirements, and they evaluate several more factors, so the terms for these loans could vary even if your credit score is the same.

    While every credit card and lender is different, a 678 score can help you get APRs lower than those who have a lower credit score.

    Buying a house with a 678 credit score

    Purchasing a house with a 678 credit score may be possible, but 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 various 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.

    Purchasing a car with a 678 credit score

    Buying a car may be possible with a 678 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 if you have 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. Take note that while credit scores are important, they are just one of several factors that lenders take into account when approving a loan.

    Additional tips for managing credit wisely

    As you can see, the better your credit score, the better your chances are for more favorable terms and approvals. To help you manage your credit wisely and potentially increase your credit score, consider taking the following steps:

    • Implement a strategy for paying off debt. For example, you may consider using the debt snowball method or debt avalanche method as ways to prioritize paying off debt. The snowball method focuses on paying your smallest debt first, while the debt avalanche method prioritizes the higher interest rate debts first.
    • Understanding credit utilization and lowering it. Your credit utilization 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.
    • Make your payments on time. Because payment history is a major factor used to calculate your credit score, continue to make your payments on time. This includes monthly loan installments and credit card bills.
    • Monitor your credit report. By reviewing your credit report, you can be proactive in looking out for signs of fraudulent activity or identity theft. You may also wish to update items that appear to be inaccurate by reporting the inaccuracies to the credit bureau(s). By enrolling in Chase Credit Journey® you can review your Experian™ credit report and see your score for free without impacting it. This free online tool can be used by anyone, including non-Chase customers.

    In conclusion

    A 678 credit score is labeled as good by many score models, and it may provide you with financial opportunities. However, with some patience, diligence and healthy financial habits, you can build up your credit score over time and further improve your financial wellness. If you're prepared to take small consistent steps that demonstrate creditworthiness, you can tap into a potential financial future that offers you more possibilities.

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