650 Credit Score (2024)

A 650 credit score is not a good credit score, unfortunately, as you need a score of at least 700 to have “good” credit. A 650 credit score is considered “fair” credit, which means you should be able to get a credit card or loan, but a little bit of credit improvement will give you many more options and help you save a lot more money.

Key Things to Know About a 650 Credit Score

• Credit Rating: 650 is considered a fair credit score.
• Borrowing Options: Most borrowing options are available, but the terms may not be very attractive. For example, you could borrow a small amount with certain unsecured credit cards or personal loans, but the interest rate may be high.
• Best Way to Improve a 650 Credit Score: Apply for a credit card and pay the bill on time every month.

Below, you can learn all about what you can and cannot do with a 650 credit score, the types of people who have 650 credit scores and the steps you can take to put more points on the board. Step one, of course, should be to check your latest credit score and get your personalized credit analysis from WalletHub.

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What Does a 650 Credit Score Get You?

Note: It may be possible to qualify for a personal loan or 0% credit card in some cases, but it will be difficult to find a good offer.

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.

Credit Cards with a 650 Credit Score

The best type of credit card for a 650 credit score is a card with high approval odds and low fees, like a starter credit card, a store credit card, or a secured credit card. Each type of card is available to people with fair credit, and some offers have extra perks like rewards.

Popular Credit Cards for a 650 Credit Score

Car Loans with a 650 Credit Score

People with credit scores below 700 receive more than 40% of all auto loans. Still, it’s important to compare your auto loan options carefully if you want to get a decent APR.

Mortgages with a 650 Credit Score

Around 25% to 30% of first mortgages go to borrowers with credit score below 700, depending on the year, so you’ll be able to finance your home purchase.

Student Loans with a 650 Credit Score

Student loans are some of the easiest loans to get with a 650 credit score, seeing as more than 60% of them are given to applicants with a credit score below 700. A new degree may also make it easier to repay the loan if it leads to more income.

Note: Borrower percentages above reflect 2020 Equifax data.

How to Improve a 650 Credit Score

1. Dispute Inaccurate Entries on Your Credit Report
   If you can prove that negative information on your credit report is inaccurate (or the source of the information doesn’t have the necessary documentation), you can dispute the record to have it corrected or removed.
2. Pay Off Collections Accounts
   Once you bring a collection account’s balance down to zero, it stops affecting your VantageScore 3.0 credit score.
3. Reduce Your Credit Utilization
   It’s best to use less than 30% of the available credit on your credit card accounts each month. You can reduce your credit utilization by spending less, making bigger payments or paying multiple times per month.
4. Pay All Your Bills On Time
   Payment history is the most important ingredient in your credit score. Paying on time every month establishes a track record of responsibility as a borrower, while a single late payment on your credit report can set back credit improvement efforts significantly.

Ultimately, there are two types of 650 credit score. On the one hand, there’s a 650 credit score on the way up, in which case 650 will be just one pit stop on your way to good credit, excellent credit and, ultimately, top WalletFitness®. On the other hand, there’s a 650 credit score going down, in which case your current score could be one of many new lows yet to come.

Everyone obviously wants his or her credit score to be on an upward trajectory. So whether you need to turn things around or increase the pace of your improvement, you’d better get to work. With that in mind, you can find personalized advice on your WalletHub credit analysis page to supplement the tips above. You can also learn more about the types of people who have a 650 score below.

Who Has a 650 Credit Score?

Percentage of Each Age Group with a 650+ Credit Score

Percentage of Each Income Bracket with a 650+ Credit Score

Source: WalletHub data, as of 11/18/2016

As you can see, most people who are at least 35 years old have a credit score of 650 or higher. And even younger folks nearly have a majority. This just goes to show that people with 650 credit scores come in all shapes and sizes, with diverse backgrounds and differing financial obligations.

As a result, the grades for each component of your credit score, which you can find on the Credit Analysispage of your free WalletHub account, might not exactly match those of another individual with a 650 score. But the sample scorecard below will give you a pretty good idea of what a 650 score is made of.

Sample Scorecard – 650 Credit Score:

• Payment History: C = 98% on-time payments
• Credit Utilization: B = 10% - 29% utilization
• Debt Load: A = Debt-to-income ratio below 0.28
• Account Age: B = Average tradeline is 7 or 8 years old
• Account Diversity: C = 2 account types or 5 - 9 total accounts
• Hard Credit Inquiries: A = Fewer than 3 in past 24 months
• Collections Accounts & Public Records: A = 0 collections accounts and public records

These are by no means the only credit-score grades capable of producing a score of 650, nor will they necessarily result in that exact rating. However, this is representative of the type of scorecard someone with a 650 credit score can expect: plenty As and Bs, but no failing grades to be found.

Top 10 Resources for a 650 Credit Score

1. What Is a Perfect Credit Score & How Do You Get One?
2. Why Did My Credit Score Drop? Top 10 Causes
3. Free Credit Score Simulator
4. What’s Included in Your Credit Report & When Does It Get Updated?
5. Why On-Time Bill Payments Are Important & How To Never Miss A Due Date
6. How To Improve Your Credit Utilization
7. How To Pay Off Credit Card Debt: The Best Way & Tips
8. Most Common Credit Card Mistakes & Tips to Avoid Them
9. Best Credit Cards to Build Credit
10. Best Store Credit Cards

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