Different Types Of Credit Scores
The three main credit bureaus are Equifax, Experian, and TransUnion. Each bureau gives you a score, and these three scores combine to create both your 629 FICO Credit Score and your VantageScore. Your score will differ slightly among each bureau for a variety of reasons, including their specific scoring models and how often they access your financial data. Keeping track of all five of these scores on a regular basis is the best way to ensure that your credit score is an accurate reflection of your financial situation.
Understanding The Credit Score Range
Before we talk about your credit score of 629, lets cover the basics. A credit score is nothing more than a number used to predict how likely you are to pay back money that you borrow. The higher the number, the more likely you will repay what you owe on time if not early. As a general rule of thumb, the higher your score, the better.
So what are some good credit scores to have? Well, it really depends on who youre asking, but as a very broad benchmark, 580 and below is considered poor and 740 and above is considered very good.
Although this might seem low compared to what you were expecting, the reality is that most people tend to overestimate their creditworthiness. So dont feel too bad if you fall below this figure!
Below is a breakdown of the FICO score ranges and what it means:
With a 661 Credit Score, are considered FAIR credit scores. This means that theres plenty of room for improvement but that your credit isnt terrible by any means. The good news is that youre in the perfect position to take control of your financial destiny and push yourself in the right direction.
Now that weve established the Credit Score ranges, well discuss what factors go into your credit.
What Information To Apartment Leasing Companies Look For In Your Application
You need to supply three things to these companies if you want your application to get considered. The first thing they look at is your credit report to see your credit score and if your recent payment history is promising. They look at your current income to see if you can afford the apartment. Finally, see if you have a good history with your other landlords. All these items get weighed equally, so don’t just assume that a bad credit score means you’re out.
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Can I Rent An Apartment With A 629 Credit Score
It’s simply a business decision. Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed. … They indicate that you may not pay rent when it’s due or reliably every month.
Regularly Read Your Reports
Since your credit score is based off of the information in your credit report, take time to review your reports regularly. You want to be sure everything is an accurate, true reflection of your financial story. As you become more comfortable reading and understanding the data in your report, the easier it is to identify which information is potentially causing changes in your credit score.
To help you understand your credit report, weve created an interactive guide that breaks down each section and explains how the information may impact your credit score.
Disclaimer: The information posted to this blog was accurate at the time it was initially published. We do not guarantee the accuracy or completeness of the information provided. The information contained in the TransUnion blog is provided for educational purposes only and does not constitute legal or financial advice. You should consult your own attorney or financial adviser regarding your particular situation. For complete details of any product mentioned, visit transunion.com. This site is governed by the TransUnion Interactive privacy policy located .
Read Also: How To Access Free Credit Report
Life With A 629 Credit Score
Unless your low credit score is a mistake caused by major errors on your credit report, you might remain in the fair range for at least the next few months.
Until your score improves, avoid taking out any unnecessary loans to ensure that you wont sabotage your progress by accumulating debt that you cant pay off.
What Is A Good Vantagescore
FICO competitor VantageScore produces a similar score using the same credit report data from the three bureaus.
A good VantageScore lies between 661 and 780, which the company calls a “prime” credit tier. VantageScores 780 to 850 are considered “superprime,” while those between 601 and 660 are “near prime.” VantageScores below 600 are considered “subprime.”
The average VantageScore 3.0 in the second quarter of 2021 was 695.
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Shopping For Credit Cards With A 629 Credit Score
When shopping for credit cards, make sure you explore all of your options. In other words, dont just sit down with one potential creditor and decide to accept their deal or not. Sit down with multiple potential creditors and compare and contrast them to find out what works best for you.
If you already have a credit card, but have been shopping for one that is cheaper, you can then go to your existing creditor and request them to either match or beat an offer from another credit card company. Tell them that you believe you are paying too much money in fees and interest, and ask them if they are willing to lower their rates and fees down to the other credit card company that you are thinking about switching to.
If they refuse, then you can switch accounts, but dont close your existing account immediately. You still want to make the minimum payment on. it while you are waiting for your balance to transfer to your new account. You only want to close a credit account when your balance is at zero.
What Can I Do With A 699 Credit Score
As 699 is a good credit score, you should not be limited in your loan options. Youll likely easily qualify for most credit cards, personal loans, auto loans, lines of credit and more.
Since youre not in the top range of credit scores, youll still always want to review your loan terms. For example, you want to ensure youre getting a reasonable interest rate and manageable loan terms.
If you damage your credit and fall back into the fair , may find your loan options much more limited. Do everything in your power to maintain your score and even improve it over time.
How does your score compare? Find out with our FREE Credit Assessment tool
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What Is The Minimum Credit Score For A Home Loan In South Africa Mortgagemarket
Is 629 a good credit score? Having great or even good credit is essential for any adult. What exactly is a credit score and why is it important? Is 629 a good credit score?
While people with the 629 fico score won’t have as much trouble getting loans as those with lower credit, . As you can see below, a 629 credit score is considered fair. Fico scores range from 300 to 850. Check out these 10 tips that will help you improve your credit score.
Here’s everything you need to know. As you can see below, a 629 credit score is considered fair. Struggling to get your credit score from poor to excellent? While people with the 629 fico score won’t have as much trouble getting loans as those with lower credit, .
Re: 629 Credit Score 100k Income
I signed up with Navy Federal a few months ago. Just to attempt that. I went into the office to open a $2k secured loan. I was told that they do not report secured loans against any of the 3 CRA’s unless you default. I declined and switched to another credit union, but they have only been reporting to EQ. Obviously not ideal.
The sad part is, the lady was probably clueless and told me the wrong info about reporting. The worst part is that was the world headquarters branch…which is here in my city. So if you indeed did this yourself at Navy Federal can you report what CRA’s and how often they actually report?
510
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What Is A Fair Credit Score Range
Fair credit score = 620- 679: Individuals with scores over 620 are considered less risky and are even more likely to be approved for credit.
In the mid-600s range, consumers become prime borrowers. This means they may qualify for higher loan amounts, higher credit limits, lower down payments and better negotiating power with loan and credit card terms. Only 15-30% of borrowers in this range become delinquent.
Do Mortgage Lenders Care About Debt Management Plans
If your credit score and payment history are in their wheelhouse, and your debt-to-income ratio is acceptable, most mortgage lenders dont care if youre in a debt management plan.
Neither Fannie Mae nor Freddie Macs underwriting guidelines specifically mention credit counseling or DMPs for conforming loans that are processed through their automated underwriting systems.
But if a human manually underwrites your loan, the decision may be different. Underwriters use their best judgment, and opinions vary. In addition, mortgage lenders can overlay stricter requirements than program minimums.
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What Is A Good Credit Score Experian
Here’s everything you need to know. Is 629 a good credit score? A 629 credit score can be a sign of past credit difficulties or a lack of credit history. A 629 fico® score is considered fair.
Your score falls within the range of scores, from 580 to 669, considered fair. Fico scores range from 300 to 850. If your credit score is a 629 or higher, and you meet other requirements, you should not have any problem getting a mortgage. A credit score of 629 isn’t good. it’s not even fair. rather, a 629 credit score is actually considered bad, according to the standard 300 to 850 .
A credit score of 629 isn’t good. it’s not even fair. rather, a 629 credit score is actually considered bad, according to the standard 300 to 850 . Is 629 a good credit score? What exactly is a credit score and why is it important? Here’s everything you need to know.
From Fair To Anywhere: Raising Your Credit Score
A FICO® Score in the Fair range typically reflects credit-management problems or mistakes, such as multiple instances of payments that were missed or paid 30 days late. Consumers with more significant blots on their credit reports, such as foreclosures or bankruptcies, may also see their FICO® Scores rise from the Very Poor range into the Fair range once several years have passed after those events.
The credit reports of 42% of Americans with a FICO® Score of 629 include late payments of 30 days past due.
If you examine your credit report and the report that accompanies your FICO® Score, you can probably identify the events that lowered your score. As time passes, those events’ negative impact on your credit score will diminish. If you’re patient, avoid repeating past mistakes, and take steps that can help build up your credit, your credit scores will likely begin to increase.
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How Mortgage Lenders Pull Credit
When you apply for a mortgage, lenders pull your credit report from all three major credit bureaus: Transunion, Equifax, and Experian.
Whether you get approved for the loan and the terms of your loan will depend on the result of those reports.
Lenders qualify you based on your middle credit score.
For example, if your scores are 720, 740, and 750, the lender will use 740 as your FICO. If your scores are 630, 690, and 690, the lender will use 690 as your FICO.
When you apply with a spouse or co-borrower, the lender will use the lower of the two applicants middle credit scores.
Expect each bureau to show a different FICO for you, since each will have slightly different information about you. And, expect your mortgage FICO score to be lower than the VantageScore youll see in most free credit reporting apps.
In all cases, you will need to show at least one account which has been reporting a payment history for at least six months in order for the bureaus to have enough data to calculate a score.
Use An App To Boost Your Score
Experian offers a service called Experian Boost that can improve your score by about a dozen or so points. Youll sign up and connect your bank account to get credit for on-time payments for expenses like your phone and electric bills.
You can learn more about this free app by reading our complete Experian Boost review.
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Can You Get A Personal Loan With A Credit Score Of 629
Very few personal loan lenders will approve you for a personal loan with a 629 credit score. However, there are some that work with bad credit borrowers. But, personal loans from these lenders come with high interest rates.
Its best to avoid payday loans and high-interest personal loans as they create long-term debt problems and just contribute to a further decline in credit score.
To build credit, applying for a may be a good option. Instead of giving you the cash, the money is simply placed in a savings account. Once you pay off the loan, you get access to the money plus any interest accrued.
Formulating A Plan To Improve Your 629 Credit Rating
First aid foremost, you need to understand that it takes time for you to build up your credit score. Dont expect it to be improved in the next week or the next month, even if you do everything necessary to improve it.
If you have any negative factors on your credit report right now, including a late payment, a bankruptcy, or an inquiry, you may want to pay the bills now and then wait. Remember that time is your ally, not your enemy. In the end, there is no quick fix for rebuilding a credit score. It takes time.
In formulating a plan to rebuild your credit rating, you need to understand how specific actions that you take will harm or hurt your credit score. For example, will working with your creditor to close an existing account in favor of rebuilding a new one with more favorable terms hurt or harm you?
Here are two factors for you to consider: a change to your credit report will affect your credit score , and your score is based entirely on the figures that are already in your report.
A major question that people have is how long it will take for them to improve their credit score. But heres what these people are missing: there isnt anything you can do to boost your actual score. Instead, you can do many things to rebuild your history of credit, and the healthier your credit history, the more elevated your credit score will be.
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How To Improve And Rebuild Your 629 Credit Score
It is possible to improve your credit score, but it will take some time and effort. If you have a 629 credit score, you can improve it by following some simple steps.
Seek a secured credit card: Having a secured card can help improve your credit score, as long as the lender reports the card activity to major credit bureaus. You put down a deposit, which is typically a few hundred dollars, for your spending limit. So, when you use the card and make regular payments, those activities will be on your credit history. If you keep your monthly usage below 30% and make timely payments, it will help you establish better credit.
Consider a credit-builder loan: If you’re looking for a loan to help improve your credit score, a credit-builder loan could be a good option. With this type of loan, the money you borrow is placed in a savings account and accrues interest. Once you’ve paid off the loan, you get the money plus any interest that has accrued. This can be a helpful way to save money and also improve your credit score. Be sure to check with the lender to make sure they report activity to all three national credit bureaus before you apply for a credit-builder loan.
Dispute negative items: We suggest checking your credit report for errors and disputing any inaccuracies that you may find. You can customize and send dispute letters to the Bureaus in order to request the removal of negative items from your report.
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Paying Your Bills On Time
While paying each of your bills on time may seem like the most obvious way to improve your credit score, its also the most important one. There is nothing that will harm your credit score as much as having a series of late payments on anything from car loans to mortgage loans. This is why it is extremely critical that you always make the minimum monthly payments by the determined date each month WITHOUT ANY EXCEPTIONS.
Even skipping just one mortgage payment is going to have a detrimental effect on your credit score. Sorry if that sounds cruel, but its the truth, and it should serve as your primary source of motivation for making your payment on time.
Heres an important fact to keep in the back of your mind: every time that you fail to make a monthly payment when you are required to do so, whether it be on a car or your home or anything else, it will be on your credit history and thus impact your credit score for up to seven years. Seven years. Think about that.
Now, one primary benefit to using a credit card here is that you can choose how much money you spend while using them, and then also determine how much you pay back each month, so long as that amount is equal or greater than the minimum payment you owe.
The reason why this is a benefit to you is because it allows you to budget your money accordingly and make the smartest financial decisions you can. In other words, you can avoid going into serious debt.