650 credit score: is it a good score?

A 650 credit score may be enough to get approved for some loans, but it's not great. Learn the details on what institutions consider good credit!


Understanding your credit score and what it means

Bank loan concept with businesswoman crossing her fingers on blackboard background with credit score scale.
650 credit score: is it a good score? Find out! Source: Adobe Stock

Do you have a 650 credit score and wondering how it compares to the rest of the population? You may be pleased to learn that most lenders consider your score good.

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However, there are still steps you can take to improve upon it so that when you go to borrow money. So keep reading and learn more!

Is a 650 credit score good or bad?

First, 650 is a credit score that falls within FICO’s range of “fair” scores, which are between 580 and 669.

This means that 650 is not considered a “good” score and is seen as subprime by many lenders.

As such, this may make it difficult to get credit approval or result in paying extra fees or deposits when getting loans or lines of credit.

Additionally, with 650 being seen as subprime, lenders may offer higher interest rates than if the credit score were better.

Furthermore, 650 can lead to lower limits on how much can be borrowed and add difficulties to getting approvals. A 650 isn’t the best credit score but is not too bad.

What types of credit cards and loans can you get with a 650 credit score?

Designer using a laptop during a meeting in an office. Happy business man reading an email while sitting in a boardroom with his colleagues.
Learn more about the 650 credit score! Source: Adobe Stock

With a 650 credit score, you can qualify for different credit card and loan options.

Nevertheless, the key is to look for cards from lenders willing to work with customers who don’t have an extensive credit history.

Moreover, Major credit card issuers like American Express, Chase, Bank of America, and Citi offer different types of cards that may be a good fit.

Additionally, lenders like Upstart and LendingTree might also be able to provide some financing options if you need to take out a loan.

It is possible to find the right card or loan with patience and diligence, even with a 650 credit score. In this sense, discover some options for a 650 credit score.

Capital One Platinum Credit Card

Capital One Platinum Credit Card is a great option for consumers with fair credit since it carries no annual fee, no foreign transaction fees, and no balance transfer fees.

Moreover, it does not have many rewards or perks like other cards. Still, Capital One does offer automatic consideration for a higher credit limit after only six months of on-time payments.

Petal® 2 “Cash Back, No Fees” Visa® Credit Card

Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a great option for those seeking cash back without incurring fees.

This card boasts up to 2 percent to 10 percent cash back at participating merchants.

Furthermore, Petal® 2 also eliminates the hassle of late fees, over-limit fees, foreign transaction fees, and returned payment fees.

In order to be eligible, applicants may need to link their bank accounts.

Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is a great option for consumers with fair or average credit scores.

It rewards users in two ways: 1.5 percent cash back on all purchases and 5 percent cash back on hotel and rental cars.

Moreover, the rewards are redeemable as statement credits, checks, or gift cards – whatever suits the user best.

Even though an annual fee of $39 is attached to this offer.

Close-up images of multiple credit card handsets

6 credit cards for fair credit

If you have fair or average credit, it can be hard to find a card that fits your needs. However, these seven cards are all worth considering!

Why is it important to have a good credit score?

Having a good credit score is more important now than ever before. Financial institutions and even landlords look at credit scores when evaluating potential customers.

Even 650 credits, considered “average,” can open the door to many opportunities. It shows that you can be trusted to deal with money!

Also, it shows that you act thoughtfully when budgeting and making timely payments. Investing in yourself and improving your credit score can pay off.

Finally, it will put you in a strong position to qualify for mortgages, car loans, and other types of financing.

Taking control of your finances by building your credit score makes good sense in the long run!

How can you improve your score?

Improving your 650 credit score is possible with dedication and commitment. Start small; focus on the basics, such as diligently paying off your bills on time.

This will immediately increase your score, but you can increase it drastically by getting a secured loan or credit card to build a positive credit history.

Paying off the loan or monthly payments in full and on time can raise your credit score even higher. Check out our tips to help you.

1. Search for secured credit card options

A secured credit card is a great way to improve your credit score.

Moreover, the process requires you to deposit the full amount of your spending limit, but building up your credit profile can be worth it.

However, as you use and make regular payments on the card, your activity is then reported to the national credit bureaus.

Moreover, and tracked in your credit report, showing lenders that you are responsible for your financial decisions.

If you stick to managing the card responsibly, such as making timely payments and avoiding “maxing out” the card, this will favorably impact your credit score.

2. Pay your debts on time and in cash whenever possible

Woman in the computer
2. Pay your debts on time and in cash whenever possible! Source: Adobe Stock

Paying your bills on time is a responsible financial habit and can improve your credit score.

After all, late and missed payments impact credit scores heavily, so take advantage of all available tools to help you remember your payment dates and avoid those penalties.

Nevertheless, automatic payments and calendar alarms can help alleviate some of the burdens, or if that’s not an option, you can use sticky notes or a paper calendar.

3. Avoid cards with high-interest rates for your use

High credit utilization affects your FICO® score, approximately 30% of your total credit score.

Avoiding a high debt usage ratio will be very beneficial to improve your credit rating.

Your goal should be to keep each account’s percentage of available credit limit represented by outstanding payments below around 30%.

This is a great way to improve your FICO® credit score and allow yourself more financial freedom.

As you’ve seen, a 650 credit score isn’t the best, but not the worst. But will a 700 score be enough? Check it out in the post below.

Credit Check Financial Banking Economy Concept

700 credit score: is it good enough?

Get the scoop on how a 700 credit score can impact your life, from getting approved for a loan to your interest rates.

About the author  /  Sabrina Paes

Content Writer, Copywriter, and Ghostwriter. Content marketing professional with 5 years of experience. Specialist in investment, finance, and technology niche. MBA in Marketing at the University of São Paulo, Brazil. Content Writer by Rock Content, and University of California (UCDAVIS).

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