645 Credit Score
Is a 645 credit score good? 645 credit score loans, credit cards & benefits. How to get & improve a 645 credit score.
A 645 credit score is not a good credit score, unfortunately. You need a score of at least 700 to have "good" credit. But a 645 credit score isn’t "bad," either. It’s actually in the "fair" credit tier. As a result, you should be able to get a credit card or loan with a 645 credit score. But a little bit of credit improvement will give you many more options and help you save a lot more money.
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.Check Your Latest Credit Score – 100% Free
Credit scores can change a lot from day to day or week to week, so you might already have a higher score than you think. And WalletHub is the only place where you can get free credit scores that are updated on a daily basis.
What Does a 645 Credit Score Get You?
|Item||Do You Qualify?|
|Any Credit Card||NO|
|No Annual Fee Credit Card||YES|
|Big Initial Credit Card Bonus||NO|
|Credit Card with 0% Financing||YES|
|No Foreign Fee Credit Card||YES|
|Favorite Store’s Credit Card||YES|
|Airline/Hotel Credit Card||NO|
|Best Mortgage Rates||NO|
|Auto Loan with 0% Intro Rate||NO|
|Lowest Auto Insurance Premiums||NO|
Who Has a 645 Credit Score?
|Age Group||650+ Credit Score|
|Income Bracket||650+ Credit Score|
|$30,000 - $49,999||47%|
|$50,000 - $74,999||84%|
|$75,000 - $99,999||87%|
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 Analysis page 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 – 645 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 645 credit score can expect: plenty As and Bs, but no failing grades to be found.
How to Turn a 645 Credit Score into an 850 Credit Score
There are two types of 645 credit score. On the one hand, there’s a 645 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 645 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. You can find personalized advice on your WalletHub credit analysis page, and we’ll cover the strategies that everyone can use below.
Here’s how to improve a 645 credit score:
- Dispute Negatives: 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.
- Pay Off Collections Accounts: Once you bring a collection account’s balance down to zero, it stops affecting your VantageScore 3.0 credit score.
- Reduce 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.
- Pay 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.
You can track your credit score’s progress for free on WalletHub, the only site with free daily updates and personalized advice.
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