686 Credit Score

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A credit score of 686 is very close to being "good" credit. In fact, whether or not it qualifies as such is a source of debate, with the answer depending on whom you ask. There are two main schools of thought:

Is 686 a Good Credit Score?

• Standard Definition: Yes – A lot of people think good credit starts at a score of 660 and ends at a score of 719.
• WalletHub’s Rating: No – Based on the rate at which people with 686 credit scores get approved for credit cards that require "good credit" or better, we believe you actually need a credit score of 700-749 to have good credit.

Of course, lenders always have the last word. And they neither define good credit the same way, nor disclose exactly what they consider it to be. So even if your 686 credit score does count as good credit by in some cases, it won’t in others. And that’s reason enough to improve your credit score so as to erase all doubt.

Below, you can learn more about what your 686 credit score means as well as what you can do to take it to the next level.

What Does a 686 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
Personal Loan	MAYBE
Apartment Rental	MAYBE

Who Has a 686 Credit Score?

Age Group	650+ Credit Score
18-24	43%
25-34	47%
35-44	51%
45-54	58%
55-64	69%
65+	83%

Income Bracket	650+ Credit Score
< $30K	23%
$30,000 - $49,999	47%
$50,000 - $74,999	84%
$75,000 - $99,999	87%
$100K+	88%

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 – 686 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 686 credit score can expect: plenty As and Bs, but no failing grades to be found.

How to Turn a 686 Credit Score into an 850 Credit Score

There are two types of 686 credit score. On the one hand, there’s a 686 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 686 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 686 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.