Do You Have a 662 Credit Score??

Is a 662 credit score a good score? Well, a credit score of 662 is considered a “Fair” credit. It’s perfectly average, and individuals with these scores won’t have much trouble securing loans and credit cards. They are likely to be approved for both and will most often be offered average APR and terms.

A 662 Credit Score Credit Card

As previously mentioned, an individual with a credit score of 662 has what is considered a “Fair” credit. A credit score of 662 is a perfectly average score. Individuals with a 662 credit score will not have much trouble securing loans and credit cards with some of the best rates available. With a 662 credit score, an individual is qualified for an average APR with average credit terms.

662 Credit Score Apartment Rental

Is it difficult to get an apartment rental with a 662 credit score? A 662 credit score is an average credit score, and an individual with a 662 FICO credit score should not have any difficulty in renting an apartment. Generally speaking, one of the factors that make renting an apartment difficult is a criminal record. A criminal record can usually be addressed with the help of an expungement attorney.

Is a 662 Credit Score Good

662 Credit Score Auto Loan Interest Rate

With an average credit score of 662 and an auto loan rate of 9.49 percent, the average interest rate for those buying a used car is 9.49 percent.  A FICO® score of 662 is considered “Fair”. With a credit score of 662, it can be difficult to obtain a mortgage, auto, and personal loan. It is too risky for lenders to lend money to borrowers with fair credit. FICO® Scores in the good range (670-739) or higher are generally associated with significantly better terms for consumers.

How to Get a Mortgage with a 662 Credit Score

Because a 662 credit score is an average credit score, following the following steps and processes is both a good practice to follow when getting a mortgage with a 662 credit score, but also a good practice when applying for a home mortgage with any credit score.

Keep Credit Card Balances Low

Your credit rating is affected by how much you owe compared to how much credit you have. The lower your balance, the better. A credit card should never be charged more than 30% of its available credit line. A personal loan could be an excellent solution to a low credit score if you have credit card debt. Furthermore, paying your balance in full every month may not matter because some credit bureaus consider the amount on your statement rather than the amount after your payment.

Keep Credit Card Balances Low

Keep Old Debt on the Credit Report

The week after paying off a home or car, people call their credit bureaus to get the debt off their report. A paid debt is actually a form of good debt that will boost your 662 credit score.

Shopping Smart for a Loan

Applying for several loans or credit cards in a row can drastically hurt your score. But most lenders will give you a “grace period” where your credit score won’t be impacted. If you do all of your loan shopping in a three-week period, for example, there’s a good chance it won’t count against you. Reaching out to one of the bureaus is a good way to find out their exact policy.

Pay Your Bills and Cut Debt

Make your monthly payments on time and in full as often as possible. At the end of the day, the less debt you owe, the higher your credit score will be. Being smart about how you use your credit card will do nothing for your score if your credit score is maxed out.

You Can Raise Your 662 Credit Score

You Can Raise Your 662 Credit Score… With Hard Work.

Improving your 662 credit score can take a lot of work. By following the previous steps can make all the difference. Raising your credit score will take time, but you can see your credit score go up within a year, which could save you countless amounts on interest rates. Taking the time and the effort to improve your 662 credit score is worth the time investment. Take advantage of a credit repair agency, by searching for the “best credit repair agency near me“, and also reviewing your free annual credit report on the website, FreeAnnualCreditReport.com.