Nov 292017

Is 637 a good credit score? Can I buy a car or get a credit card?
You applied for a home or car loan and in the mail a few days later you got a letter showing you your credit score was 637.
Is that a good thing? Is a credit score in the 600s a good credit score? The FICO credit score scale runs from 300 to 850, 300 being the worst, 850 being the best.
A credit score within the range of 300 to 584 is considered a bad credit score.
A credit score within the range of 585 to 669 is considered a fair credit score.
It's not the greatest but it's also not the worst.
A credit score in the low 600s will usually be acceptable to get a car loan.
It will not be a favorable interest rate and you will need to show a good monthly income along with a large down payment.
You will also be able to get a credit card for people with fair credit.
Credit card banks consider a low 600 credit score to be a high risk and you will have to pay a higher APR starting at 19.9% and up.
You may be better off going with a secured credit card which can carry a lower APR but it can be used a credit builder when you need to build up your credit report due to past credit mistakes.
If you are not in a dire need of getting a car loan or credit card at this time you can work on building up your credit score for the next 6 to 12 months by paying all your bills on time and keeping your balances low and then begin applying.
So a credit score of 600, 610, 620, 630 or 637 is not a great credit score but you can still buy a car or get a credit card and you can work on building up your credit.
Then you can develop good payment habits and then build up your score and get a better credit card rate and refinance your car loan.
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