Wondering if a 685 credit score is good?
A 685 credit score is generally considered to be a good credit score. It’s important to remember that your credit score is just one factor that lenders look at when considering a loan or line of credit. There are many things you can do to improve your credit score, and we provide tips and advice on our website.
A higher credit score means you may be able to get a lower interest rate on a loan, which could save you thousands of dollars over the life of the loan. Improving your credit score takes time and effort, but it’s worth it in the end.
In this article, We’ll breakdown the FICO credit score range, factors that impact your credit, what a 685 credit score will get approved for and finally what you can do to improve your score.
Understanding the Credit Score Range
Before we talk about your 685 let’s cover the basics. A credit score is nothing more than a number used to predict how likely you are to pay back money that you borrow. The higher the number, the more likely you will repay what you owe on time – if not early. As a general rule of thumb, the higher your score, the better.
So what are some good credit scores to have? Well, it really depends on who you’re asking, but as a very broad benchmark, 580 and below is considered “poor” and 740 and above is considered very good.
Although this might seem low compared to what you were expecting, the reality is that most people tend to overestimate their creditworthiness. So don’t feel too bad if you fall below this figure.
Below is a breakdown of the FICO score ranges and what it means:
- 300-580 Bad Credit: This is the lowest range and means that you’ve had some severe problems.With this lower credit score, your credit will be very limited, and it’ll probably take a while before things start to improve.
- 581-669 Fair Credit: If you have a fair credit score, it means you’ve had some missteps in the past but you’re on your way to a better score. You may not be approved for loans or lines of credit with the best terms and rates, but you can get approved.
- 670-739 Good Credit: A good credit score means you’re on the right track. You should be able to get approved for most loans and lines of credit, and you’ll likely qualify for better terms and rates than those with lower scores.
- 740-799 Great Credit: This is the second highest credit score range. At this level, you can pretty much get approved for anything, and you’ll qualify for the best terms and rates on loans and lines of credit.
- 800-850 Excellent Credit: The highest credit score range. You have an excellent chance of getting approved for anything, and you’ll get the best terms and rates available.
A 685 Credit Score is considered a GOOD credit score. This means that you have a slightly above average credit score and most lenders will see you as a low-risk borrower. This is great news because it means that you’ll likely get approved for most loans and credit cards, and you’ll also enjoy some of the lowest interest rates available.
Now that we’ve established the Credit Score ranges, let’s dive into the factors go into your credit.
Credit Score Factors
There are multiple factors that affect your credit rating: some good and some bad. As a responsible borrower, you’ll want to understand what these factors are and how they can affect you long term. So let’s break down the major ones:
1) Your Payment History. This is the most important factor in your credit score, and it accounts for 35% of your score. Your payment history includes things like whether you make your payments on time, how often you miss payments, and whether you have any collections or bankruptcies on your record.
2) How Much You Owe. This is the second most important factor in your credit score, and it accounts for 30% of your score. It includes things like the total amount of debt you have, how much of your available credit you’re using (also called credit utilization ratio), and the types of debt you have.
3) The Length Of Credit History. This is the third most important factor in your credit score, and it accounts for 15% of your score. It looks at how long you’ve been using credit, and includes things like the age of your oldest account and the average age of all your accounts.
4) New Credit. This is the fourth most important factor in your credit score, and it accounts for 10% of your score. It looks at how often you’re applying for new credit, and includes things like the number of new accounts you have and the proportion of your credit that is made up of “revolving” credit (like credit cards) versus “installment” credit (like loans).
5) Credit Mix. This is the fifth most important factor in your credit score, and it accounts for 10% of your score. It looks at the different types of credit you have, and includes things like whether you have a mix of revolving and installment credit, and how many different types of credit you have.
Now that we’ve gone over the major factors that affect your credit score, let’s talk about what you can get approved for with a 685 score.
Getting Approved with a 685 Credit Score
Credit Cards
Getting approved for a credit card with a 685 credit score is definitely doable. However, the interest rates you’ll be offered will be a bit higher than if you had an excellent score. For this reason, it’s important to compare the different offers available to you and make sure you get the best bang for your buck.
Auto Loans
Getting a car loan with a 685 credit score is also possible. In fact, you should have no problem getting approved as long as you have a steady income and can afford the monthly payments. However, you may not be able to get the lowest interest rates available, so it’s important to compare offers from different lenders before making a decision.
Mortgages
Mortgages are a bit trickier to obtain with a 685 credit score. You may be approved for a loan, but higher interest rates should be expected. Additionally, you may be required to make a larger down payment. However, it’s still possible to get a mortgage with this score, so it’s important to compare offers and find the best mortgage rates.
Home Equity Loans
Home equity loans and lines of credit are also possible with a 685 credit score. However, the interest rates will likely be higher than if you had an excellent score. Additionally, you may be required to make a larger down payment. However, it’s still possible to get a home equity loan or line of credit with this score, so it’s important to compare offers and find the best deal possible.
Personal Loans
Getting a personal loan with a 685 credit score is definitely possible. In fact, you should have no problem getting approved as long as you have a steady income and can afford the monthly payments. However, you may not be able to get the lowest interest rates available, so it’s important to compare offers from different lenders before making a decision.
Improving your 685 Credit Score
While a 685 Credit Score is considered to be a good score, there’s always room for improvement. If you’re looking to improve your score, there are a few things you can do.
It’s important to understand what’s on your credit report. You can get a free credit report by visiting AnnualCreditReport.com. You can pull all 3 major credit bureaus with no strings attached. The steps to pull your credit report are easy and link you directly with Experian, TransUnion and Equifax all in one place.
Once you’ve obtained a copy of your report, you can begin workin on on higher scores by following the steps below:
1) Improve Your Payment History
This is the most important aspect of your credit score, so if you want to get better results here, the best way is paying off any remaining debts before applying for a loan or new credit card. While it’s not possible to change history that has already passed, you can still take control of the future by improving your payment history now by making timely monthly payments.
2) Improve Your Debt Usage
This factor looks at how much of your available credit you’re using. The lower the percentage, the better it is for your score. To improve this factor, you can either pay down your existing debts or increase your credit limits.
3) Make Sure You Have the Right Credit Mix
This factor looks at the different types of credit you have, such as revolving credit (such as credit cards) and installment loans (such as auto loans). Having a mix of both is generally better for your score than just having one or the other. If you don’t have much credit history, you can start by applying for a few different types of credit, such as a credit card and an auto loan.
4) Don’t Open New Accounts If Possible
While it may be tempting to open a bunch of new credit cards to get the sign-up bonuses, this is generally not a good idea. Every time you apply for a new credit card, it results in a hard inquiry on your credit report, which can temporarily lower your score. If you’re not planning on using the new credit card right away, it’s probably not worth opening.
5) Pay Off Debt Before Adding More
One of the biggest mistakes people make is opening new credit accounts while they’re still trying to pay off debt on their existing accounts such as credit card debt. This can be a real problem because it can lead to even more debt and an even lower credit score. If you’re currently carrying a balance on your credit cards, focus on paying that off before you start using the cards again.
6) Improve Your Score by Asking for the Best Rates
If you have good credit, you may be able to get lower interest rates on your existing debts by asking for them. This can be a great way to save money and pay off debt faster.
7) Improve Your Score by Using Different Lenders
If you have good credit, you may be able to get approved for loans with better terms from different lenders. This can be a great way to save money on interest and pay off your debt faster.
9) Improve Your Score by Remembering the Golden Rule
The golden rule of credit is simple: Do unto others as you would have them do unto you. In other words, treat your creditors the way you would want to be treated. This means paying your bills on time, every time. It also means being honest and transparent about your financial situation. If you can follow these two simple rules, you’ll be on your way to a better credit score in no time.
With a 685 credit score, you may have some of this covered, but it’s still important to focus on the steps above to make sure you’re doing everything you can to improve your score.
Credit Repair Companies
Consider using a credit repair company if you’re in the market to get a home loan or auto loan and want to take advantage of the best rate. If you have a ding on your credit report, and you’ve done everything you can to remove it, a credit repair company may be able to help.
A few companies we recommend are Credit Saint and Sky Blue Credit Repair.
Credit Saint
Credit Saint is a credit repair company that has been in business since 2004. They have an A+ rating with the Better Business Bureau and have helped remove charge-offs and other negative items from people’s credit reports.
Credit Saint offers a wide variety of services to help you fix most derogatory mark on your credit report, such as late payments, charge-offs, and other services.
Credit Saint can help you with credit counseling, credit monitoring, and identity theft protection.
Credit Saint has a high customer satisfaction rate and offers a money-back guarantee on all their services.
Blue Sky Credit Repair
Sky Blue Credit Repair is another credit repair company that has been in business since 1989. They have an A+ rating by the Better Business Bureau and have high customer satisfaction.
Just like Credit Saint, Sky Blue Credit Repair can help you remove a charge-off along with any other delinquent account from your credit report. They also offer a money-back satisfaction guarantee on all of their services.
Both Credit Saint and Sky Blue Credit are reputable credit repair companies with a long history of helping people repair their credit. If you’re struggling to remove a charge-off from your credit report, hiring one of these professionals may be the best step for you.
Wrapping It Up
In today’s world, credit is an ever-present component of life. It governs the terms on which we can borrow money and helps dictate what products are available to us at different prices.
If you find that your score isn’t where it should be, don’t worry – there are plenty of ways to boost your rating in a short amount of time. From making sure that you have low debt balances or changing lenders to asking for lower rates with existing creditors, these tips will help improve your financial standing without costing too much effort up front.
A 685 Credit will open some doors for you, but by making a few changes on how you manage your finances, you may be able to boost that score even further.
So, is 685 a good credit score? It depends on your goals and situation. But if you’re looking to buy a home or car in the near future, you’ll want to aim for a higher score. With some work, you can get there!
