Is 692 a Good Credit Score?

By Rebecca Safier

A credit score of 692 is in the “good” credit score range of 670 to 739. Having good credit can make it easier to qualify for loans and credit cards. However, some lenders prefer scores of 700 or higher. While you won’t necessarily have trouble getting approved for loan products with a credit score of 692, you may not receive the best rates a lender offers.

Learn what a 692 credit score means and how it impacts the types of loans and credit cards you can get.

What Does a 692 Credit Score Mean?

Credit scores are calculated using credit scoring models like FICO. The higher your score, typically, the more creditworthy you are to lenders. A FICO score of 692 is considered good since it falls within the good range of 670 to 739.

FICO® credit scores range from 300 to 850 and break down into the following tiers:

300 – 579	Poor
580 – 669	Fair
670 – 739	Good
740 – 799	Very good
800+	Exceptional

A 692 credit score is slightly below the national average score, which is 717 as of March 2024. But because it’s in the good range, lenders look at it more favorably than a fair or poor credit score.

There are a number of factors that make up your credit score, including your history of loan payments, credit utilization, length of credit history, and credit mix. Making on-time payments on your loans is especially important to maintaining a good credit score; payment history accounts for 35% of your FICO score. Late payments can drag down your score and make you a risky candidate to prospective lenders.

What Else Can You Get With a 692 Credit Score?

With a credit score of 692, you should qualify for loans like mortgages and personal loans and credit cards. However, you likely won’t get the lower interest rates, higher loan amounts, and credit card perks that you would if you had a very good or exceptional score.

Here’s what you might expect when trying to get a credit card, auto loan, mortgage, or personal loan with a credit score of 692.

Can I Get a Credit Card With a 692 Credit Score?

You should be able to qualify for most credit cards with a 692 credit score. However, you may not have access to the very best credit card benefits, such as cards with a 0% introductory APR on purchases, balance transfer offers, or generous welcome bonuses.

Credit card companies don’t look solely at your credit score when evaluating your application for a credit card. They also take into account other financial factors, such as your income, employment, and debt-to-income ratio. Having a strong track record in other areas can help make up for a credit score that’s below the national average.

If you open a credit card, try to keep your credit utilization ratio below 30% to maintain your score. That means using less than 30% of the amount of credit that’s available to you. And if possible, pay off your balance each month to avoid interest charges.

Can I Get an Auto Loan With a 692 Credit Score?

You can qualify for an auto loan with a 692 credit score, as long as you can meet the rest of the lender’s requirements. You probably won’t get the lowest interest rates, however, as those rates are reserved for borrowers with very good and exceptional credit.

Here’s a closer look at average car loan rates by credit score tier as of mid-2024, according to Experian. A 692 credit score falls into the “prime” category, while “super prime” is 720 and above. As you can see, a higher credit score can save you quite a bit of money on interest on a car loan.

Credit score tier	Average interest rate for new car loans	Average interest rate for used car loans
Super prime	5.25%	7.13%
Prime	6.87%	9.36%
Near prime	9.83%	13.92%
Subprime	13.18%	18.86%
Deep subprime	15.77%	21.55%

Before choosing an auto loan, shop around with multiple lenders to find the best offer. You may have the option of prequalifying for car loans, which won’t impact your credit. If you can’t prequalify, try to keep your applications and hard credit inquiries to a short period of time, generally no longer than 14 to 45 days, to minimize damage to your credit score. Keeping it within this timeframe typically means that credit checks from multiple lenders count as one credit inquiry.

Can I Get a Mortgage With a 692 Credit Score?

A 692 credit score is sufficient to qualify for a mortgage. Mortgage providers typically require a credit score of 620 or higher to qualify for a conventional mortgage. There are lots of other factors that go into mortgage approval, including your income, employment, debt-to-income ratio, and down payment amount.

Prospective homebuyers can also explore FHA loans, which are guaranteed by the Federal Housing Administration. These loans permit down payments as low 3.5% and can have more flexible underwriting requirements than conventional mortgages. On the downside, though, FHA loans require you to pay mortgage insurance premiums for at least 11 years.

Can I Get a Personal Loan With a 692 Credit Score?

You should be able to qualify for a personal loan from most lenders with a 692 credit score.

Personal loans are one of the most flexible ways to borrow money without the high interest rates that come with credit cards. You can use personal loans for virtually any purpose, including using them as credit card consolidation loans.

Depending on the lender, you may be able to qualify for a personal loan up to $50,000 or $100,000 with a 692 credit score. And because your credit score falls in the good range, you may not be charged an origination fee on the loan. As with other types of loans, personal loan lenders look at other factors in addition to your credit score when evaluating your loan application.

A 692 credit score means you may not get a lender’s lowest rates, but you also won’t get the highest rates. Prequalify for a personal loan with multiple lenders to find the most affordable option with competitive rates.

When comparing offers, use a personal loan calculator to estimate your monthly payments and the long-term costs of borrowing.

The Takeaway

A 692 credit score is considered a good score, so you should be able to qualify for various types of loans, including personal loans, and credit cards. At the same time, a score of 692 falls below the national average. Building your score to 700 and above could help you qualify for better interest rates.

Some ways to build your credit include paying your bills on time, reducing your credit utilization by using less credit than what’s available to you, keeping old credit card accounts open (since the age of your accounts makes up 15% of your credit score), and checking your credit report regularly to correct any errors.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate