Is 693 a Good Credit Score?

By Ashley Kilroy

With a 693 credit score, you fall right within the “good” range for two of the most common scoring models: FICO® and VantageScore®. While lenders usually view this score as acceptable, bumping it up into the “very good” range could open the door to even better rates and terms.

Read on to learn more about a 693 credit score and what you can get with it.

What Does a 693 Credit Score Mean?

As mentioned above, a 693 credit score is part of the “good” range, which spans from 670 to 739. A score like this tells lenders that you’re handling credit pretty well. As a result, you’ll likely have access to a good selection of credit cards and loans, though you might not get the lowest interest rates out there.

If you can bump your score up to 740, which falls within the “very good” range, you could potentially get better rates and save more on interest in the long run.

What Else Can You Get with a 693 Credit Score?

There’s no single magic number that guarantees approval for a new credit account or a specific interest rate. While your credit score is important, each lender has its own criteria for deciding who gets approved. Here’s what you can expect for some common credit products.

Can I Get a Credit Card with a 693 Credit Score?

Your credit score plays a big role in whether you get approved for a new credit card and what kind of credit limit and interest rate you’ll get. A good credit score like 693 usually helps you qualify for rewards cards that offer things like points, cash back, and decent interest rates. These cards may also include extra perks like rental car insurance, purchase protection, and bonus rewards for everyday spending.

If you can boost your score to 720 or higher, you may be able to access premium rewards cards. These cards often come with large signup bonuses, sometimes worth hundreds of dollars, and lower interest rates, which can help you save more over time.

If you’re looking to consolidate high-interest credit card debt, consider using a personal loan calculator. These online tools can provide an estimate of potential interest savings.

Can I Get an Auto Loan with a 693 Credit Score?

With a 693 credit score, you can usually qualify for a car loan since there’s no universal minimum requirement. Every auto lender also has its own guidelines, and some might consider things like your debt-to-income ratio.

In general, with a 693 credit score, you should be able to get a used car loan. New car loans typically go to people with scores closer to 730, though you may still be able to get one with a score around 600. Keep in mind that having a higher score usually means getting a better interest rate and lower monthly payments.

Can I Get a Mortgage with a 693 Credit Score?

As with other types of credit, there’s no single credit score that guarantees you will qualify for a mortgage. It depends on the lender and the type of mortgage you’re applying for.

For example, conventional loans usually require a credit score of at least 620, while FHA loans only need a score of 500 with a minimum 10% down payment. So with a 693 score, you’re likely in a good position to qualify. However, if you’re applying for a jumbo loan, you’ll typically need a credit score of 700 or higher. Lenders also look at other factors like your work history, down payment, debt-to-income ratio, and assets.

Remember, because you qualify for a mortgage right now doesn’t always mean it’s the best time to apply. Even a small increase in your credit score could save you tens of thousands of dollars over the life of your mortgage. So, before you submit a full mortgage application, make sure to get preapproved to see what terms you qualify for.

Can I Get a Personal Loan with a 693 Credit Score?

Typically, most lenders look for a score of 610 or higher to qualify for personal loans. With a 693 score, you’re in a good spot to potentially get more favorable rates and terms.

But as with auto or home loans, your credit score isn’t the only factor lenders look at. They also consider things like your debt-to-income ratio and income, among other factors.

To see what personal loans or credit card consolidation loans you may qualify for, you can prequalify with many lenders. Considered the first step in a loan application process, prequalification typically takes just a few minutes to complete. The lender will likely perform a soft credit check, but this won’t impact your credit score.

How to Improve a 693 Credit Score

A score of 693 opens up options for loans and credit cards. But raising it even higher can help you get approved for even more, often with better terms and lower rates.

Since 693 is on the lower end of the “good” range, it’s a smart idea to keep an eye on your credit score to avoid slipping into the “fair” range (580 to 669), as this can limit your options.

Here are some ways you can help improve your credit score:

Make On-Time Payments

Your payment history makes up 35% of your FICO credit score. So paying your bills on time is one of the best things you can do to keep your score up. Setting up autopay can help ensure you don’t miss a payment.

Limit the Amount of Credit You Use

Your credit utilization ratio — or how much credit you use compared to your available credit limit — is another big factor that determines your credit score.

In simple terms, it’s best not to get too close to your credit limit. A good rule of thumb is to use less than 30% of your total credit limit. For example, if your credit card limit is $10,000, try to keep your balance at or below $3,000.

Hold On to Your Older Credit Cards

Keeping your older credit card accounts open helps maintain a lengthy credit history, even if you rarely use them. To keep the account active, you can make a small purchase now and then, like buying a coffee or some gas. This is one way to show lenders that you manage credit well over time.

Limit How Often You Apply for Credit

Even if you get credit card offers all the time, it’s better to avoid applying for credit unless you truly need it. Credit score models consider how many applications you’ve submitted in a certain amount of time, so it’s smart to apply only when necessary.

Keep an Eye on Your Credit Report

Mistakes can happen, and unfortunately, they can negatively impact your credit score. That’s why it’s important to check in on your score regularly. You can get free copies of your reports at AnnualCreditReport.com.

If you spot any errors — like an account that’s not yours or a bill showing up as unpaid that you know you’ve paid — make sure to dispute them as soon as possible.

The Takeaway

A 693 credit score is generally considered good, and it can help you qualify for a variety of credit products, including mortgages, loans, and credit cards. However, because each lender has different requirements, your score might not always get you the best terms. And you could end up paying higher interest rates and fees. Fortunately, with some effort, you can work on boosting your credit score even higher.

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.

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FAQ

Is 693 a bad credit score?

A 693 credit score falls within the “good” range on both the FICO and VantageScore credit scoring models. However, it’s lower than the average U.S. credit score of 717.

What can I get with a 693 credit score?

A 693 credit score is considered good. You can likely qualify for a range of credit cards and loans, though you’ll probably pay higher interest rates and fees than people with a higher credit score.

Can I buy a house with a 693 credit score?

Credit score requirements vary by loan type. But generally speaking, you’ll need a credit score of at least 620 to qualify for a conventional mortgage. Consider talking to a mortgage professional about which option makes the most sense for you.