Is 697 a Good Credit Score?

By Jennifer Calonia

(Last Updated – 06/2024)

A 697 credit score is considered a “good” credit score, which means you shouldn’t have trouble qualifying for new credit, like a consumer loan or credit card. However, a 697 score falls below the top two FICO^® credit tiers — “very good” and “exceptional” — so you likely won’t qualify for a lender’s best interest rates or loan terms.

With a 697 score, lenders will see you as an average risk, since your score isn’t far off from the the average consumer credit score in the U.S., which is 717. Learn more about what a 697 credit score means and what it can get you.

What Does a 697 Credit Score Mean?

Your credit score tells lenders how much risk you pose as a borrower. Generally ranging from 300 to 850, credit scores are calculated using information from your credit reports. Although many people think they have only one credit score, we actually have several. The reason is that credit scores can be calculated using different credit reports and different scoring models, such as FICO, VantageScore^®, or a lender’s proprietary algorithm. Each scoring model has its own standard for what qualifies as “good.”

In the FICO scoring model, which is the one most commonly used, a 697 score means you’re right in the middle — not the best, but not the worst. Here’s the breakdown:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

A 697 credit score is also considered “good” in the VantageScore model:

•   Excellent: 781-850

•   Good: 661-780

•   Fair: 601-660

•   Poor: 500-600

•   Very Poor: 300-499

A 697 score tells a lender that you generally pay your bills on time and manage your credit responsibly. You may have a “good” rather than “very good” or “excellent” credit rating either because you’re new to credit or because you’ve made a few missteps, such as late payments, in the past.

What Else Can You Get With a 697 Credit Score?

The most direct advantage of a 697 credit score is that it tells creditors that you’re generally a reliable borrower who is likely to repay their debt. In turn, creditors may be more willing to offer you good interest rates and borrowing terms to gain your business.

With a good credit score like 697, you might experience benefits in other areas of your life. For example, a landlord might favor your rental application over applicants with fair or poor credit because they see you have a decent track record for paying your bills. You might also be able to sign up for a new utility account without a deposit requirement, or qualify for a better insurance rate thanks to your 697 score.

A future employer might check your credit to find out whether you have a compromised financial situation, particularly for jobs that involve finances or require security clearance. A 697 credit score means you likely don’t have any major red flags in your credit reports.

Can I Get a Credit Card With a 697 Credit Score?

Whether you’re looking for a new cash back credit card, travel rewards card, or retail credit card, a 697 FICO score can help you qualify. You might even qualify for a 0% interest credit card.

Despite having a “good” credit rating, however, you might not qualify for a credit card issuer’s lowest annual percentage rate (APR). The best rates are typically reserved for applicants who have exceptional credit. Similarly, a 697 credit score might not be enough to qualify for the most premium rewards cards on the market.

Your credit score isn’t the only factor that card issuers evaluate, however. Other application details, like your employment status and income, can determine whether you can get a particular credit card.

Can I Get an Auto Loan With a 697 Credit Score?

With a 697 credit score, there’s a good chance you’ll qualify for an auto loan with a decent rate. But you likely won’t be offered a lender’s most competitive APR.

According to Experian’s State of Finance Market Report from the fourth quarter of 2023, the average new auto loan rate for “prime” borrowers (with a 661-780 VantageScore) was 7.01%. By comparison, borrowers who were considered “super prime” (with a 781-850 VantageScore) received the best rates on a new car loan, averaging 5.64% APR; “nonprime” borrowers (with a 601-660 VantageScore), on average, received a 9.60% APR rate.

Can I Get a Mortgage With a 697 Credit Score?

A 697 credit score is a good score to have when applying for a mortgage loan. According to Experian, 29% of individuals with a 697 FICO score have a mortgage loan in their credit portfolio.

Generally, conventional mortgage lenders have a minimum credit score requirement of 640. Although you might qualify for a conventional home loan with a 697 score, you likely won’t receive the most competitive mortgage rates. Here’s a look at the average 30-year fixed mortgage APRs for a $400,000 mortgage loan across all FICO score ratings as of ​​June 4, 2024.

FICO Score	APR
760–850	6.479%
700–759	6.701%
680–699	6.878%
660–679	7.092%
640–659	7.522%
620–639	8.068%

Can I Get a Personal Loan With a 697 Credit Score?

Whether you’re looking for a personal loan to cover a large expense, such as a vacation, wedding, home upgrade/repair, or specifically a personal loan that can be used as credit card consolidation loan, a 697 credit score can help you qualify. You likely won’t be able to get the best personal loan rates and terms on the market, though. To qualify for a lender’s lowest rates and highest loan amounts, you typically need a credit score of at least 800.

To put this into perspective, the average personal loan rate for borrowers with good credit (690-719) is 14.87%. For borrowers with excellent credit (720-850), the average APR for a personal loan is 12.37%.

The interest rate you’ll pay for a personal loan doesn’t rest solely on your credit score, however. Lenders will typically also look at your income, employment history, and debt-to-income ratio (DTI). Since most personal loans are unsecured, you don’t need any collateral (like a car or a home) for approval.

Takeaway

A 697 credit score is a good credit score. It’s higher than the minimum score many lenders require for different types of lending products, including credit cards, auto loans, mortgages, and personal loans.

That said, there’s still room for improvement, since a 697 score is right in the middle of FICO’s credit tiers, below “very good” and “exceptional” credit. Building your credit — by making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to access lending products with lower rates in the future.

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.

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