683 credit score: A guide to credit scores
Quick insights
- A 683 credit score is considered to be “good” by the two main credit scoring models.
- With a 683 credit score, you may have more access to financial opportunities than someone with a poor credit score.
- If you want to broaden your financial future, consider working towards improving your 683 credit score to the next-highest credit score category.
Credit scores represent your creditworthiness, which is used by lenders to help determine your risk as a candidate borrowing money. This number — whatever yours is — is important because it can impact your ability to access credit, such as loans, credit cards and mortgages, and can impact the terms and interest rates offered. If you have a 683 credit score, you might be wondering what your options are. Let’s find out below.
Understanding a 683 credit score
Credit scores are grouped into different categories based on their ranges within the main credit scoring models used — the VantageScore® and the FICO® score models. To help you see where a 683 credit score falls, we will list out the ranges for both models below.
As of May 2024, VantageScore® ranges are:
- Excellent: 781 to 850
- Good: 661 to 780
- Fair: 601 to 660
- Poor: 500 to 600
- Very Poor: 300 to 499
As of May 2024, FICO® score ranges are:
- Exceptional: 800+
- Very Good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 579 and below
A 683 credit score is generally considered to be within the middle of the good range by both scoring models. A good credit score can increase your odds of having opportunities that a poor credit score may not (more on this later). However, a 687 score is not considered excellent — and a higher number could lead to more financial opportunities.
Factors that can contribute to a 683 credit score
There are several factors that contribute to a credit score, including payment history, credit utilization, length of credit history, types of credit used and recent credit inquiries.
A 683 credit score is generated by these factors. For example, you may have built up a robust payment history, but your credit utilization ratio (the amount of credit you use against your total available credit) might be higher than 30%. Or, you may be a responsible credit user, but have limited credit history. The story behind this number is unique to each individual.
With a 683 credit score, individuals will likely still have access to loans and other credit options, but they may face higher interest rates or more limited options compared to those with higher credit scores. That’s why it is helpful to work on your credit score to help increase your chances of obtaining better financial opportunities.
Buying a house with a 683 credit score
Buying a home with a 683 credit score may be possible, but it may be more challenging than if you had an excellent credit score. Some lenders may require a larger down payment, charge higher interest rates or have stricter loan terms.
Whatever you decide, carefully review and compare different lenders and loan options to find your best fit for your specific circumstances. While important, credit scores are just one of several factors lenders use when approving home loans.
Getting a car with a 683 credit score
Buying a car may be possible with a 683 credit score, but different dealerships and lenders may use different credit scoring models and different scales to make their own loan decisions, which could impact your loan terms and approval odds. Even with a “good” credit score, you may be declined, subject to higher interest rates or need to provide a larger down payment than if you had a higher credit score. To help improve your chances for approval, it is usually beneficial to add a co-signer to the loan — if the lender allows — to share financial responsibility. All applicants should take note that while important, your credit score is just one of several factors lenders take into account when approving a loan.
Helping improve a 683 credit score
While a 683 credit score can help you obtain lines of credit, a higher credit score could help you achieve more favorable terms and lower interest rates. Below are a few steps you can take towards helping improve a 683 credit score and scale to the next-highest credit score category.
- Lower your credit utilization ratio. To improve the credit utilization ratio, aim to keep credit card balances low and strive to keep this ratio to about 30% or less.
- Diversify your credit mix. Where possible, choose to apply for a different type of credit to help diversify your credit mix and demonstrate your ability to manage multiple lines of credit. Note that applying for your next line of credit will result in the lender running a hard credit check, which may temporarily decrease your score by a few points.
- Monitor your credit report. Be sure to review your credit report to catch any inaccuracies or signs of potential fraud, and report these to the credit bureau(s).
- Continue to make payments on time. You could hinder your ability to improve your score by making just one late payment, so continue to build on your payment history by making credit card balances and loan installments on time and in full to impact your score in a more positive way.
- Consider enrolling in Chase Credit Journey®. This free online tool anyone can use lets you view your free credit score and credit report provided by Experian™. You may also consider using the credit score improvement feature, where you receive a personalized action plan from Experian to assist you with achieving your credit score goals.
In conclusion
The time it takes to improve a credit score can vary depending on individual circumstances and the specific actions taken. Your 683 credit score tells a story, with a variety of paths and choices that led you to this number. The same goes for improving your credit score; no matter what, it will take time and patience as well as consistency and healthy financial habits to level up to the next-highest credit score category.
