690 credit score: A guide to credit scores

Quick insights

• A 690 credit score is considered to be “good” for both main credit scoring models.
• You may be limited with some of your financial options, but you can still find ways to potentially maximize your opportunities.
• You can improve your score over time to help you potentially access more options, lower rates and a wider range of credit cards.

Whether you’re wondering what credit score you need for a credit card, mortgage or other financial decision, understanding your score is helpful. In this article, we’ll review what a 690 credit score means for you and your financial development.

Understanding a 690 credit score

To help you understand what a 690 credit score means, let’s break down the credit score ranges used by both the VantageScore^® and FICO^® scoring models.

VantageScore credit score ranges are:

• Excellent: 781 to 850
• Good: 661 to 780
• Fair: 601 to 660
• Poor: 500 to 600
• Very Poor: 300 to 499

FICO credit score ranges are:

• Exceptional: 800+
• Very Good: 740 to 799
• Good: 670 to 739
• Fair: 580 to 669
• Poor: 579 and below

As you can see, 690 equates to a good credit score for both scoring models. This means you may have more access to financial opportunities than those in the fair or poor credit score ranges.

At the same time, with a 690 credit score, you may face challenges in obtaining certain types of credit or loans. You might be offered higher interest rates and potentially lower credit limits compared to those with higher credit scores. However, you can still make financial choices that are right for you with this score.

How a 690 credit score can affect loan and credit card applications

Even though a 690 credit score may result in more limited options for loans and credit cards, you may still be able to take out loans or apply for credit cards. Some lenders may require additional documentation or collateral, while others may offer higher interest rates or require a co-signer. There are other factors apart from your credit score that are also taken into account.

Interest rates and terms associated with your credit score can vary depending on the lender and the specific loan or credit card.

Buying a car with a 690 credit score

Getting a car may be possible with a 690 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.

Every applicant should take note that while important, your credit score is just one of several factors lenders take into account when approving a loan.

Purchasing a home with a 690 credit score

Interested in purchasing a house? Buying a home with a 690 credit score may be possible, though 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. In general, some lenders may require higher interest rates, have stricter loan terms or charge higher interest rates they may consider in the "good" range.

Managing credit with a 690 credit score

A 690 credit score is a good start to your financial journey. You have a stable foundation from which you can continue to improve. But to scale to the next highest credit score category, you may want to solidify a few credit behaviors to help protect your current score. These include, but are not limited to:

• Paying bills on time. Missing just one payment can create a setback in your credit score.
• Create and stick to a budget. This is important no matter what your credit score is, but can be especially helpful if you want to continue to improve your credit utilization ratio, for example.
• Protect your information. Shred documents containing sensitive information like your Social Security number (SSN) and only use secure websites using protected Wi-Fi when making online purchases. Proactively protecting your information can help protect you from potential fraud, which can negatively impact your score.

How to help improve a 690 credit score

There are several ways to improve your credit score. If you’re looking to take your 690 score to the next level, consider taking these additional steps to get you started:

• Lower your credit utilization ratio. This ratio is the amount of credit you use against your total available credit. For example, if you use $5,000 of your $10,000 available credit, your ratio would be 50%. Ideally you want this ratio to be 30% or lower to improve your credit score.
• Monitor your credit report. Keeping an eye on your accounts can be essential to maintaining and improving your credit score. If you notice an inaccuracy, dispute the error with the credit bureau(s) to correct the information and protect your score.
• Consider enrolling in Chase Credit Journey^®. This is a free online tool anyone can use, including those who are non-Chase cardmembers. Consider utilizing the credit score improvement feature powered by Experian™. This will give you a personalized action plan based on your credit behavior and your goal to guide you through the process of improving your score over time.

In conclusion

The good news is that a 690 credit score can be a solid starting point on your financial journey. It can get you access to loans and credit cards, which, when managed wisely, can help you increase your creditworthiness over time. Raising your credit score and improving your overall financial wellness is not something that occurs automatically; however, with patience, consistency and diligence, you can see your score improve over time.