Most credit bureaus will label a 695 credit score as “good” credit.
Consumers with good credit should be able to access most loan products and credit cards, although the terms and rates may not be as convenient as they would be for consumers in the very good or excellent credit score ranges.
According to most credit scoring models, credit score ranges are broken down into the following categories:
- 800-850: Excellent credit scores
- 740-799: Very good credit sores
- 670-739: Good or average credit score
- 580-669: Fair credit scores
- 300-579: Poor credit scores
Here, you’ll learn all about what it means to have a 695 credit score and what you can do to maintain and even improve this score.
Key Takeaways for a 695 Credit Score
Overview of Your
Credit Rating
695 falls right in the middle of the “good” credit range. Scores between 670 and 739 are considered “good” credit.
Borrowing Options With a
695 Credit Score
Most loan options are available, potentially with higher rates and stricter repayment terms.
Improving a 695
Credit/FICO Score
Prioritizing debt, reducing credit utilization, and avoiding new credit inquiries can help maintain and improve credit.
Is a 695 Credit Score Good?
Yes! 695 falls in the middle of the “good” credit score range. According to one of the three major credit bureaus, Experian, 67% of Americans have a FICO score in this “good” credit range or higher.1
What Can I Get Approved For?
Upgrade
4.4 Trustpilot Rating
- Rewards checking
- Personal loans
- Upgrade OneCard
- Premier savings
Upgrade is a finance company that provides affordable and responsible credit products to borrowers in need. They offer spending cards and personal loans. Loans range from $1,000 to $50,000, and personal credit line cards range from $500 to $25,000.
Min Credit Score Depends on the Product You Choose
Consumer Credit Union
4.8 Ninja Star Rating
- Personal loans & auto loans
- Mortgages
- Credit cards
- Banking solutions
Like other credit unions, Consumers Credit Union is an open-to-the-public, not-for-profit institution. This credit union offers a wide range of products and services to members—checking, savings, debit and credit cards, vehicle and consumer loans, money market accounts and certificates.
Check out Their Website for More Information on Products and Services
Creditstrong
4.0 Ninja Star Rating
- Installment or revolving credit
- Flexible pricing
- Build credit history
- Build your savings
CreditStrong offers safe and secure solutions to help borrowers build credit. CreditStrong offers two different types of accounts: installment and revolving. These accounts are a combination of a savings account and either a secured installment loan or a secured revolving line of credit.
No Minimum Credit Score Required
Personal Loans
Personal loans are a category of installment loans available to a wide variety of borrowers. While borrowers with good or bad credit can usually access personal loan products, the best rates and terms are reserved for borrowers with better scores.
Bank Loans
Consumers can also access personal installment loans via a local or chain bank. However, keep in mind that banks usually only work with borrowers with an excellent credit history. So, while you may get approval for a bank loan with a 695 credit score, you may have to deal with higher interest rates. To get a better deal, you may want to look into a credit union or another direct lender.
Credit Cards
Consumers with good credit scores can usually get approved for a decent credit limit from most credit card companies. However, to prevent yourself from accumulating too much credit card debt, be sure to pay off your credit card balance on a regular basis. Some credit card products you may consider are:
- Wells Fargo Active Cash® Card
- Bank of America® Travel Rewards credit card
- Chase Freedom Unlimited®
- Discover it® Cash Back
- Bank of America® Premium Rewards® credit card
- Blue Cash Preferred® Card from American Express
- Bank of America® Unlimited Cash Rewards credit card
- Chase Sapphire Preferred® Card
- Citi Double Cash® Card
- Capital One Venture X Rewards Credit Card
- Capital One Venture Rewards Credit Card
- The Platinum Card® from American Express
Car Loans
Auto loans are a type of funding specifically for purchasing a vehicle. While people with 695 credit scores should be able to easily get approved for an auto loan, they may not be able to get the lowest possible interest rates. Using a co-signer or submitting a larger down payment may be able to help secure lower rates.
Cash Advance Loans
In a financial emergency, you may also consider utilizing cash advance loans like payday loans. However, keep in mind that these types of loans usually always come with extremely high interest rates and very short repayment terms. In fact, the average interest rate on payday loans is a whopping 391%!2
And so, unless you can pay off your full balance within about two weeks or less, you’ll probably want to stay away from these kinds of loans.
Products to Help Maintain Your 695 Credit Score
Professional Monitoring of Your Credit Reports
In addition to checking your credit reports on your own, you may also want to enlist the help of a professional monitoring service. Services like myFICO, Credit Karma, or IdentityForce can help consumers catch errors or inconsistencies on their credit reports that may be bringing their credit score down. Credit monitoring services can even help point out suspicious activity that could be a sign of credit theft or identity fraud!
Budgeting Apps
Keeping a budget and staying on top of your bills/payments is essential if you want to maintain or improve your credit scores. Some budgeting apps you can download on your smartphone right now are:
- YNAB (You Need a Budget)
- Simplifi
- Empower
- PocketGuard
- Honeydue
- Monarch
In lieu of an app, you can also try some of these budgeting strategies on your own!
- 50/20/30: This budgeting method involves breaking up your income into three categories. 50% of your net income should go towards needs, 20% towards savings, and 30% towards your wants.
- Pay yourself first: To utilize this budgeting method, set aside a certain amount of your income for yourself or your savings. When you get paid, make this deposit first, and then take care of the rest of your bills/payments.
- Zero-based budgeting: For this budgeting strategy, you want to allocate all of your income towards some kind of bill, payment, or savings goal, leaving nothing unaccounted for.
Benefits of a 695 Credit Score
There are tons of advantages to having a good credit score. And there’s more to look forward to. As your score improves, the benefits will only get better and better! A few benefits include:
- Higher credit limits on personal loan or credit card products
- Lower interest rates and APRs on credit cards and loans
- Premium rates on insurance
- Pre-approval for many types of loans
- Quick approval for rent, leases, and other financial agreements
How to Maintain Your 695 Score
Check out the tips below that can help consumers maintain their good credit scores.
Stay Current With Payments
The most important thing you can do to maintain and improve your credit score is to keep a positive payment history. Unfortunately, late or missed payments can end up bringing down your score for up to seven years!
Check Your Credit History Often
While you can access your official credit report from each of the major credit reporting agencies at least once a year, you will also want to pull soft credit checks on your own more often. If you want to watch your credit closely, consider pulling your credit report at least once a month.
Keep Your Credit Utilization Low
Watch your spending and try to keep your credit utilization rate low, around 30% or less. You can achieve this by not spending your full credit limit on your credit cards, avoiding applications for multiple credit accounts, and keeping your existing credit accounts open.
Consider Diversifying Your Credit Mix
If you already have a good handle on your payments and spending habits, consider diversifying your credit mix. While you want to avoid unnecessary new credit accounts like quick cash loans, other types of credit, like getting a mortgage or investing, can help improve your credit scores!
FAQs About 695 Credit Scores
How does a 695 credit score impact my ability to refinance existing loans?
While you’re in the “good” credit score range, lenders may offer competitive refinancing rates, but not as low as those available to borrowers in the “very good” or “excellent” ranges. To improve your refinancing terms, consider enhancing your credit score by reducing your debt-to-income ratio, increasing your credit history length, and continuing to make timely payments.
Can a 695 credit score affect my eligibility for premium credit card rewards programs?
Yes, a 695 credit score can influence your eligibility for premium credit card rewards programs. Improving your credit score can enhance your chances of qualifying for these premium options. Focus on responsible credit use, such as paying balances in full each month and keeping your credit utilization low, to potentially move into a higher credit score category.
How does a 695 credit score impact my ability to lease a vehicle?
A 695 credit score generally places you in a favorable position to lease a vehicle, as it falls within the “good” credit category. While you’re likely to be approved for a lease, the terms, such as the amount of the down payment and the monthly payment, could be more favorable with a higher score.
What Interest Rate Can I Get With a 695 Credit Score?
When lenders set interest rates on loans and credit cards, they often refer to the borrower’s credit score and credit history. With a 695 credit score, you may not have access to the lowest rates possible, but they should be close. As you work on improving your credit to the very good or excellent range, you should be able to access lower and lower rates.
Can I Buy a House With a 695 Credit Score?
Getting a mortgage loan is no small feat. Just because you have a good credit score doesn’t mean you’ll automatically receive approval. Lenders look at many other factors when approving borrowers for mortgage financing.
Check out more information about common mortgage qualification requirements below:
| Requirement | Description | Typical Range/Standard |
|---|---|---|
| Credit Score | A numerical representation of your creditworthiness based on your credit history. | 620-760+ (varies by loan type) |
| Down Payment | The upfront payment you make on the property. | 3%-20% of the home’s purchase price |
| Debt-to-Income Ratio (DTI) | A measure of your monthly debt payments compared to your gross monthly income. | Below 36%, with no more than 28% going to the mortgage |
| Employment History | Lenders look for a stable job history, typically within the same industry. | 2+ years in the same field or job |
| Income | Your income level helps determine how much you can borrow. | Varies, must support proposed mortgage payments |
| Loan-to-Value Ratio (LTV) | The ratio of your loan amount to the value of the property. | Typically below 80% |
| Property Type | The type of property you’re buying can affect loan eligibility (e.g., single-family home, condo). | Varies by loan type |
| Mortgage Insurance | Required if your down payment is less than 20% of the home’s purchase price. | Varies, usually 0.5% to 1% of the loan amount annually |
| Cash Reserves | Some lenders require you to have a certain amount of cash on hand after closing. | Typically 2-6 months of mortgage payments |
| Documentation | Proof of income, assets, debt, and employment. | W-2 forms, pay stubs, bank statements, etc. |
Disclaimer: This table provides a general guideline. Specific requirements can vary significantly between different lenders and mortgage products (e.g., FHA loans, VA loans, conventional loans). It’s always a good idea to consult with a mortgage advisor or lender to get the most accurate and up-to-date information tailored to your personal situation.
