Is 698 a good credit score?

If your credit score is 698, your chances of being approved for a mortgage are fair but not guaranteed. This score is positioned on the cusp between "fair" and "good" according to credit score evaluation. Lenders may see you as less risky compared to someone with a lower score, but this doesn’t guarantee approval.

Mortgage approval isn't solely dependent on credit scores. Lenders consider several factors, such as debt-to-income ratio and employment history. If your other lending factors are solid, you stand a decent chance of approval. However, keep in mind that while you may be approved, your terms or interest rates might not be as favorable as those with higher scores.

Now might be a favorable time to review your credit report. Identify and address any outstanding issues such as late payments or high credit utilization, as these can significantly impact your scores. By improving these areas, you'll also improve your chances of getting better terms on your mortgage.

With a credit score of 698, there's a good chance you'll be approved for a credit card. This score reflects a history of fairly responsible credit management. It's vital to face this reality with a grounded mindset, remembering that having a good credit score is a vital part of achieving financial stability.

With a score like yours, consider a variety of credit card types. Starter cards could be a good option for you: they often come with lower interest rates and fewer penalties, making them a less risky choice. Secured cards might also be a fit, as these cards require a deposit that then becomes your credit limit. Finally, if you travel frequently, you may be eligible for some premium travel cards. While these cards often have higher interest rates, they also offer perks like travel points and hotel benefits. Becoming aware of your options is an important step in your financial journey. Regardless, remember that while a credit score is an important factor, lenders also consider other aspects before granting approval.

With a credit score of 698, you stand a fair chance of qualifying for a personal loan. It's clear that you have demonstrated a reasonable level of financial responsibility. However, it's crucial to remember that every lender has different requirements, and your score doesn't guarantee approval.

In the loan application process, your credit score may affect the interest rate you are offered. Lenders view a higher credit score as an indicator of less risk, which can translate to lower interest rates. Therefore, while your score of 698 may get you through the door, bear in mind that it could impact the terms of your loan, including how much you are able to borrow and at what rate. It is also possible you might not receive the absolute best interest rates on the market, as these are often reserved for borrowers with extremely high credit scores.

If your credit score is 698, chances are high that you'll be approved for a car loan. This score falls within the fair to good range, making it more attractive to lenders. When lending institutions evaluate your credit situation, this score generally indicates a lower risk, as it reflects a history of mostly on-time payments and responsible credit usage. However, it's important to bear in mind lenders do not only consider your credit score, but also your monthly income and the amount you wish to borrow.

Being on good standing with your credit, you may experience a smoother ride while navigating the car purchasing process. For instance, this can mean you are likely to be offered relatively lower interest rates compared to those with lower scores. However, it's essential to shop around and compare car loan terms for the best deal. Remember, a lower interest rate equates to lesser repayment amounts over the loan term, so it's in your best interest to get the most favorable deal out there.

With a credit score of 698, you're not too far from the threshold of very good credit, which begins at 740. Below, we discuss the major factors you should consider in improving your score from good to very good.

On-Time Payments

Punctual payments are fundamental to a strong credit score, so it's critical to make payments on time. Any delayed payments could have pulled down your score slightly.

How to Check: Look at your credit report for any late or missed payments and make a note of how recent they are since their impact declines over time.

Credit Card Balances (Utilization)

Your credit utilization, the amount of your available credit you're using, could be too high. Lower utilization is generally better for your score.

How to Check: Review your credit card statements. If your balances are higher than 30% of your limits, this could be having a negative impact.

Length of Credit History

If you're relatively new to credit or recently opened a new account, it can lower your score temporarily.

How to Check: Assess the age of your oldest and newest accounts in your credit report. If your credit history is short or you have a new account, it may account for your current score.

Mix of Credit Types

A diverse mix of credit accounts - credit cards, retail accounts, installment loans - reflects positively on your score.

How to Check: Take a look at your mix of credit accounts on your report. A lack of variety could be holding your score back slightly.