By CreditNinja Reviewed by Matt Mayerle
Published on March 26, 2024

A 620 credit score is considered a fair score. And it’s in the higher range of fair credit, which is a great thing. It means that you don’t have to go too far to get good credit! 

A 620 credit score falls within the fair range. And so, although this isn’t a good or great score, it also isn’t the worst! With the right financial moves, you can see your credit score rise; continue reading for more insight into this credit score range.

Key Takeaways for a 620 Credit Score

Overview of Your
Credit Rating

A 620 score is considered a fair credit score. There is room for improvment with this credit rating.

Borrowing Options With a
620 Credit Score

You’ll likely have access to several loan options, both secured loans and unsecured loans, which can be helpful!

Improving a 620
Credit/FICO Score

When your credit scores are fair, there are ways to go about improvement. The best strategy depends on your credit history.

Is a 620 Credit Score Good?

A 620 credit score is considered a fair credit score. And it’s in the higher range of fair credit, which is a great thing. It means that you don’t have to go too far to get a good credit score!

What Can You Get Approved for With a 620 Credit Score?

There are going to be a handful of loan and credit card options that you can look into when you have a 620 credit score. Here are some options to choose from:

Personal Loans

With a 620 credit score, personal loans from various sources may be available to you. Most personal loans are unsecured loans, so eligibility will depend mainly on the borrower’s finances, including their credit scores, income, and ability to repay the loan. 

There are several personal loan options available from all kinds of lenders; some of them even cater to specific credit score ranges, including fair scores. Understanding the monthly payment obligations for different personal loan options is crucial for budgeting and ensuring that the loan aligns with your financial capabilities!

Bank Loans

Bank loans are exactly what they sound like—loans that come from banks. Some banks may have minimum credit score requirements for some of their loans. However, with a fair credit score, you may have access to some of their options. 

The unique thing about going to a bank for a loan is that they may have several options to choose from. Another unique feature is that if you are an existing customer, you may have access to personalized offers. Additionally, they may not focus so heavily on your credit score (as they may have a clear picture of what your finances look like if you have a checking or savings account with them). 

Here are some loan options that many banks offer:

  • Personal loans 
  • Student loans
  • Mortgages 
  • Credit cards
  • Auto loans

Credit Cards

Most people have credit cards, and they are some of the most popular borrowing options out there. Credit cards are available for a wide range of credit scores; in some cases, bad credit can be okay, too. For those with a 620 credit score, they can turn to credit cards for fair credit borrowers. Keep in mind that interest rates will likely be higher than for borrowers who have good or excellent credit scores, and your credit limits may be lower. 

Car Loans

Car loans or auto loans help people purchase a vehicle without needing to have all the funds upfront. This can be extremely helpful for many individuals, so it shouldn’t be too surprising to know that over 100 million Americans have a car loan.¹ Auto loans are a little different than a standard loan, as you can provide a down payment to increase your chances of loan approval. There are auto loans for almost every credit score range, from excellent to poor; it’s all about finding a lender that is willing to work with your specific financial situation and provide flexibility. 

Here are some auto loans for fair credit:

  • AUTOPAY Loans
  • LightStream Auto Loans
  • First Tech FCU 
  • CarMax Loans
  • OpenRoad Lending
  • Carvana Auto Loans

Products To Help Improve a 620 Credit Score

There are several products that are made to help improve credit; here are some of the products you can look into when trying to get from a fair credit range up to a good or excellent credit score range. 

Automatic Payments

Payment history is the most significant factor that impacts credit scores, so it is extremely important to make payments on time to improve your credit. Automatic payments are a great tool that can help you get started! By setting up these payments before your due dates, you can ensure that you have a positive payment history without having to do the work of remembering when your bills are due. Just make sure that you have enough money in your account to have those payments go through! 

Debt Repayment Tools 

There are all kinds of debt repayment tools out there, things as simple as debt strategies you can tackle on your own, such as the avalanche or snowball method. Or things that are a little more involved, such as a debt consolidation loan or a balance transfer credit card. 

Below, we’ve provided some balance transfer credit card options (we’ll leave out debt consolidation loans because they are fairly easy to find on your own):

  • Discover it® Student Cash Back
  • Capital One Platinum Credit Card
  • Discover it® Secured Credit Card
  • Discover it® Student Chrome

The strategies mentioned above can help you make a real dent in your debt, which can really help your credit and overall finances. 

Credit Monitoring Services

Credit monitoring services can check your credit report for you and let you know about mistakes and inaccuracies. They will also notify you of any new credit activity that occurs on each credit report, things like new credit accounts being opened under your name, new credit inquiries, changes in your credit balances, and more. 


Credit monitoring services can be extremely helpful when trying to improve your credit because they can keep you on top of your credit history. Additionally, your credit report is usually the first place that things like fraud and identity show up. Hence, it’s important to check your credit reports often—something that a credit monitoring service essentially does for you. 

Financial Counselors or Advisors 

Financial counselors or advisors can help you figure out your finances. Whether you want to focus on improving your credit score/FICO score, paying off debt, investing, or really anything else with your money, counselors or advisors can help. It is vital to do research before choosing a company or individual to work with.

Benefits of Improving Your 620 Credit Score

Although a 620 credit score isn’t the worst, it also isn’t good or great. Improving your score can go a long way in and out of the finances. Here are some benefits that could come from improving your fair score. 

Lower Cost of Borrowing 

When you have a higher credit score, in the good or excellent range, your cost of borrowing goes down. This is for loans all across the board; whether it is mortgages, installment loans, secured or unsecured credit cards, etc., they will all cost less when you improve your credit.

An Easier Time Renting or Buying a Home

You may not think of the impact that your credit may have on your ability to rent or buy a home, but it can have a huge impact! When renting a place, many landlords have a minimum credit score requirement, which, in some cases, a score of 620 may not be enough. While mortgage lenders may be more flexible with eligibility for fair credit, you will likely get much higher interest rates. 

More Loan Options and Lenders to Choose From

Improving your score and overall credit history will mean that you’ll have more choices with loans and lenders. This can be a great benefit, as you’ll be able to find financing options that are the best match for you. 

How To Improve Your 620 Credit Score

There are several ways to improve your credit score; the best strategy for your FICO score will depend on your specific situation and credit reports. 

Speaking of credit reports, before starting on a plan to improve your credit score, it will be constructive to pull your credit from all three national credit bureaus. Once you know what your credit reports have on them, it will give you a better idea of what strategy to implement first and what would be the most effective. To do this, though, you’ll also have to understand how credit score works. You can learn this on your own through things like online blogs such as ours or speak to a professional. 

With that being said, here are some strategies that can work well for a fair credit score.

Paying Your Bills On Time

Timely payments can be a relatively easy way to help improve a 620 credit score. We talked about how automation can be helpful earlier, and that is definitely one way to ensure that your bills are paid on time, but not the only way! 

It’s essential to find something that works best for you! Whether that is a calendar, reminders on your phone, or simply having another person in the household take care of those payments for you. Whatever you decide, it’s essential that you keep on top of monthly payment obligations for every credit account when trying to improve!

Keep Your Credit Utilization Rate Low 

Your credit utilization rate measures the amount of debt you have against the amount of available credit you have. If that rate goes over around 30%, then it can negatively impact your credit scores. You can keep your credit utilization rate low by keeping your debt low while also focusing on higher credit limit potentials with your existing or new credit accounts (if you know you can handle that responsibly). 

Pay Off Debt 

Another thing that you can focus on when trying to improve your credit is paying off debt. Debt directly impacts your credit utilization, and it can also affect other aspects of your finances, such as your credit mix and your ability to make on-time payments. Keeping debt low also makes financial sense and can help you save money. 

Keep Paid-off Accounts Open

Keeping paid-off accounts open may not help improve your credit, but it will prevent damaging your credit—which is just as important! When you close revolving credit accounts, it can bring up your credit utilization, which can hurt your credit score! 

FAQs About 620 Credit Scores

A FICO score, developed by the Fair Isaac Corporation, is one of the most commonly used credit scores by lenders. Unlike scores directly from credit bureaus (Equifax, Experian, TransUnion), which may have different scoring models, the FICO score uses a specific formula that considers payment history, credit utilization, and other factors to assess creditworthiness.



Improving your payment history boosts your credit score, making you more attractive to lenders for a personal loan. Timely payments show financial responsibility, leading to better loan terms, such as lower interest rates. Since payment history is a major component of your credit score, it’s crucial for achieving a good credit score.

Monitoring your credit limit usage is important because it affects your credit score. Keeping your credit utilization low, ideally below 30%, signals responsible credit use to credit bureaus, positively impacting your score. This is vital for maintaining or reaching a good credit score, as it reflects your ability to manage credit effectively.

What Interest Rate Can I Get With a 620 Credit Score?

Interest is determined by several different factors, such as the lender, the loan type, and the borrower’s finances. And so, it will be tough to provide a specific amount of interest for a 620 credit score range. 

 

However, in general, when you have a fair score, credit score ranges will be in the middle range, so not in the highest range but not in the lowest range either. 

Can I Buy a House With a 620 Credit Score?

Mortgage lenders vary quite a bit; one mortgage lender may be more flexible with credit, while another may only work with borrowers who have good or excellent credit. It’s also important to know there are different mortgage types, some more flexible than others. 

 

The bottom line is that when it comes to credit approval for a mortgage, whether or not a 620 credit score will suffice will depend on the lender and the mortgage type. 

 

Most of us know about a conventional loan—the standard mortgage type, but did you know there are several other kinds of mortgages? Here are other mortgage types and how they work:

 

Loan Type

Backed By

Eligibility

Key Features

FHA Loan

Federal Housing Administration

General borrowers

Lower down payment and FICO score requirements

VA Loan

U.S. Department of Veterans Affairs

Veterans, active-duty service members, some surviving spouses

Competitive rates, often no down payment or PMI required

USDA Loan

United States Department of Agriculture

Rural homebuyers with specific income requirements

Aims to aid rural homebuyers, often requires no down payment



While FHA, VA, and USDA loans offer flexible terms for those with fair scores, obtaining conventional loans might require a higher score but could offer more diverse terms and potentially lower interest rates for those who qualify.

Top 5 Resources for a 620 Credit Score

Related Credit Scores

595  600  605  610  615  625  630  639  640  642  

References:

  1. Why Americans are struggling with car loans | CNBC
  2. Best Auto Loans | Investopedia
  3. Balance Transfer Cards for Bad or Fair Credit | Lending Tree