By CreditNinja
Modified on June 20, 2024

A 640 score falls within the 580 to 669 range of FICO Scores, which means this score is fair.

Some lenders may consider a 640 score risky, as it is a subprime score. But that being said, you may still qualify for different types of financial products when you need financial assistance.  

According to Experian, the average credit score in 2023 was 715.¹ If a consumer has a 640 score, they only need 75 more points to reach the national average. Time Magazine reports that most consumers working on building credit can see a monthly increase of up to 10 points.²

Key Takeaways for a 640 Credit Score

Overview of Your
Credit Rating

A 640 credit score is fair. Fair credit indicates that a borrower is a moderate credit risk. While you still have a good chance of getting approved for financial products, your rates and terms will be dissatisfactory. Look for lenders that offer pre-approval estimates to compare your options.

Borrowing Options With a 640 Credit Score

Subprime borrowers may still be eligible for all types of installment loans, such as personal loans and auto loans. However, since a 640 score is on the lower end, borrowers may benefit from bad credit loans that have lower minimum credit score requirements.

Improving a 640 Credit/FICO Score

Fair credit borrowers can improve their credit scores by avoiding missed or late payments, asking for credit limit increases, and reducing their outstanding debt. Remember that improving your credit will take time, but consistent effort will provide desirable results.

Is a 640 Credit Score Good?

A 640 score falls within the middle range of bad and good credit scores. A fair credit score is a good stepping stone, which means borrowers can work on improving their credit and still have financial opportunities open to them.

What Can I Get Approved For?


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


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

A credit score of 640 puts you in a good position to qualify for all types of loans. When you need emergency financial relief, rest easy knowing you may be able to find plenty of loan options open to you. 

Personal Loans

A personal loan is a versatile loan option that borrowers can use for a wide variety of expenses. Since personal loans are designed to cover various costs, the loan amounts generally range from a few hundred to several thousand dollars. 

The eligibility requirements for personal loans vary by lender. One lender may have a high minimum credit score requirement, while another may not. If you have fair credit, look for a lender that offers flexible qualification requirements. There are legitimate online lenders that work with almost any credit score range. 

Bank Loans 

Banks offer all types of loans, most commonly personal loans. While banks can provide decent interest rates and high loan amounts, the approval requirements can be strict. Borrowers are generally expected to have good credit for approval. However, you may be able to get a preapproval decision from a bank before submitting a loan application. Just remember that the approval process for a bank loan can take longer, so you may not be able to get instant emergency cash. 

Subprime Credit Cards 

A subprime credit card is a card meant for borrowers who do not have good credit. These credit cards usually have higher interest rates and lower credit limits. However, credit cards can be beneficial as they allow you to borrow money, repay it, and then borrow again. 

Just ensure that you are capable of repaying the balance in full each month. If your unpaid balance is rolled over to the next month’s billing cycle, you can end up paying a significant amount in interest fees. If you are close to reaching your credit limit, your credit score can decrease due to a high credit utilization rate. 

These are some of the best credit cards for a fair FICO score:

  • Capital One QuicksilverOne Cash Rewards Credit Card
  • Credit One Bank® Platinum Visa® for Rebuilding Credit
  • Secured Chime Credit Builder Visa® Credit Card
  • Mission Lane Cash Back Visa® Credit Card
  • Fortiva® Mastercard® Credit Card

Auto Loans 

You may be able to qualify for an auto loan with a fair credit history. Auto loans allow borrowers to buy new or used cars, so the loan amounts can be pretty high. But if your credit score is on the lower end, you may get higher interest rates unless you can provide a substantial down payment right away. 

Many dealerships offer low or no-down-payment auto finance options, which is attractive to car buyers. But keep in mind that the rates attached to these offers are generally higher. And if you provide a small down payment or no down payment at all, you will end up paying more interest fees throughout the repayment process. 

Products To Help Improve a 640 Credit Score

Consumers with fair credit scores can choose from multiple financing options when they need quick emergency cash. Take a look below to see what types of financial products you can use to maintain good credit and what type of loan terms you can expect from different loan options.    

Credit Builder Loans

A credit builder loan is a specific type of loan that can help borrowers with bad to low credit work on building a stronger credit score. A lender will set up a savings account with a preapproved lump sum. The borrower will make monthly payments until they reach the “loan amount.” Once the borrower reaches the amount in the savings account, the lender will get access to the balance. Borrowers can save money and build credit by making on-time payments that get reported to the credit bureaus. 

Budgeting Apps

A budgeting app can help borrowers better manage their finances and track their spending. By being able to see how you are spending money, you can adjust your spending habits to reach your financial goals. There are different types of budgeting apps you can try, and the best option for you depends on your financial situation and personal financial goals. 

Becoming an Authorized User

An authorized user is someone who is added to an existing credit card account. Authorized users can make purchases, although they do not have to. The financial activity of the primary borrower is reflected on the authorized user’s credit report. Simply being tied to a credit account in good standing can help the authorized user improve their creditworthiness over time. But remember that any delinquency can also affect the authorized user.   

Benefits of Improving Your 640 Credit Score

These are some of the benefits of having a 640 score:

Established Credit File

While you may have a lower credit score, you benefit from having an established credit file. A credit file helps generate a credit score, which lenders use to make loan approval decisions. Unlike a bad credit score, a fair credit score may not prevent borrowers from getting loans. However, consumers should compare loan offers to choose the best one for their unique financial situation. 

Various Loan Options

Individuals with fair credit may still get plenty of loan offers when they need financial relief. However, many lenders will offer higher rates to borrowers with fair credit scores to lower the lending risk. But you can still save money by inquiring with multiple lenders and comparing loan terms to find the most affordable offer for your needs.  

How To Improve Your 640 Credit Score

Maintaining a fair credit score is an accomplishment, but it’s still possible to get an even higher credit score. Below are some tips to help you maintain and improve your fair credit rating. 

Pay Bills on Time

A borrower’s payment history is the most important determining factor for credit scores, as it makes up 35% of a FICO score. Late payments can result in penalty fees and dips in your credit, so it’s critical to make all your monthly payments on time. A long history of timely payments can positively impact your 640 score and help you achieve good credit.  

Keep Credit Balances Low 

Your credit utilization counts for 30% of your FICO score. If you max out your credit limits, you can negatively impact your credit. To maintain and improve a fair credit score, financial experts recommend using less than 30% of your total credit limit. Suppose your line of credit is $5,000. To maintain your current credit score, avoid a balance higher than $1,500. 

Monitor Your Credit Reports 

Monitoring your credit reports from each of the major credit bureaus can help you identify and correct errors that may be affecting your credit. Credit bureaus can make mistakes, so it’s not unusual to find an incorrect balance or account status on a credit report. If you notice an error, you can dispute your credit report by contacting the credit bureau directly.  

FAQs About 640 Credit Scores

Improving your credit score is definitely possible, but it usually takes time and consistent effort. Focus on making all your debt payments on time, reducing your credit utilization, and regularly checking your credit reports. Small, steady improvements can help move your score from the 640 range to a higher credit score range.

It’s a good practice to check your credit reports at least once a year, but if you’re actively working to improve a 640 score, you might want to check them more frequently, such as every four months. This way, you can monitor changes, track your progress, and quickly address any inaccuracies or fraudulent activities.

Applying for a new credit card can temporarily lower your credit score by a few points due to the hard inquiry on your credit report. However, if used responsibly, a new credit card can eventually help improve your credit score by increasing your total available credit and, if managed well, by demonstrating a history of on-time payments and responsible credit use.

Most credit unions don’t have a minimum credit score requirement for membership. Instead, they require that you live, work, or worship in a specific area or are associated with a particular group. 

What Interest Rate Can I Get With a 640 Credit Score?

Borrowers with lower credit scores may get offered higher interest rates than borrowers who have good scores. Lenders may be cautious when extending credit to someone with fair credit because they may have an inconsistent payment history or too much outstanding credit card debt. 

However, it’s still possible to find affordable rates with fair credit scores! The key is to inquire with more than one lender and avoid accepting the first loan offer. Remember that a more extended repayment period may result in higher interest rates, so a shorter repayment schedule may help you save money.    

Can I Buy a House With a 640 Credit Score?

If you want to purchase a home, rest easy knowing that home ownership is possible with a 640 score. You may have no issues qualifying with a mortgage lender that offers conventional loans. A conventional loan is a mortgage that is not backed by a government agency, such as the Federal Housing Administration (FHA).  

However, it’s important to understand that you may have to provide a higher down payment on a conventional loan. If you cannot provide at least 20% of the home’s purchase price, then you will have to acquire private mortgage insurance (PMI). PMI is a type of mortgage insurance that protects the lender against default

To better understand what loans and credit products you can get with fair credit, check out this helpful guide:

Borrowing Aspect

Expectation for a 640 Score

Approval Likelihood


Annual Percentage Rate (APR)

Generally higher than for those with scores above 650

Loan Options

Secured Loans (e.g., Mortgages, Car Loans), Personal Loans, Bad Credit Loans, Subprime Credit Cards

Loan Terms

Varies, often with less favorable conditions compared to higher credit scores

Credit Limits

Moderate to Low, depending on lender’s policy and risk assessment

Interest Rates

Higher compared to those with good to excellent credit

Fees and Penalties

Potentially higher fees and penalties, including origination fees and late payment fees

Mortgage Options

Possible, but with higher rates and possibly higher down payments or PMI requirements

Auto Loan Conditions

Approval likely, but with higher rates and possibly larger down payments

Credit Card Offers

More limited, often with higher APRs, lower credit limits, and fewer rewards/features

Disclaimer: This table reflects the general lending environment for individuals with a credit score around 640. It’s important to note that specific terms can vary by lender and current economic conditions.

Top 5 Resources for a 640 Credit Score

Related Credit Scores

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