By CreditNinja
Modified on March 18, 2024

A 645 credit score is fair, but it is below the average credit score. 

Fair FICO Scores range between 580 and 669.

Borrowers with a fair credit score generally have a moderate chance of getting approval for credit products, but may get high interest rates from lenders to mitigate risk.

Key Takeaways for a 645 Credit Score

Overview of Your
Credit Rating

645 is a fair credit score. A fair credit score falls between the "poor" and "good" credit score ratings. Fair credit indicates a borrower may have issues with their debt obligations.

Borrowing Options With a
645 Credit Score

Borrowers with a 645 credit score may qualify for different types of installment loans, such as personal loans, mortgages, and auto loans. However, the loan terms may be less-than-ideal.

Improving a 645
Credit/FICO Score

Borrowers can improve a 645 FICO score by reducing their personal debt, avoiding late payments, and using financial tools for credit rebuilding.

Is a 645 Credit Score Good?

A 645 credit score is not considered to be a good FICO or VantageScore. However, a fair credit score is still more favorable than a poor credit score. You may still meet the qualification requirements with many lenders, but you may have to pay higher interest rates. Borrowers are still encouraged to work on getting a good credit score, as higher scores can result in more financial opportunities and better loan terms.

What Can You Get Approved for With a 645 Credit Score?

Fair credit borrowers could get approval for all types of loan products. But while there are plenty of loan options to choose from, it’s still important to shop around and negotiate terms. 

Here’s a table that explains the borrowing expectations for a 645 credit score:

Borrowing Aspect

Expectation for a 645 Credit Score

Approval Likelihood

Moderate, slightly lower than a 650 score

Annual Percentage Rate (APR)

Generally Higher, often more so than for a 650 score

Loan Options

Primarily Secured Loans (e.g., Mortgages, Car Loans), Personal Loans with higher interest rates, Bad Credit Loans

Loan Terms

Varies, generally less favorable conditions than for higher scores

Credit Limits

Moderate to Low, more restrictive depending on lender’s policy

Interest Rates

Higher, more so than those with a credit score closer to 650 or above

Fees and Penalties

Potentially higher fees and penalties, reflecting increased risk

Mortgage Options

Possible, but with higher interest rates and potentially higher down payments required

Auto Loan Conditions

Approval possible, but likely at higher interest rates than those with better credit

Credit Card Offers

More limited, often with higher interest rates and lower credit limits, including secured credit card options

Personal Loans

A personal loan is an installment loan that borrowers can use for all types of emergency expenses. Personal loans are versatile, as they can range from as little as a few hundred  to several thousand dollars. 

Eligibility for a personal loan largely depends on your creditworthiness. However, some online lenders offer flexible approval requirements and work with all types of credit scores. If you have fair credit, you may get better loan offers from lenders that consider more than just your credit score for approval. 

Bank Loans

You may qualify for a traditional bank loan if you have a fair credit score and a decent credit history. But keep in mind that banks generally have strict qualification requirements. If your score is currently lower than the average credit score, you may get a small loan offer with high interest rates. 

Credit Cards

Opening a credit account is definitely possible with a 645 score, but your terms may not be ideal. Credit card interest rates tend to be quite high, and if your credit score is less than good, your rates may be excessive. To save money with unsecured credit cards, avoid carrying a balance and only use the card for purchases you can pay off right away.  

These are a few credit card options for a 645 credit score:

  • Discover it® Student Chrome
  • Chase Freedom Unlimited®
  • Wells Fargo Active Cash® Card
  • Capital One Walmart Rewards® Mastercard® 
  • Citi Double Cash® Card

Auto Loans

An auto loan is a financing option for most fair credit borrowers. Interest rates may be quite high, but you can reduce the overall cost of financing by offering a higher down payment or opting for a shorter repayment period. If you’re shopping for a new or used car, remember that you can also try negotiating a lower purchase price. 

Products To Help Improve a 645 Credit Score 

There are various products available that can help you improve your credit history. Consider using one or more of these products to quickly get a higher credit score. 

Credit Monitoring 

Monitoring your credit score is important because it keeps you updated on your financial status. But according to the New York Post, 1 in 5 Americans don’t know how to check their credit score.² 

There are various free ways to check your credit score. Borrowers can see their current score on a credit card or loan statement. You can also use a free credit score service, such as Credit Karma, to monitor your credit score changes. 

Secured Credit Cards

A secured credit card is a useful financial tool that can help you work on getting a good credit score. Borrowers provide a security deposit upfront that works as their credit limit. Over time, maintaining a positive payment history and low credit utilization rate can increase a 645 score. Once you no longer need the secured credit card, you can close the account and get the security deposit back. 

Automatic Payments

Automatic payments help borrowers avoid missed payments. By signing up for autopay, you permit the lender to automatically withdraw the monthly payment amount from your preferred payment method. Autopay is free, and most financial institutions offer payment flexibility. You could pay the minimum amount or set up a larger monthly payment to speed up the repayment process and save on interest. 

Benefits of Improving Your 645 Credit Score

Improving your credit scores can open up more financial opportunities for you and help you save money. Learn about some perks you can receive with a good credit score below:

More Financing Options

Higher credit scores can help you qualify for more financial options. You could open new credit accounts with lower rates and beneficial rewards. Credit card rewards can help you earn miles, points, or cash back from everyday purchases. And if you significantly increase your credit scores, you may have every loan option available to you.  

Higher Loan Amounts and Credit Limits

Your credit scores directly affect the loan amount or credit limit a lender offers you. Poor or fair credit scores indicate some level of financial risk to the lender. In order to minimize risk, lenders may offer borrowers with lower credit scores a smaller loan amount or credit limit. But if you have a good credit history, you could get as much as you need during an emergency. 

Lower Rates

Borrowers with higher credit scores generally get the lowest interest rates. A low-interest rate reduces the amount you pay monthly, as well as the overall cost of borrowing. Lower rates keep more money in your bank account, which gives you more income to save or invest. 

How To Improve Your 645 Credit Score

You can improve a 645 score by following these credit score tips:

Check Your Credit Reports 

Your credit reports contain crucial financial information that helps lenders make approval decisions. Credit reports are generated by the three major credit bureaus. While it’s rare, mistakes do happen, and consumers may get incorrect information on one or more credit reports. 

Monitoring your credit report can help you spot mistakes that are negatively affecting your credit. For example, a balance may be higher than it is, or a payment may be listed as late. If you spot an error on a credit report, you can dispute it with the credit bureau and have your information corrected. Removing inaccurate information may help boost your credit scores. 

Reduce Your Credit Card Debt

Too much credit card debt can decrease your credit score and result in excess interest fees. It can also increase your credit utilization rate, which is the percentage of available credit that you’re using on your credit accounts. 

Generally, it’s best to avoid using more than 30% of your total available credit. Suppose you have two credit cards with a combined $10,000 credit limit. In that case, you should avoid carrying a balance higher than $3,000. If you have a lot of personal debt, you can pay it down faster by paying more than the minimum balance every month. 

Avoid Late Payments

A late payment will result in a late payment charge. Most businesses charge a flat penalty of 1% to 1.5% of the overdue amount.2 And if a payment is more than 30 days late, it can end up on your credit report for up to seven years! Late payments on a credit report can significantly decrease your credit score and make it more challenging to increase your credit. Borrowers can improve their payment history by signing up for autopay or monthly payment reminders. 

FAQs About 645 Credit Scores

Absolutely! A 645 credit score doesn’t disqualify you from joining a credit union. However, credit unions generally have strict qualification requirements. For example, you must work in a specific field or live in a certain area.

With a 645 credit score, you’re in a fair credit range, which means many online lenders will consider you for a personal loan. Online lenders often use a variety of factors beyond credit scores to make lending decisions. However, it’s wise to compare offers to ensure you get the best rates and terms available to you.

When considering a credit builder loan, look for one with low fees and interest rates, and ensure the lender reports to all three major credit bureaus. This ensures your on-time payments help improve your credit scores across the board. Also, consider a loan amount that’s manageable for you to repay without straining your finances.

Credit bureaus typically update your credit report whenever they receive new information from creditors, which can be monthly or sometimes more frequently. With a fair credit score, keeping track of these updates is important because any positive changes, like reduced debt or on-time payments, can help improve your score.

What Interest Rate Can I Get With a 645 Credit Score?

Borrowers with fair credit can generally expect high interest rates on financial products. While many lenders are willing to work with someone who has a 645 score, they may offer higher rates to reduce the lending risk. If you need a loan, take the time to inquire with multiple lenders. Comparing your financing options can help you find the best rate on an installment loan or credit card. 

Can I Buy a House With a 645 Credit Score?

Yes, you can buy a house with a 645 score. While 645 is considered fair, many lenders that offer non-conforming loans work with borrowers in this credit range. For example, you may qualify for an FHA loan, which is designed for lower credit scores and requires a smaller down payment. However, you might still face higher interest rates and possibly stricter lending requirements with a government-backed loan. 

It’s beneficial to shop around for the best mortgage terms and consider improving your credit score before applying for a mortgage. A higher score can help you secure more favorable loan terms. 

Top 5 Resources for a 645 Credit Score

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