What Can You Get Approved For With a 660 Credit Score?

With a 660 credit score, you can likely get approved for an unsecured credit card, a personal loan, an auto loan, or a mortgage. That includes an FHA loan with 3.5% down. You won't get the lowest rates yet, because your score sets your price. At 660, you're 1 point below Experian's prime auto tier and 10 points below good credit.

Is 660 a good credit score?

Almost. FICO's fair range runs from 580 to 669, so 660 sits near the top of it. Good credit starts at 670.

A score this close to good usually means one or two of these factors are holding it back:

• High card balances. Using a large share of your available credit lowers your score. Unlike a late payment, this changes as soon as your balances come down.
• An older late payment. A payment 30 days or more late stays on your report for seven years. Its effect on your score shrinks as it ages, especially when newer on-time payments build behind it.
• A short or thin credit history. A thin credit file, meaning a report with only a few accounts or accounts that haven't been open long, gives scoring models less to go on.

Most lenders will work with a 660 score. What changes is the terms, including higher rates, lower limits, and, in some states, higher car insurance premiums than borrowers with good credit get.

Read more >> What Can You Get Approved For With a 665 Credit Score?

What can you get approved for with a 660 credit score?

At 660, most lenders will approve you for a range of financial products. The price depends on the tier you land in.

Credit cards

Unsecured cards are realistic with a 660 credit score. Some rewards cards with cash back or points, and some 0% introductory APR cards, may approve you, though 0% offers usually target good credit. Expect a modest limit and a higher APR than cards for good credit.

Before applying, check whether the issuer offers prequalification, which uses a soft credit check that doesn't harm your credit. If you're turned down, a secured credit card is a reliable fallback. You put down a refundable deposit that usually becomes your credit limit.

Personal loans

A personal loan is realistic at 660, though you may not get a lender's lowest advertised rate. Your rate also depends on your income, your debt-to-income ratio (DTI), and the loan term. Include credit unions when comparing lenders: Federal credit unions can't charge more than 18% on most loans.

Online lenders and banks are another option. Compare offers using prequalification, so only the lender you choose runs a hard credit check.

Auto loans

Approval for a car loan at 660 is usually straightforward, because the loan is secured by the vehicle you're buying. If you stop paying, the lender can take it back and sell it. That lowers the lender's risk, but it also means falling behind puts your car at risk.

A 660 score falls at the very top of Experian's near prime tier (601 to 660). Your credit score plays a major role in the interest rate you're offered on a car loan. On a $20,000, 60-month new car loan at average rates, a near prime borrower would pay about $3,000 more in interest than a super prime borrower, and about $2,000 more than a prime borrower. Prime starts at 661, 1 point above your score. Experian sorts these tiers by VantageScore 4.0, so your FICO score may place you a little differently.

Manufacturer promotions like 0% financing usually require higher scores, so ask the dealer what score a promotion needs before you count on it.

Use an auto loan calculator to check payment amounts before you sign.

Mortgages

With a 660 credit score, most mortgage types are within reach, with costs depending on the type:

• Conventional loans. Fannie Mae no longer sets a minimum score for loans run through its automated system, but lenders still set their own minimums. Fannie Mae does charge lenders an upfront fee on the loans it buys, based on your score and down payment. With 20% down, the fee for scores of 660 to 679 is 1.875% of the loan amount, compared with 0.375% at 780 or higher. On a $200,000 loan, that's $3,750 versus $750, paid through a higher rate or more cash at closing. Because 660 is the lowest score in that band, a small drop would put you in a higher-fee band.
• FHA loans. Borrowers with scores of 580 or higher can qualify with 3.5% down. On a $250,000 home, that's $8,750 up front. Each lender can set higher minimums.
• USDA loans. These are for homes in eligible rural and suburban areas with income limits. USDA doesn't set a minimum score, but lenders typically look for 620 to 640. At 660, you're above that range, though each lender sets its own minimum.

A lender can show you an FHA and a conventional quote side by side. The cheaper choice depends on your down payment. Our mortgage calculator can help you compare the monthly payments.

What interest rates can you expect with a 660 credit score?

Expect rates a little above what borrowers with good credit get. The Federal Reserve's averages across all borrowers were 22.15% for card accounts charging interest and 11.86% for 24-month bank personal loans. At 660, your offers may land near those averages or a bit above them.

The rate applies to the whole balance, so a few percentage points add up. If you can wait to borrow, 1 more point on your score would put you in Experian's prime auto tier, and 10 would move you into good credit.

5 ways to raise a 660 credit score

1. Check your credit reports for errors. You can get all three for free every week at AnnualCreditReport.com. If something is wrong, like an account that isn't yours or a late payment you made on time, dispute it with the bureau. Disputing is free.
2. Bring down card balances before your statement closes. Your issuer usually reports the statement balance, so a lower balance on that date can show up in your score within a month.
3. Pay every bill on time. Payment history is the biggest factor in your score, making up 35% of a FICO Score.
4. Shop for rates within a tight window. Each hard inquiry can take a few points off for about a year. FICO counts multiple auto, mortgage, or student loan inquiries made within a period of 14 to 45 days as one, depending on the FICO version. Credit card and personal loan applications each count separately.
5. Think twice before closing a card. Accounts in good standing add to your credit history, and closing a card removes its credit limit, which can raise your utilization.

If your report is thin on accounts, adding one helps. A Kikoff Credit Account reports your payments to all three bureaus.

Read more >> How to Build Credit

Bottom line

At 660, most lenders will approve you for a range of products. What your score decides now is the price. You're 1 point below Experian's prime auto tier and 10 points from good credit in FICO's ranges, so small changes in either direction can move what you pay.

Kikoff brings credit building, bill and rent reporting, AI-powered disputes, credit monitoring, and debt negotiation into one place. Sign up with no credit check. Plans start at $5 a month.