Checking your credit score is always a smart first move when it comes to car loans. Lenders use your score to determine your loan’s APR. While it’s not the only factor, it is one of the bigger factors.
You may be able to get a car loan with a 650 credit score, but you might not like the terms and conditions of the loan if you do. Your score is considered fair, so the average interest rate you can expect to pay is 11.69% for a new car loan. That’s not great.
But you can do a few things about it, including:
- Work on your credit score
- Make a larger down payment
- Get a cosigner
Working on your credit score means your first step is to go over your credit reports and make sure they’re accurate. In today’s world of hacks and data breaches, you might find some errors in your report. If you do, work with the creditor or credit bureau to straighten things out.
Also, make sure to pay your bills on time, and don’t close any lines of credit. Any time you pay off a loan or close an account your credit score will take a temporary hit—and now’s a bad time for that.
The down payment is how much you’re able to pay toward the sticker price of the car up front. The more you can handle, the less you’ll need to borrow. This can improve your odds of qualifying for the loan and getting a better interest rate. Shoot for 20% of the sticker price if you can afford it.
If all else fails, you could get a cosigner. A cosigner is someone with better credit than you who is willing to sign onto your car loan. They will likely need to have a score of 660 or higher to improve the interest and terms of the loan for which you qualify. If you get a car loan you are unhappy with, know that you aren’t necessarily stuck with it. Upon improving your credit after several on-time loan payments, you may be able to refinance into a loan with more favorable terms.
You can do this quickly and easily with the Jerry app. Jerry removes the hassle by instantly connecting you with top companies so you can compare offers from multiple lenders to find the best option for you. On average, car owners who refinance save $85 a month on their loans.
Is a 650 credit score good? 650 credit score loans, credit cards & benefits. How to get & improve a 650 credit score.
Dec 4, 2022
650
Fair Credit
A 650 credit score is not a good credit score, unfortunately, as you need a score of at least 700 to have “good” credit. A 650 credit score is considered “fair” credit, which means you should be able to get a credit card or loan, but a little bit of credit improvement will give you many more options and help you save a lot more money.
Key Things to Know About a 650 Credit Score
Below, you can learn all about what you can and cannot do with a 650 credit score, the types of people who have 650 credit scores and the steps you can take to put more points on the board. Step one, of course, should be to check your latest credit score and get your personalized credit analysis from WalletHub.
Check Your Latest Credit Score – 100% Free
What Does a 650 Credit Score Get You?
Type of CreditDo You Qualify?Store Credit CardYESUnsecured Credit Card with No Annual FeeYESUnsecured Credit Card with RewardsYESHome LoanYESAuto LoanYESPersonal LoanMAYBE0% Intro APR Credit CardNO
Note: It may be possible to qualify for a personal loan or 0% credit card in some cases, but it will be difficult to find a good offer.
This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.
Credit Cards with a 650 Credit Score
The best type of credit card for a 650 credit score is a card with high approval odds and low fees, like a starter credit card, a store credit card, or a secured credit card. Each type of card is available to people with fair credit, and some offers have extra perks like rewards.
Popular Credit Cards for a 650 Credit Score
- No Annual Fee: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn Moreon issuer's website
- Rewards with No Fee: Petal® 2 Visa® Credit CardPetal® 2 Visa® Credit CardLearn MoreLearn Moreon issuer's website
- Cash Back: Capital One QuicksilverOne Cash Rewards Credit CardCapital One QuicksilverOne Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
- Store Rewards: Capital One Walmart Rewards® Mastercard®Capital One Walmart Rewards® Mastercard®Learn MoreLearn Moreon issuer's website
Car Loans with a 650 Credit Score
People with credit scores below 700 receive more than 40% of all auto loans. Still, it’s important to compare your auto loan options carefully if you want to get a decent APR.
Mortgages with a 650 Credit Score
Around 25% to 30% of first mortgages go to borrowers with credit score below 700, depending on the year, so you’ll be able to finance your home purchase.
Student Loans with a 650 Credit Score
Student loans are some of the easiest loans to get with a 650 credit score, seeing as more than 60% of them are given to applicants with a credit score below 700. A new degree may also make it easier to repay the loan if it leads to more income.
Note: Borrower percentages above reflect 2020 Equifax data.
How to Improve a 650 Credit Score
- Dispute Inaccurate Entries on Your Credit Report
If you can prove that negative information on your credit report is inaccurate (or the source of the information doesn’t have the necessary documentation), you can dispute the record to have it corrected or removed. - Pay Off Collections Accounts
Once you bring a collection account’s balance down to zero, it stops affecting your VantageScore 3.0 credit score. - Reduce Your Credit Utilization
It’s best to use less than 30% of the available credit on your credit card accounts each month. You can reduce your credit utilization by spending less, making bigger payments or paying multiple times per month. - Pay All Your Bills On Time
Payment history is the most important ingredient in your credit score. Paying on time every month establishes a track record of responsibility as a borrower, while a single late payment on your credit report can set back credit improvement efforts significantly.
Ultimately, there are two types of 650 credit score. On the one hand, there’s a 650 credit score on the way up, in which case 650 will be just one pit stop on your way to good credit, excellent credit and, ultimately, top WalletFitness®. On the other hand, there’s a 650 credit score going down, in which case your current score could be one of many new lows yet to come.
Everyone obviously wants his or her credit score to be on an upward trajectory. So whether you need to turn things around or increase the pace of your improvement, you’d better get to work. With that in mind, you can find personalized advice on your WalletHub credit analysis page to supplement the tips above. You can also learn more about the types of people who have a 650 score below.
Who Has a 650 Credit Score?
Percentage of Each Age Group with a 650+ Credit Score
Age Group650+ Credit Score18-2443%25-3447%35-4451%45-5458%55-6469%65+83%
Percentage of Each Income Bracket with a 650+ Credit Score
Income Bracket650+ Credit Score< $30K23%$30,000 - $49,99947%$50,000 - $74,99984%$75,000 - $99,99987%$100K+88%
Source: WalletHub data, as of 11/18/2016
As you can see, most people who are at least 35 years old have a credit score of 650 or higher. And even younger folks nearly have a majority. This just goes to show that people with 650 credit scores come in all shapes and sizes, with diverse backgrounds and differing financial obligations.
As a result, the grades for each component of your credit score, which you can find on the Credit Analysis page of your free WalletHub account, might not exactly match those of another individual with a 650 score. But the sample scorecard below will give you a pretty good idea of what a 650 score is made of.
Sample Scorecard – 650 Credit Score:
- Payment History: C = 98% on-time payments
- Credit Utilization: B = 10% - 29% utilization
- Debt Load: A = Debt-to-income ratio below 0.28
- Account Age: B = Average tradeline is 7 or 8 years old
- Account Diversity: C = 2 account types or 5 - 9 total accounts
- Hard Credit Inquiries: A = Fewer than 3 in past 24 months
- Collections Accounts & Public Records: A = 0 collections accounts and public records
These are by no means the only credit-score grades capable of producing a score of 650, nor will they necessarily result in that exact rating. However, this is representative of the type of scorecard someone with a 650 credit score can expect: plenty As and Bs, but no failing grades to be found.
Top 10 Resources for a 650 Credit Score
- What Is a Perfect Credit Score & How Do You Get One?
- Why Did My Credit Score Drop? Top 10 Causes
- Free Credit Score Simulator
- What’s Included in Your Credit Report & When Does It Get Updated?
- Why On-Time Bill Payments Are Important & How To Never Miss A Due Date
- How To Improve Your Credit Utilization
- How To Pay Off Credit Card Debt: The Best Way & Tips
- Most Common Credit Card Mistakes & Tips to Avoid Them
- Best Credit Cards to Build Credit
- Best Store Credit Cards
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Related Scores
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651 652 653 654 655 656 657
What are the best credit cards for a 650 credit score?
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Adrian Kaplan, WalletHub Credit Card Consultant
@kaplanlier11
The best credit card for a 650 credit score is the Capital One Platinum Credit Card. It has a $0 annual fee, which means you have access to the entire credit limit from the start. Capital One also reviews accounts for automatic credit limit increases, so you'll also have a chance for one if you make several payments on time. But you'll want to avoid carrying a balance from month to month. The Capital One Platinum Credit Card comes with a 28.49% (V) regular APR.
A 650 credit score is near the low end of the fair credit score range. People with fair credit typically have a tough time getting approved for cards with favorable terms and rewards. But if you don't mind paying a small annual fee, Capital One offers the Capital One QuicksilverOne Cash Rewards Credit Card. It gives 1.5% cash back on all purchases in exchange for a $39 annual fee.
Here are the best credit cards for a 650 credit score:
- Overall: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn Moreon issuer's website
- Rewards for Average Credit: Petal® 2 Visa® Credit CardPetal® 2 Visa® Credit CardLearn MoreLearn Moreon issuer's website
- Cash Back Rewards: Capital One QuicksilverOne Cash Rewards Credit CardCapital One QuicksilverOne Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
- No Credit Check: OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website
- Student Rewards: Bank of America® Unlimited Cash Rewards credit card for StudentsBank of America® Unlimited Cash Rewards credit card for StudentsLearn MoreLearn More
It's worth noting that most student credit cards are open to students with fair credit and tend to offer better rates and rewards than their general consumer counterparts. So if you're a student with a 650 credit score, you might want to take advantage of it by checking out some of the best student credit cards on the market. Store cards also tend to have more lenient approval requirements and accept applicants with fair credit. But their use will be restricted to the businesses they're affiliated with, and so would any rewards.
A credit score of 650 will put you in the running for some of the best credit cards for fair credit. As long as you keep your account in good standing by paying your bills on time and in full, you can improve your credit score and set yourself up for access to some of the best credit card deals in the future.
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What are the best personal loans for a 650 credit score?
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Rick Bormin, Personal Loans Moderator
@rhandoo2020
The best personal loans for a 650 credit score are from Prosper, Payoff and Best Egg. The minimum credit score required by these lenders is either equal to or lower than 650, which is in the fair credit range.
Most personal loans require a score of at least 660 for approval, so having a 650 credit score constrains your options. Any loans you do qualify for are likely to charge an origination fee, as well. There are still several worthwhile choices, though, and the following loans offer the most competitive rates, fees and dollar amounts for this credit score range.
Best Personal Loans for a 650 Credit Score
- Prosper: 640+ credit score needed.
- Payoff: 640+ credit score needed.
- Best Egg: 600+ credit score needed.
- FreedomPlus: 620+ credit score needed.
- Rocket Loans: 640+ credit score needed.
Keep in mind that even with a 650 credit score, you're not guaranteed to get approved for any of these loans. When making a decision on whether or not to approve you, a lender will look at your whole financial profile, including things like your income, existing debts, housing status and more.
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Can you get a personal loan with a 650 credit score?
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Rick Bormin, Personal Loans Moderator
@rhandoo2020
You can get a personal loan with a 650 credit score, which is in the fair credit range. The best lenders to get a personal loan from with a 650 credit score are Best Egg, LendingClub and Prosper because they offer the most competitive APRs and fees. You can also use WalletHub's free pre-qualification tool to get a sense of your approval odds and potential rates with multiple lenders at once. Pre-qualification will not affect your credit score.
Best Places to Get a Personal Loan With a 650 Credit Score
- Best Egg: 640 credit score required
- LendingClub: 600-640 credit score required
- Prosper: 640 credit score required
- FreedomPlus: 620 credit score required
- Payoff: 640 credit score required
Note: Scores are from the lender or multiple third-party sources.
People with a credit score of 650 have a lot more personal loan options than people with scores in the bad credit range, but they are still unlikely to qualify for a loan that doesn't charge an origination fee. In general, personal loan credit score requirements tend to range from 585 to 700+, and loans without an origination fee usually require a credit score of 660+.
Other Ways to Get a Personal Loan With a 650 Credit Score
While there are plenty of traditional lenders you can get a personal loan from with a credit score of 650, you could also consider borrowing from a friend or family member. People you have a close relationship with might give you better and more flexible terms than you would get with a traditional lender.
Another option is to get a cosigner to help you qualify for a loan that has a minimum credit requirement above 650. However, you'll need to find someone willing to guarantee that they will pay back the loan if you cannot.
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Can I get a balance transfer card with a 650 credit score?
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John S Kiernan, Managing Editor
@John
You can get a balance transfer card with a 650 credit score, but your options are limited given that 650 is in the fair credit range and almost all balance transfer cards require a good or excellent credit score to qualify. Most of the cards currently available to someone with a 650 score are from local credit unions. For example, the TDECU Classic Mastercard® offers an introductory APR of 0% for 12 months on balance transfers.
If you happen to be a student, you may also be able to qualify for the BankAmericard® Credit Card for Students with a 650 credit score. It has an introductory APR of 0% for 21 months on balance transfers.
Balance Transfer Cards for a 650 Credit Score
Credit Card
Intro APR on Balance Transfers
Regular APR
Transfer Fee
Eligibility
TDECU Classic Mastercard®
0% for 12 months
7.99% - 17.99%
$0
Credit union members – mainly open to people in certain parts of TX
Keypoint Credit Union Visa Classic Credit Card
0% for 16 months
18.99% - 20.99% (V)
2%
Credit union members – mainly open to people in certain parts of CA
BankAmericard® Credit Card for Students
0% for 21 months
14.99% - 24.99% (V)
3% (min $10)
Students
It's not a good idea to apply for a balance transfer card that requires good credit when you have a 650 credit score, as your chances of approval will be very low. Instead, it would be better to wait a few months and improve your credit until you can qualify.
It's also worth noting that most credit cards allow you to do balance transfers to them, but this is generally not worthwhile without an introductory 0% APR. However, if you have extremely high-interest debt and your new credit card's APR is significantly lower, you can still save money by doing a balance transfer. You can estimate how much you'd save with a balance transfer by using WalletHub's balance transfer calculator.
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How much can I borrow with a 650 credit score?
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Grace Enfield, Content Writer
@grace_enfield
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
The best personal loans for a 650 credit score are from Upstart because they offer $1,000 - $50,000 with APRs of 5.35% - 35.99% and repayment periods of 36 , 60 months.
Best Personal Loans for a 650 Credit Score
Lender
Loan Amounts
APRs
Credit Score Requirement
Upstart
$1,000 - $50,000
5.35% - 35.99%
None
Oportun
$300 - $12,000
36% maximum
None
OneMain Financial
$1,500 - $20,000
18% - 35.99%
None
RISE
$500 - $5,000
60% - 299%
None
Jora Credit
$500 - $4,000
185% - 350%
None
For more information, check out WalletHub's complete picks for the best personal loans for fair credit. Then, you can estimate your potential rates with our free pre-qualification tool.
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What are the best balance transfer cards for a 650 credit score?
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Maria Adams, Credit Cards Moderator
@m_adams
One of the best balance transfer cards for a 650 credit score is the Capital One QuicksilverOne Cash Rewards Credit Card. In lieu of an intro balance transfer offer, Capital One QuicksilverOne's regular APR is 28.49% (V) but there is a balance transfer fee of $0 at this Transfer APR. What's more is that this card gives unlimited 1.5% cash back across all purchases but has a $39 annual fee.
Unfortunately, major credit card companies don't offer attractive balance transfer cards to people with a 650 credit score (fair credit), with the exception of some student cards.
Best Balance Transfer Credit Cards for Fair Credit
- Cash Back Rewards: Capital One QuicksilverOne Cash Rewards Credit CardCapital One QuicksilverOne Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
- No Annual Fee: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn Moreon issuer's website
- For Students: BankAmericard® Credit Card for StudentsBankAmericard® Credit Card for StudentsLearn MoreLearn More
- For Business: Capital One Spark Classic for BusinessCapital One Spark Classic for BusinessLearn MoreLearn Moreon issuer's website
Keep in mind that the best balance transfer credit cards require at least good credit for approval. However, choosing a good card for fair credit and using it responsibly will allow you to improve your credit score and eventually qualify for one of the best balance transfer credit cards.
Ultimately, you can check out our editors' latest picks for the best credit cards for fair credit on the market to weigh your options.
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Can I get a debt consolidation loan with a 650 credit score?
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Grace Enfield, Content Writer
@grace_enfield
Yes, you can get a debt consolidation loan with a 650 credit score. You'll also need to meet the other requirements to get a debt consolidation loan, like being at least 18 years old, having enough income to afford the loan and having a bank account.
The best debt consolidation loans for a 650 credit score are from Upstart because the company does not have a credit score requirement, loan amounts of $1,000 - $50,000 and APRs typically of 5.35% - 35.99%. The company also has repayment periods of 36 , 60 months. Upstart isn't your only option, though. You can see a comparison of the best debt consolidation loans for a 650 credit score below.
Best Debt Consolidation Loans for a 650 Credit Score
Company
Credit Score Requirement
Loan Amounts
APRs
Upstart
None
$1,000 - $50,000
5.35% - 35.99%, typically
LendingPoint
620
$2,000 - $30,000
7.99% - 35.99%
Avant
640
$2,000 - $50,000
7.99% - 35.99%
Upgrade
620
$1,000 - $50,000
7.96% - 35.97%
LendingClub
600 - 640
$1,000 - $40,000
7.04% - 35.89%
To read more about the top-ranked offers, check out WalletHub's picks for the best debt consolidation loans. You can also estimate your potential rates with the free pre-qualification tool on WalletHub.
Upstart Disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.