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A 694 credit score is a fair credit score, not a good credit score. You generally need a credit score of 700 or higher to be classified as having good credit, so a credit score of 694 falls just short of that threshold.
A 694 credit score is considered good. Find out more about your credit score and learn steps you can take to improve your credit.
A 694 credit score is generally considered an average, or fair, credit score. Here’s what it means to have fair credit and how to build your scores.
Fortunately, a 694 credit score is considered “good” per FICO®, the country’s most popular scoring model. This score allows borrowers to more easily access competitive rates for credit cards, mortgages, personal loans, and auto loans.
Most lenders consider an 694 credit score to be an average credit score that shows you generally pay your bills on time. In this article, we’ll take a deeper dive into what your 694 credit score means when it comes to applying for loans, and what you can do to improve your score.
Is 694 a good credit score? The FICO score range, which ranges from 300 to 850, is widely used by lenders and financial institutions as a measure of creditworthiness. As you can see below, a 694 credit score is considered Good. For context, the average credit score in America is 718.
A 694 credit score is good, but it’s not perfect. You might wonder why it isn’t higher. Late payments or high credit utilization often play a role. To boost your score by 50-100 points, make on-time payments, keep your credit utilization below 30%, and check your credit report for errors regularly.
Those scores fall into credit score ranges that generally determine whether your score is excellent (720-850), good (690-719), fair (630-689) or poor (300-629). Typically, people with...
A good credit score is 690 to 719 on the 300-850 scale used by the main scoring companies, FICO and VantageScore. Here’s what a good score can get you.
Your score of 694 is categorized as a good credit score. This means you have established a solid credit history and displayed responsible borrowing behavior. However, there may be room for improvement to boost your score further.