How good is a 640 credit score?
According to FICO, the average credit score in April 2016 was 699, so a FICO score of 640 is below average.
Generally, “fair” credit scores range from 620 to 679.
Applicants with a score below 620 are considered high-risk, and will have trouble qualifying for a home loan.
What is a credit score of 640 considered?
640 Credit Score: Is it Good or Bad? Your score falls within the range of scores, from 580 to 669, considered Fair. A 640 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Can you buy a house with a 640 credit score?
Credit scores and mortgage loans: If your score is below 620 to 640: An FHA (Federal Housing Administration) home loan is your best option because most lenders won’t approve a conventional loan for borrowers with a credit score below 640. However, your mortgage insurance is likely to be higher with an FHA loan.
Is a credit score of 644 good?
A 644 credit score is not a good credit score, unfortunately. You need a score of at least 700 to have “good” credit. It’s actually in the “fair” credit tier. As a result, you should be able to get a credit card or loan with a 644 credit score.