How Good Is a Credit Score of 630?

FT Contributor
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According to Experian, one of the credit reporting agencies recognized for its dependable credit scoring practices, your credit score of 630 officially ranks as “Fair.”

While this does mean you’ve progressed past a “Very Poor” ranking, it also means you have a ways to go before your credit can rightfully rank as “Good” (670 to 739), “Very Good” (740 to 799) or “Exceptional/Excellent” (800 to 850).

The key to understanding your credit score is understanding the factors that contribute to your overall credit ranking. Financial elements like total debt, payment history, credit type, and credit utilization go a long way toward making or breaking your credit score, and can have serious implications on how you spend your money.

Just as a positive credit score can make it easier to secure a personal or property loan, a poor credit score makes potential lenders hesitant about providing even basic loans.

If you’re interested in improving your Fair credit score, one of the first strategic moves you can make is setting up free, regular credit reporting. A free, secure credit reporting company like can help you recognize credit improvements or changes as they occur.

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Why Your Credit Score Is 630

Many factors determine what your credit score is, so it’s impossible to say exactly why your credit score is 630. However, there may be several things that are contributing to your Fair credit rating.

Too Many Hard Inquiries

Every time you are considered by a potential lender for a new loan, that lender may perform a hard inquiry — a check into your financial history to determine creditworthiness.

Whether that new line of credit is provided, the hard inquiry remains on your financial record for 365 days. While one to two hard inquiries are normal during the year, anything more can serve as a roadblock between lenders and additional loans.

Many individuals with Poor and Fair credit scores are adversely affected by the sheer volume of hard inquiries counting against their credit scores.

Spotty Payment History

In the equation to determine your credit score, payment history accounts for 35% of your end rating. That’s why it’s critical that you work hard to make complete, on-time repayments to your balances.

Even a few incomplete, late or entirely missing credit payments can lower your credit score, and make it more difficult to establish a positive credit track record in the months to come.

Establishing strict spending habits is one of the best strategies if you’re looking to optimize your credit payments moving forward. No matter your total monthly income, you can reduce overall debt and improve your credit utilization ratio simply by paying down more in old debt than you acquire in new debt.

While this will require a more frugal approach to your finances, it can help repair your overall credit score and save you from collections agencies and even bankruptcy.

Total Debt From All Open Loans

Your total debt from all active lines of credit could be preventing further increases to your credit score of 630. As the second most important factor in determining your credit score, total remaining debt is an important signal to current and future lenders.

Stagnant debt can mean borrowers aren’t committed to paying down current loans, while steadily increasing debt indicates poor spending habits and a lack of debt repayment discipline.

What Can You Do With a 630 Credit Score?

With a credit score of 630, you might face an uphill battle when it comes to securing specific loan types. When you are cleared for a loan with your current credit rating, it might come with discouraging interest rates or additional security fees.

If you’re facing difficulty securing a traditional loan, consider loan types tailored for lesser credit scores.

Consult the below details for even more information on the financial opportunities your credit score of 630 can help you unlock.

  • Personal loans are sometimes possible to secure with a 630 credit score, though lenders often require borrowers to have a Very Good or an Exceptional/Excellent score.
  • Rewards-based credit cards can offer high incentives when you use them frequently, including airline miles, hotel points, restaurant incentives, and cash-back options.
  • Mortgage loans are sometimes possible with a credit score of 630, though you might need a cosigner.
    • Even if your mortgage loan goes through, you’ll likely be subject to much higher interest rates.
  • Apartment rentals are often available to individuals with 630 credit scores, especially from apartment complexes that typically deal with lesser credit ratings.
    • While you might be accepted contingent on your payment of a lofty security deposit or higher monthly rent, use the opportunity to reinforce your credit score through regular payments.
  • A credit score of 630 qualifies borrowers for certain personal and mortgage loan options, though these loans may be associated with higher interest rates and considerable fees. Repairing your credit score to earn a “Good” rating can mean lowering these interest rates and mitigating fees.

    How to Repair a 630 Credit Score

    Making repairs to your credit score means doing the simple things right: committing to full, regular payments without missing deadlines, consolidating debt, and reducing unnecessary spending so you can increase monthly debt payments.

    Making full repairs to a 630 credit score might also mean calling in the professionals. The best professional credit repair companies offer a full range of affordable options, alongside guarantees that they can restore your credit score to a respectable rating.

    This means helping you navigate civil disagreements, addressing any loans in default, even communicating directly with lenders to negotiate on your behalf. Credit repair bureaus keep your financial information confidential, while working with you to build a respectable credit score in a matter of months.

    While repairs to a credit score of 630 aren’t easy, they’re entirely worth the work. The financial opportunities available with even a Good credit score mean you can begin to spend your money in the ways you want, without fear of penalty.

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