How Good Is a Credit Score of 647?

FT Contributor
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A credit score of 647 officially ranks as “Fair,” according to Experian’s official credit score range. Your Fair credit score means you’ve progressed past “Very Poor” credit scores. However, further improvements are necessary before you will begin to see signs of a “Good” credit score.

A figure that lenders use to assess a borrower’s capacity to repay a loan, a credit score is a combination of five financial factors:

  • Credit age;
  • Credit type;
  • Total debt;
  • New credit;
  • Payment history.

These influences on credit score help to establish a borrower’s creditworthiness. One of the first steps toward increasing that creditworthiness is developing an understanding of recent changes — positive or negative — to your overall credit score.

That’s why safe-to-use AnnualCreditReport.com aggregates credit reports from Equifax, Experian, and TransUnion into a single platform, offering consumers updates on credit rating changes.

Why Your Credit Score Is 647

While it’s not possible to identify the exact reasons for a credit score of 647, common influences on a Fair credit rating include excessive hard inquiries, higher levels of total debt, and mixed payment history.

Excessive Hard Inquiries

Whenever a lender officially considers a potential borrower for a new loan, they perform a hard inquiry — an examination of that consumer’s applicable financial history. Hard inquiries can help lenders identify potentially risky borrowers, and will often remain on an individual’s records for up to one year.

While one or two hard inquiries won’t severely impact a Fair credit score, a high number of inquiries during a short time can serve as a serious red flag to lenders. After all, lenders will be understandably hesitant to offer new credit lines to borrowers with multiple active loans.

Higher Levels of Total Debt

Total debt is one of the main factors that influence credit score, accounting for 30% of the total credit score equation. Individuals with lesser credit scores often have credit accounts characterized by higher levels of total debt, including balances that have not seen regular repayments over the past several months.

Total debt refers to a borrower’s comprehensive credit balance across all active loans, credit cards, and lines of credit. Sometimes, it’s normal for a consumer’s credit account to face higher levels of debt.

For example, individuals who have recently closed on a personal or property loan will face higher levels of debt, until credit repayments lower overall amounts owed. No matter your credit score, regular, on-time payments can help lower overall debt and yield credit score improvements.

Mixed Payment History

The single-most-important factor in deciding a borrower’s credit rating, payment history accounts for 35% of the total credit score equation. Regular, on-time payments toward credit statements can help borrowers build positive credit scores; conversely, late or missed payments will compromise an individual’s credit rating.

Borrowers with a credit score of 647 likely have credit accounts that are characterized by a mixed payment history. Even though some payments are made fully and on time, other payments could be late, incomplete, or missed entirely.

Establishing a clean payment history — one without missed or late payments — means adopting disciplined spending habits. Eliminating unnecessary spending, sticking to a monthly budget, and setting up automatic reminders to make full payments will help improve your payment history, and your Fair credit score.

What Can You Do With a 647 Credit Score?

A credit score of 647 might mean more difficulty in finding lenders willing to offer new loans, new credit cards, and new lines of credit. When accepted, borrowers could face higher average interest rates, payments, and fees.

Consult the below details for more information on the opportunities you’ve earned with a credit score of 647.

  • Rewards-based credit cards allow consumers to earn perks from a wide variety of everyday transactions.
    • While a credit score of 647 might not be sufficient to qualify you for all of the best rewards-based credit cards — which offer airline miles, hotel and restaurant points, and cash-back options — you can still secure a credit card featuring 0% introductory financing and unique rewards from your favorite retailers.
  • Apartment rentals are often available to individuals with credit scores of 647.
    • Since many apartment managers typically deal with lesser credit scores, your Fair credit score often has a great opportunity for approval — depending on your preferred apartment community.
  • Personal loans can allow consumers to fund personal projects, anything from a destination wedding to a home renovation project.
    • Your credit score of 647 may be sufficient to help you secure a personal loan, though it may be subject to high interest rates and fees.
    • Many consumers with Fair credit scores consider personal loan options for bad credit, for the funding they need in an urgent situation.
  • Mortgage loans can help consumers take steps toward property ownership.
    • Depending on your lender, a credit score of 647 may help you qualify for certain mortgage loan types.
    • Even if you’re approved, you’ll likely need to improve your Fair credit score before experiencing industry-best interest rates or fees.

A credit score of 647 might result in challenges for individuals looking for easy loans or credit card approval. Until Fair credit scores improve, many borrowers consider loans from lenders who approve bad credit.

How to Repair a 647 Credit Score

One of the first steps to repairing a credit score of 647 is addressing the more serious risks to long-term credit health. Risks can include loans in default, payments due to collections agencies, and bankruptcy.

After defending your credit against the possibility of critical issues, repairing a 647 credit rating means adhering to simple, effective credit score best practices.

Pay down your debts in an expedient manner, to prevent the build-up of interest and lower overall debt. This will also help solidify a clean payment history over time.

Repairs to your 647 credit score can also mean correcting errors in credit reports before they result in credit rating decreases.

If you notice inconsistencies in a credit report, trust one of the best credit repair agencies to help you navigate the issue. They can even communicate directly with credit companies and lenders on your behalf, guaranteeing credit score improvements when credit records are corrected.


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