Your credit score plays a crucial role in your financial life, influencing everything from loan approvals to interest rates. If you have a 659 credit score, you’re in a unique position – not quite in the “good” range, but not far from it either. This blog post will dive deep into what a 659 credit score means, its implications, and how you can improve it.
Skale Money Key Takeaways
- A 659 credit score is considered “fair” and is just below the “good” range.
- This score may limit some financial opportunities but still allows access to many credit products.
- Improving your 659 credit score is possible with consistent effort and smart financial habits.
Table of Contents
Understanding a 659 Credit Score
A 659 credit score falls within the “fair” range of most credit scoring models. To put this into perspective, let’s look at the general credit score ranges:
- 300-579: Poor
- 580-669: Fair
- 670-739: Good
- 740-799: Very Good
- 800-850: Excellent
Table: 659 Score Comparison
| Score Range | Category | Where 659 Fits |
| 300-579 | Poor | Above |
| 580-669 | Fair | Within |
| 670-739 | Good | Just Below |
| 740-850 | Very Good to Excellent | Well Below |
Tips:
- Understand that your 659 score is on the cusp of “good” credit.
- Recognize that small improvements can push you into a better category.
- Don’t be discouraged; many lenders consider “fair” scores acceptable.
Factors Affecting a 659 Credit Score
Several key factors influence your credit score:
- Payment history
- Credit utilization
- Length of credit history
- Credit mix
- Recent credit inquiries
Table: Factor Weight in Credit Score
| Factor | Weight |
| Payment History | 35% |
| Credit Utilization | 30% |
| Length of History | 15% |
| Credit Mix | 10% |
| Recent Inquiries | 10% |
Tips:
- Focus on improving the factors with the highest weight.
- Consistently make on-time payments to boost your score.
- Keep your credit utilization below 30% if possible.
Advantages of a 659 Credit Score
While not in the “good” range, a 659 credit score still offers some benefits:
- Eligibility for many credit cards and loans
- Better terms than those with poor credit
- Potential for quick improvement with good habits
Table: Approval Odds with 659 Score
| Product | Approval Odds |
| Secured Credit Card | Very High |
| Store Credit Card | High |
| Personal Loan | Moderate |
| Auto Loan | Moderate |
| Mortgage | Possible |
Tips:
- Leverage your 659 score to access credit-building products.
- Use secured credit cards responsibly to improve your score.
- Consider becoming an authorized user on a family member’s card with good standing.
Challenges with a 659 Credit Score
A 659 credit score may present some obstacles:
- Higher interest rates on loans and credit cards
- Lower credit limits
- Difficulty qualifying for premium rewards credit cards
- Potential need for larger down payments
Table: Interest Rate Comparison
| Credit Score Range | Average Auto Loan Rate | Average Credit Card APR |
| 650-659 | 7.65% | 22.2% |
| 660-669 | 6.64% | 20.8% |
| 720+ | 4.68% | 16.1% |
Tips:
- Shop around for the best rates, as they can vary by lender.
- Consider improving your score before applying for major loans.
- If approved, make timely payments to demonstrate creditworthiness.
Strategies to Improve a 659 Credit Score
To boost your 659 credit score:
- Pay all bills on time, every time
- Reduce credit card balances
- Avoid applying for new credit unnecessarily
- Keep old accounts open to maintain credit history length
- Dispute any errors on your credit report
Table: Potential Score Improvement Timeline
| Action | Potential Point Increase | Estimated Time |
| Pay down credit card balances | 20-40 points | 1-3 months |
| Resolve a collections account | 50-100 points | 1-2 months |
| Establish a new credit account | 5-20 points | 6-12 months |
| Maintain perfect payment history | 60-80 points | 12-24 months |
Tips:
- Be patient; credit score improvement takes time.
- Focus on consistent, positive financial behaviors.
- Consider using a credit monitoring service to track progress.
Impact of a 659 Credit Score on Loans and Credit Cards
With a 659 credit score, you can expect:
- Access to many credit cards, but not premium rewards cards
- Approval for personal loans, but with higher interest rates
- Auto loan approval, potentially with larger down payment requirements
- Possible mortgage approval, especially for FHA loans
- Almost same category as a 645 credit score
Table: Typical Terms for 659 Score
| Product | Likely Terms |
| Credit Card | 20-25% APR, $1000-$5000 limit |
| Personal Loan | 15-20% APR, up to $10,000 |
| Auto Loan | 7-10% APR, 10-20% down payment |
| Mortgage | 4-6% APR, 3.5-10% down payment (FHA/Conv) |
Tips:
- Compare offers from multiple lenders to find the best terms.
- Consider secured credit cards or becoming an authorized user to build credit.
- Save for larger down payments to offset the impact of your credit score.
659 Credit Score and Mortgage Options
A 659 credit score can still open doors to homeownership:
- FHA loans are often accessible
- Some conventional loans may be available
- VA loans for eligible veterans
- USDA loans for rural home buyers
Table: Mortgage Options with 659 Score
| Loan Type | Min. Score | Typical Down Payment | PMI Required? |
| FHA | 580 | 3.5% | Yes |
| Conventional | 620 | 3-20% | If <20% down |
| VA | No min. | 0% | No |
| USDA | 640 | 0% | Yes |
Tips:
- Consider an FHA loan if conventional loans are challenging to obtain.
- Save for a larger down payment to potentially offset your credit score.
- Explore first-time homebuyer programs in your area.
Maintaining and Monitoring a 659 Credit Score
To maintain and improve your 659 credit score:
- Set up automatic payments to ensure on-time payments
- Regularly check your credit reports for errors
- Keep credit utilization low
- Avoid closing old credit accounts
- Limit new credit applications
- Aim for a higher credit score such as a 653 credit score.
Table: Credit Monitoring Services Comparison
| Service | Free Score Updates | Credit Report Access | Identity Theft Protection |
| Credit Karma | Weekly | TransUnion, Equifax | Basic |
| Experian | Monthly | Experian | Basic |
| MyFICO | Monthly (paid) | All 3 Bureaus | Advanced |
Tips:
- Use a mix of free and paid services for comprehensive monitoring.
- Act quickly on any suspicious activity or errors you notice.
- Regularly review your credit report to track your progress.
Conclusion
A 659 credit score puts you on the brink of “good” credit. While it may present some challenges, it also offers opportunities for improvement. By understanding the factors that influence your score and implementing smart financial habits, you can steadily increase your creditworthiness. Remember, every point counts, and with consistent effort, you can move into higher score ranges, unlocking better financial opportunities along the way.
FAQ
How long will it take to improve my 659 credit score?
Improvement timelines vary, but you may see changes in 3-6 months with consistent positive actions.
Can I get a mortgage with a 659 credit score?
Yes, especially through FHA loans, though conventional loans may also be possible with a larger down payment.
What’s the quickest way to boost a 659 credit score?
Paying down credit card balances can have a relatively quick positive impact on your score.
Is a 659 credit score considered bad?
No, it’s considered “fair” and is just below the “good” range, which starts at 670 in most models.
Can I get a credit card with a 659 score?
Yes, many credit cards are available for this score range, though premium rewards cards may be out of reach.
