Is 664 a Good Credit Score?

Is 664 a Good Credit Score?

A credit score serves as a numerical representation of an individual's creditworthiness. They are critical in the financial world as they influence lenders' decisions on whether to extend credit to an individual and at what interest rate. The concept of a credit score is not complex, but understanding its calculation and implications can be challenging.

Credit scores range from 300 to 850, with the latter being the highest possible score. Most credit scoring models, including the widely used FICO and VantageScore systems, use this range. The higher your score, the more desirable you are to lenders because it signifies a lower risk of default.

While several factors determine an individual's credit score, the two most significant are payment history and credit utilization. Other elements such as the length of credit history, the mix of credit types, and recent credit inquiries also play a part.

What is a 664 Credit Score?

A 664 credit score falls in the 'fair' credit range, according to most credit scoring models. This score is not particularly bad, but it's not exceptional either. It is just above the average American credit score, which is around 660.

Having a 664 credit score means you have a decent credit history, but you've had some problems. These issues could include late payments, high credit utilization, or other negative items.

It's important to note that while a 664 credit score is not considered poor, it's not quite in the 'good' range either. The 'good' credit range typically starts at 670, so a 664 credit score is just short of this benchmark.

How is a Credit Score Calculated?

Several factors come into play when calculating a credit score. The most significant factor, accounting for approximately 35% of the score, is payment history. This includes on-time payments, late payments, and public records like bankruptcies and liens.

Credit utilization, or the amount of available credit you're currently using, represents another 30% of the score. It's generally recommended to keep your credit utilization below 30% to maintain a healthy credit score.

Other factors include the length of credit history (15%), new credit inquiries (10%), and the mix of credit types (10%). All these elements together give a comprehensive view of an individual's creditworthiness and result in a credit score.

Is a 664 Credit Score Good or Bad?

A 664 credit score is neither good nor bad; it's fair. With this score, you can still qualify for credit products, but you may not get the best rates or terms. On the other hand, a 'poor' credit score would restrict your credit options significantly more.

Having a 664 credit score means you're on the cusp of the 'good' credit range, which begins at 670. By improving your score slightly, you could benefit from better interest rates and more favorable credit terms.

While a 664 credit score is not ideal, it's not a cause for panic. It suggests that you've had some credit difficulties in the past, but you're not a high-risk borrower.

Factors Affecting a 664 Credit Score

Several factors could result in a 664 credit score. One common reason is a history of late or missed payments. Payment history is the most heavily weighted factor in credit score calculations, so even a few late payments can significantly affect your score.

High credit utilization is another common reason for a 664 credit score. If you're consistently using a large portion of your available credit, it can negatively impact your score.

Other factors that could lead to a 664 credit score include a short credit history, a lack of diverse credit types, or recent credit inquiries. These factors are less significant, but they can still influence your score.

How to Improve a 664 Credit Score

Improving a 664 credit score may require some time and effort, but it's definitely achievable. Start by making all your payments on time. Since payment history is the most significant factor in your credit score, establishing a history of on-time payments can dramatically improve your score.

Pay down your credit card balances to decrease your credit utilization. Aim to use no more than 30% of your available credit at any given time.

Avoid applying for new credit unless necessary. Each application results in a hard inquiry, which can lower your score. Finally, diversify your credit mix if possible. Having a variety of credit types, such as credit cards, installment loans, and a mortgage, can positively impact your score.

The Impact of a 664 Credit Score on Loan Approval

A 664 credit score can affect your ability to get approved for loans. While it's not a poor score, it's not high enough to guarantee approval for all types of loans.

For example, if you're applying for a mortgage, a 664 credit score may not get you the best interest rates. However, you're still likely to be approved for a loan, just not at the most favorable terms.

For auto loans, a 664 credit score should be sufficient to get approved. However, you may have to pay a slightly higher interest rate compared to someone with a higher score.

How a 664 Credit Score Affects Interest Rates

Interest rates are directly influenced by your credit score. The better your score, the lower the interest rate you're likely to receive on loans and credit cards.

With a 664 credit score, you're likely to face higher interest rates than someone with a score in the 'good' or 'excellent' range. This is because lenders view you as a slightly higher risk.

Therefore, improving your credit score from 664 to the 'good' range could save you a significant amount in interest payments over the life of a loan.

Steps to Maintain a Healthy Credit Score

Maintaining a healthy credit score is a continuous process. It involves consistently making on-time payments, keeping your credit utilization low, and applying for new credit only when necessary.

Regularly check your credit report for errors. Mistakes on your credit report can lower your score, so it's important to dispute any inaccuracies you find.

Finally, be patient. Improving a credit score takes time, but the benefits are worth it. A better credit score can open up new credit opportunities and save you money on interest.


A 664 credit score is not a bad score, but there's room for improvement. Understanding how credit scores are calculated and what factors influence them can help you take steps to increase your score.

Remember, improving a credit score is a process that takes time. But with consistent effort and good financial habits, you can increase your 664 credit score and enjoy the benefits of a higher credit score.

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