Is a 651 Credit Score Good? Here's What You Need to Know
Is a 651 Credit Score Good? Here's What You Need to Know
A credit score is a numerical representation of your creditworthiness, based on factors such as your payment history, amount of debt, and length of credit history. It's used by lenders to assess your risk as a borrower and determine whether to approve your loan application and at what interest rate.
So, is a 651 credit score good?
Yes, a 651 credit score is considered good. According to Experian, a credit score between 650 and 724 is considered "good." This means that you're likely to have a positive credit history and be seen as a lower risk to lenders.
| Credit Score Range | Description |
|---|---|
| 650-724 | Good |
| 725-850 | Excellent |
| 580-699 | Fair |
| 300-579 | Poor |
| Credit Score | Percentage of Americans |
|---|---|
| 650-724 | 20% |
| 725-850 | 13% |
| 580-699 | 32% |
| 300-579 | 25% |
Benefits of Having a Good Credit Score
Having a good credit score can provide you with a number of benefits, including:
- Lower interest rates on loans and credit cards
- Access to better credit cards and loans
- Increased borrowing power
- Reduced insurance premiums
- Improved chances of getting approved for a loan or credit card
How to Improve Your Credit Score
If your credit score is less than 650, there are a few steps you can take to improve it:
- Pay your bills on time, every time
- Keep your credit utilization low
- Don't open too many new credit accounts in a short period of time
- Dispute any errors on your credit report
- Build your credit history by using a credit card for small purchases and paying it off in full each month
Success Stories
Here are a few success stories from people who have improved their credit scores:
- John: John's credit score was in the low 500s after he missed a few payments on his credit card. He started by paying his bills on time and disputing any errors on his credit report. Within a year, his credit score had improved to the mid-600s.
- Mary: Mary's credit score was in the mid-600s, but she wanted to improve it so she could qualify for a lower interest rate on her mortgage. She started by paying down her debt and keeping her credit utilization low. Within a few months, her credit score had improved to the high 700s.
- Steve: Steve's credit score was in the low 700s, but he wanted to improve it so he could get a better credit card. He started by using his credit card for small purchases and paying it off in full each month. Within a few months, his credit score had improved to the high 800s.
Conclusion
A 651 credit score is considered good, but there are always steps you can take to improve it. If you're looking to improve your credit score, start by paying your bills on time, keeping your credit utilization low, and disputing any errors on your credit report. With a little effort, you can improve your credit score and reap the benefits of having good credit.
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