680 Credit Score Might Be Decent
Let’s take a look at another pretty common credit score, the “680 credit score.”
Before we dive in and dissect this lovely three-digit number, we need to know the proper scoring scale.
There is more than one type of credit score out there folks, so it’s important to be sure we’re all talking about the same one for accuracy’s sake.
[Are credit scores and Fico scores the same?]
This is especially important with a 680 credit score because it’s quality varies quite a bit among different models.
680 Fico Score Below Average
As always, we’ll begin with the Fico score, which is far and away the most widely relied upon by lenders and creditors.
This is essentially the credit score you should be most concerned with, as they control a huge chunk of the credit scoring market.
The Fico score ranges from 300-850, meaning a 680 Fico score would land you in the medium-high segment of their range.
But the average Fico score in the United States is around 711, so you’d actually be below average.
We know it’s not good to be below average, so expect higher interest rates, assuming you are approved for the credit cards and loans you apply for.
This certainly isn’t a bad credit score, and it should allow you to get approved for most credit cards and even mortgages.
It just means you won’t receive the most favorable rates or terms, and that customers with higher credit scores will be better off.
If your Fico score is in this range, you may or may not have something derogatory in your credit history.
What I mean by that is you could have a missed payment or two, or you could just have high balances on existing accounts and limited credit history.
Either way, order a free credit report to see why you’re credit score is below average to sort things out.
680 VantageScore is a “D” Letter Grade
Assuming we’re talking about a 680 VantageScore, you’d be in even worse shape.
VantageScores range from 501-990, with the average consumer credit score settling in around 748.
So you’d be about 70 points below the average score, and in the company’s “D” bracket, although on the high end.
VantageScore uses a letter grading system, similar to what you were subjected to in school all those years.
So a “D” grade is pretty bad, and certainly means there’s something funky going on.
You probably have a missed payment or three, along with high balances, and perhaps even something worse, like a collection, a charge-off, or a missed mortgage payment.
Regardless, it will serve you well to get to the bottom of it in a hurry. Credit scores at this level will certainly hold you back from getting approved for credit cards, mortgages, and auto loans.
Even if you are approved, you won’t receive the rock-bottom rates and terms you see advertised, so you’re essentially throwing away money.
It may be in your best interest to get a credit score monitoring program going so you can track changes and disputes you make to nurse your credit score back to good health.
At the end of the day, it’s not the end of the world, but you can certainly shoot for better.
Tip: How to improve your credit score.
(photo: Marcin Wichary)