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645 Credit Score: Is It Good Or Bad (+ Can I Fix It)?

  • A 645 credit score is considered fair and limits your loan and credit options.
  • Improving your score involves paying bills on time and reducing credit card balances.
  • Call The Credit Pros to get tailored advice and potentially fix your score before it costs you more.

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A 645 credit score falls into the "fair" category, which limits your options for loans, credit cards, and good interest rates. You might wonder why your score isn’t higher; missed payments or high credit utilization often play a role. To boost your score, pay your bills on time, reduce your credit card balances below 30%, and check your credit report for errors regularly.

If you want to improve your 645 credit score, call The Credit Pros. We’ll have a friendly, no-pressure chat to analyze your credit report and give you advice tailored to your situation. Whether you need a personal loan, mortgage, or credit card, we can help you explore your options and take steps toward improvement.

Time matters; the longer you wait, the more it may cost you later. Don’t let a fair credit score hold you back. Contact The Credit Pros today and start building a better financial future.

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    Why Is My Credit Score Only 645?

    Your credit score of 645 is considered "fair," indicating that you may be viewed as a subprime borrower. This can limit your options for credit and loans, as lenders typically see you as a higher-risk borrower and may charge higher interest rates. Your score falls between 580 and 669, so you should check your credit report for any mistakes that could be lowering your score.

    Common reasons for your 645 score include:
    • Missed or late payments
    • High credit card balances
    • Too many credit inquiries

    Each of these factors can drag down your score. You might also have a limited credit history, which can negatively impact your score.

    To improve your score, focus on:
    • Paying your bills on time
    • Reducing your credit utilization to below 30%
    • Avoiding new hard inquiries

    These actions can significantly boost your score. You might also consider obtaining a credit builder loan or being added as an authorized user on someone else's credit account.

    Big picture: Focus on timely payments, lower credit utilization, and limit new inquiries to see measurable improvements in your credit score. Remember, understanding your credit report and taking proactive steps is key to your financial health.

    5 Best Ways To Boost A 645 Credit Score?

    To boost your 645 credit score, follow these five effective strategies:

    • Make On-Time Payments: Your payment history significantly impacts your score. Always pay your bills on time. Set up autopay or reminders to help you stay on track.

    • Reduce Credit Card Balances: Keep your credit utilization low-ideally below 30%. Pay down existing balances before the billing cycle ends to maintain a low reported balance.

    • Avoid New Debt: Limit new charges and refrain from accumulating unnecessary debt. Focus on managing your current debts effectively.

    • Monitor Your Credit Report: Regularly check your credit report for inaccuracies. Dispute any errors you find to ensure your score reflects your true creditworthiness.

    • Consider Credit Builder Options: Look into secured credit cards or credit builder loans. These can help improve your score as you establish or rebuild credit.

    Overall, by making on-time payments, reducing your credit card balances, avoiding new debt, monitoring your credit report, and considering credit builder options, you can gradually improve your score. You have the power to enhance your creditworthiness and financial future.

    Major Factors That Keep My Fair Credit Score Low?

    The major factors that keep your fair credit score low include:

    • Payment History: This crucial element accounts for about 35% of your score. Missing or late payments can severely impact your score. To improve, ensure you pay all your bills on time.

    • Credit Utilization Ratio: This factor represents around 30% of your score. It measures how much credit you use compared to your total credit limit. Aim to keep this ratio below 30%. High balances relative to credit limits can significantly hurt your score.

    • Length of Credit History: A shorter credit history can negatively affect your score. Lenders prefer longer histories as they provide more insights into your credit behavior. Keep old accounts open to boost this aspect.

    • Credit Mix: A variety of credit types, such as credit cards, car loans, and mortgages, can enhance your score. If you have only one credit type, consider diversifying responsibly.

    • Recent Credit Inquiries: New credit applications can lead to hard inquiries, decreasing your score if done frequently. Limit applications for new credit to avoid this.

    As a final point, you should pay your bills on time, keep your credit utilization low, maintain older credit accounts, diversify your credit types, and minimize new credit inquiries to improve your credit score effectively.

    How Long To Improve My 645 Credit Score 100-150 Points?

    To improve your 645 credit score by 100-150 points, expect it to take a few months to over a year, depending on your situation. If you act quickly, you might see a significant increase in as little as 30 days by addressing key factors like high credit utilization.

    • Lower your credit utilization. Keep balances below 30% of your total credit limit. Paying down existing debt leads to noticeable improvements.

    • Make payments on time. Your payment history significantly influences your score, accounting for 35% of it. Ensure all bills are paid promptly to avoid negative marks.

    • Remove negative marks. If you have late payments or accounts in collections, dispute inaccuracies or negotiate payment terms. Removing such items can boost your score.

    • Build positive credit habits. If you have limited credit history, consider opening a secured credit card or becoming an authorized user on someone else's account to establish a positive payment record.

    • Monitor your credit report. Regularly check your credit report to understand what affects your score. Use services that notify you about changes and updates.

    To put it simply, start taking these steps now to improve your credit score effectively: lower your utilization, make timely payments, remove inaccuracies, build positive habits, and monitor your report. Your proactive actions can lead to meaningful improvements over time.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

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    Can I Realistically Get A Mortgage With A 645 Credit Score?

    You can realistically get a mortgage with a 645 credit score, but it may be challenging. Your score falls into the fair credit category, which is often considered subprime. Many lenders will still review your application, especially if you satisfy other requirements.

    To boost your chances of approval, maintain a stable income and a solid employment history. Be ready for higher interest rates compared to borrowers with better scores. Lenders often prioritize your income and debt-to-income ratio over your credit score alone, so proving your financial stability is essential.

    Mortgage programs vary in their requirements. For instance, conventional loans generally need a minimum score of 620, while FHA loans may accept scores as low as 580, particularly with a larger down payment. Individual lenders may also set their own standards, so it's wise to research different options.

    Consider speaking with multiple lenders to find the one that suits your financial situation best. A higher down payment can significantly improve your chances, as it minimizes the lender's risk.

    In short, you can get a mortgage with a 645 credit score. Focus on stable income, explore various lenders, and consider a larger down payment to enhance your approval chances.

    Can I Get A Personal Loan With A 645 Credit Score?

    Yes, you can get a personal loan with a 645 credit score, but expect challenges. A 645 score is classified as "fair," so lenders consider you a higher-risk borrower. This often results in higher interest rates and limited loan options.

    To improve your chances of securing a personal loan, focus on these key steps:
    • Check your credit report: Look for errors that may be affecting your score.
    • Demonstrate stable income: Lenders need proof that you can repay the loan.
    • Limit existing debt: A low debt-to-income ratio makes you appear less risky.
    • Consider smaller loan amounts: This can increase your chances of approval.

    Some lenders specialize in loans for borrowers with fair credit, so be prepared to shop around for the best terms. Lenders like Upstart and LendingPoint may be willing to work with you, although you might encounter higher interest rates.

    Improving your credit score can enhance your loan options. Explore credit-building tools and strategies to boost your score. If you plan on debt consolidation, inform the lender; this may make them more inclined to assist you.

    To finish, with a 645 credit score, you may face limitations, but by taking proactive steps, like checking your credit report and demonstrating stable income, you can find a personal loan that meets your needs.

    Can I Buy Or Lease A Car With A 645 Credit Score?

    Yes, you can buy or lease a car with a 645 credit score. However, you may face some limitations. Dealerships usually prefer a score of at least 680 for the best leasing deals. With a 645 score, you might still qualify, but expect higher monthly payments and less favorable terms.

    Many lenders consider factors beyond your credit score, such as your income, debt-to-income ratio, and employment history. This can impact your approval chances. Surprisingly, around 22% of customers with scores below 660 do successfully lease cars.

    Be prepared for higher interest rates, which can increase your overall lease costs. Shopping around is essential. Some dealerships may have more lenient credit score requirements.

    To improve your chances, focus on boosting your credit score. You can do this by paying bills on time, reducing debt, and checking your credit report for inaccuracies. Also, consider leasing a used car, as it typically has less strict credit score requirements compared to new vehicles.

    In essence, while a 645 credit score can limit your options, taking proactive steps to improve your credit and exploring various dealerships can help you secure a car lease or purchase.

    Credit Card (Secured Or Unsecured) Options With A 645 Credit Score?

    With a 645 credit score, you can explore both secured and unsecured credit card options.

    For unsecured cards, consider:

    • Capital One QuicksilverOne Cash Rewards Credit Card: It offers 1.5% cash back on every purchase, with a $39 annual fee.

    • Credit One Bank® Platinum Visa® for Rebuilding Credit: This card provides 1% cash back on select purchases, charging $75 for the first year and $99 afterward.

    • Fortiva® Mastercard® Credit Card: This is another viable option for rebuilding your credit.

    For secured cards, you might look at:

    • OpenSky® Plus Secured Visa® Credit Card: No credit check is required, and it has a $0 annual fee, needing a refundable security deposit of $300.

    • Self Visa® Credit Card: This option is also available without a credit check.

    These options can assist you in improving your credit score. To wrap up, choose a card that aligns with your needs, review the terms carefully, and look for features like rewards or cash back that suit your lifestyle.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Become An Authorized User With A Fair Credit Score?

    Becoming an authorized user with a fair credit score can be a smart choice. If your score is around 645, being added as an authorized user on a responsible cardholder's account can improve your credit score. You'll benefit from their positive credit history, which can boost your score significantly if they manage their credit well.

    Choose the right account carefully. Ensure the primary cardholder has a strong payment history and low credit utilization. Doing this can potentially improve your credit score by about 11% within a few months. On the flip side, if the primary cardholder has poor credit habits, it could negatively impact your score.

    As an authorized user, you don’t have to make payments on the account, making it an excellent option for rebuilding your credit. However, verify with the card issuer whether they report authorized user accounts to credit bureaus. Remember, being an authorized user does not replace the need to build your own credit history.

    On the whole, if you have a fair credit score and can become an authorized user on a responsible person's credit card, it’s likely a beneficial move. This decision can help you improve your score and enhance your access to loans and credit in the future.

    Which Negative Marks On My Credit Report Affect My 645 Credit Score?

    Negative marks on your credit report can significantly affect your 645 credit score. The following negative marks hold the most impact:

    • Missed Payments: If you miss a payment for 30 days or more, it can stay on your report for up to 7½ years. Multiple missed payments lower your score even more.

    • Account Charge-Offs: When creditors write off your debt due to non-payment, it remains on your report for 7 years, dampering your score.

    • Collections: If a debt goes to collections, it will also stay on your report for 7 years, further decreasing your score.

    • Bankruptcy: Depending on the type, bankruptcy can remain on your report for up to 10 years, severely impacting your credit standing.

    • Foreclosure: Foreclosures can also stay for 7 years, significantly lowering your score.

    • Credit Utilization: High credit card balances relative to your total credit limit can hurt your score. You should aim to keep your utilization below 30%.

    It is essential to understand these negative marks. You can dispute errors with credit bureaus to improve your report. Regularly check your credit report to manage these marks effectively.

    Bottom line: Focus on addressing negative marks, dispute inaccuracies, and maintain low credit utilization to boost your 645 credit score.

    Should I Negotiate And Pay Off Debts To Improve My Fair Credit Score?

    Yes, you should negotiate and pay off debts to improve your fair credit score. Reducing your overall debt lowers your credit utilization ratio, a key factor in your score. This action makes lenders see you as less risky, potentially boosting your score.

    Start by contacting your creditors to negotiate a settlement or payment plan. You might achieve a reduction in your total amount owed. However, remember that settling a debt can initially lower your score, as the account is marked "settled" instead of "paid in full."

    Despite this, the long-term benefits of being debt-free often outweigh a temporary dip in your score. By consistently making on-time payments and lowering your credit card balances, you'll gradually see improvement. We advise you to regularly check your credit reports for inaccuracies that may be affecting your score.

    Improving your credit score from the fair range (like 645) to the good range (670 and above) opens up better loan terms and interest rates in the future. In a nutshell, negotiate and manage your debts effectively to enhance your financial standing and enjoy lasting benefits.

    Best Site To Monitor My Credit Report?

    To monitor your credit report effectively, we recommend using WalletHub. It offers daily updates on your full credit report, providing you with a constant view of your credit situation, crucial for tracking your financial health. In contrast, AnnualCreditReport.com allows you to access your credit report once a week from each of the three major bureaus-Equifax, Experian, and TransUnion-though updates are less frequent.

    Another great option is Credit Karma, which gives you access to two free credit reports with membership, along with daily updates and educational tools for better understanding your credit.

    For those interested in FICO scores, myFICO is the official provider. It offers insights from all three bureaus, showing you the scores used by most lenders for mortgage, auto loan, or credit card applications.

    By selecting one of these options, you can stay informed about your credit report and score. We advise you to choose the site that best matches your monitoring needs and how often you want updates.

    All in all, for the best site to monitor your credit report, consider WalletHub, Credit Karma, or myFICO, depending on your specific needs for updates and insights.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Consider A Credit Builder Loan W/ Fair Credit?

    Yes, you should consider a credit builder loan if you have fair credit. These loans help you improve your credit score, making them a fitting choice for you. With a credit builder loan, you make fixed monthly payments to a lender. This payment history gets reported to credit bureaus, positively impacting your credit score over time.

    Credit builder loans usually don't require a good credit score for approval, making them accessible even with fair credit. Lenders typically check your income and employment history, rather than focusing solely on your credit score. However, remember that late payments can hurt your credit, so ensure you can comfortably make your monthly payments.

    Look for credit builder loans at local banks or credit unions; they often provide better terms. Compare different loan options and fees to find what works best for your situation. Managing a credit builder loan successfully can lead to easier access to conventional loans and credit products in the future.

    The gist of it is that a credit builder loan could be an excellent opportunity for you to enhance your credit score. Just make sure to keep up with your payments and research the best terms available!

    Is A 645 Credit Score Different Between Fico And Vantage?

    Yes, a 645 credit score differs between FICO and VantageScore models. You should know that FICO and VantageScore use distinct criteria to calculate your scores.

    FICO focuses on specific details from your credit history, while VantageScore may weigh some factors differently. For instance, FICO typically requires accounts to be open for at least six months, whereas VantageScore can score you with just one month of credit history.

    If your FICO score is 615 and your VantageScore is 645, this reflects how these models interpret your credit data differently. It’s common to see variations, as each scoring model emphasizes unique aspects of your credit behavior. Moreover, FICO offers industry-specific scores, which can further affect how your score appears based on what lenders are looking for.

    You need to understand both scores, as lenders might use either FICO or VantageScore to assess your creditworthiness. Regularly checking both scores helps you stay informed about your financial health.

    Remember, keeping track of both your FICO and VantageScore allows you to understand your credit better and prepares you for loan applications or credit inquiries.

    Does A 645 Credit Score Affect My Chances Of Renting An Apartment?

    A 645 credit score can indeed affect your chances of renting an apartment. This score is generally seen as fair, but many landlords prefer a score of at least 650. In competitive rental markets, a lower score can lead to additional scrutiny.

    You can improve your chances with a 645 score by showing current financial stability. Consider these steps:

    • Provide proof of steady income.
    • Make timely payments.
    • Offer a higher security deposit if possible.
    • Consider having a lease guarantor.

    Landlords often look beyond your credit score, reviewing your entire credit history, including late payments and collections. Highlighting positive aspects of your credit and providing landlord references can strengthen your application.

    At the end of the day, while a 645 credit score may present challenges, you can successfully secure an apartment by demonstrating reliability and financial responsibility. Take proactive steps to enhance your application, and you may find more opportunities available.

    Can A Credit Repair Company Actually Boost My 'Fair' Score

    Yes, a credit repair company can boost your fair credit score, depending on your situation. These companies identify and dispute inaccuracies on your credit report. If they remove errors, your score may improve. However, they cannot change legitimate negative information on your report.

    Choose a reputable credit repair company carefully. Some companies over-promise results, which can lead to disappointment. Remember that while legitimate services can help, they cannot guarantee a score increase. You can also dispute errors yourself at no cost.

    Understanding your credit report is essential. If you have incorrect balances or duplicate entries for the same debt, a credit repair service can assist. Simply hiring a company does not ensure success; the effectiveness of their services depends on your specific credit issues.

    Lastly, focus on your goals and understand how credit repair aligns with them. If you have questions about what a 645 score means for getting a mortgage or personal loan, explore that in another section. Your proactive steps can lead to better credit outcomes.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

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