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

  • A 651 credit score is considered fair, making lenders cautious and limiting options.
  • You can potentially improve your score by paying bills on time and checking for errors.
  • The Credit Pros can help identify ways to enhance your credit situation, offering guidance to work towards a better score urgently.

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A credit score of 651 sits in the "fair" category. Lenders might view you as a higher risk, limiting your loan, mortgage, or credit card options and often leading to higher interest rates. But don’t sweat it; you can improve your situation. Focus on paying your bills on time, cutting down your credit utilization, and regularly checking your credit report for errors.

To see real change, think about becoming an authorized user on someone else's credit card or looking into secured credit card options. Each step you take to manage your debts and build good credit habits can raise your score. Aim for that goal of 670 or higher.

You’re not alone in this. The Credit Pros can help you examine your three-bureau credit report and find areas to improve based on your specific situation. Give us a call for a no-pressure chat, and let’s team up to boost your score!

On This Page:

    Why Is My Credit Score Only 651?

    Your credit score is only 651 because it falls in the "fair" range (580 to 669). This score suggests you have some issues with your credit history. Factors that might be affecting your score include missed payments, high credit utilization, negative marks from the past, or a lack of diverse credit types. As a higher-risk borrower, lenders may offer stricter terms and higher interest rates if they decide to lend to you.

    To improve your score, you should consider the following steps:

    • Pay down existing debts to lower your credit utilization ratio.
    • Always make payments on time to establish a positive payment history.
    • Avoid opening too many new credit accounts simultaneously.
    • Regularly check your credit report for errors and dispute any inaccuracies.
    • Consider becoming an authorized user on a responsible person’s credit card.

    With consistent effort, you can raise your score above 670, unlocking better loan options and rates. All in all, focus on reducing debts, making timely payments, avoiding multiple new accounts, checking for errors, and leveraging responsible credit use to improve your score.

    5 Best Ways To Boost A 651 Credit Score?

    To boost your 651 credit score, you can implement these five effective strategies:

    • Pay Your Bills on Time: Timely payments significantly impact your score. You can set reminders or automate payments to ensure you pay every bill on time.

    • Reduce Your Credit Utilization Ratio: Aim to keep your credit utilization below 30%. You should pay down existing credit card balances to lower this percentage, which makes you appear more responsible to lenders.

    • Check Your Credit Reports for Errors: Obtain your credit reports from major agencies like Equifax, Experian, and TransUnion. Look for mistakes and dispute any inaccuracies that could be dragging your score down.

    • Consider Becoming an Authorized User: Ask a responsible person to add you to their credit card as an authorized user. Their positive payment history can help improve your score.

    • Limit New Credit Inquiries: Avoid applying for new credit cards or loans frequently. Each new application can temporarily lower your score due to hard inquiries.

    The gist of it is that by paying bills on time, reducing credit utilization, checking for errors, leveraging authorized user benefits, and limiting credit inquiries, you can effectively boost your credit score and open doors to better financial opportunities.

    Major Factors That Keep My Fair Credit Score Low?

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

    • Payment History: This accounts for about 35% of your credit score. If you miss payments, especially those more than 30 days late, it significantly harms your score. Always pay your bills on time to maintain a positive history.

    • Credit Utilization Ratio: This makes up roughly 30% of your credit score. It measures how much credit you use compared to your total credit limits. Aim to keep this ratio below 30%. If you max out your credit cards or use a large portion of your credit, your score will suffer.

    • Length of Credit History: The older your credit accounts, the better. A longer history shows reliability. A mix of old and new accounts can positively impact your score.

    • Credit Mix: A diverse range of credit types, like credit cards and mortgages, helps your score. It reflects your ability to manage different credit forms responsibly.

    • Recent Credit Inquiries: When you apply for new credit, it leads to hard inquiries, which can lower your score slightly. Limit new credit applications, especially in a short time frame.

    By focusing on these areas, you can take actionable steps to improve your score. Remember, by paying bills on time, managing your credit utilization, and diversifying your credit mix, you can work towards improving your fair credit score.

    How Long To Improve My 651 Credit Score 100-150 Points?

    To improve your 651 credit score by 100-150 points, you can typically see results within 30 days to several months, depending on your situation. Here are key actions you should take:

    • Pay down your credit card balances. This step is the most effective way to quickly boost your score. Aim for a utilization rate below 30% or ideally down to zero.

    • Make all your payments on time. Your payment history is crucial. Consistently paying by the due date has a significant positive impact on your score.

    • Correct any inaccuracies on your credit report. Regularly check for errors and dispute any you find. This can lead to faster score improvements.

    • Avoid creating new debt while lowering existing debt. Keep your utilization low and refrain from opening new accounts unless absolutely necessary.

    The timeline for these improvements will vary. By diligently following these steps, you may see substantial increases in your credit score within months. At the end of the day, start paying down debt, ensure timely payments, and check your credit report for inaccuracies to see meaningful changes in your score.

    Inaccuracies hurting your Credit Score?
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    Can I Realistically Get A Mortgage With A 651 Credit Score?

    Yes, you can realistically get a mortgage with a 651 credit score. Although this score falls into the "fair" category, it doesn't automatically disqualify you from obtaining a mortgage.

    Most lenders require a minimum FICO score of around 620 for a conventional loan. This means your 651 score meets the baseline criteria. However, be prepared for higher interest rates and less favorable loan terms, as lenders see you as a higher-risk borrower. They will closely examine your employment history, income, and existing debts.

    If you consider government-backed loans, like FHA loans, you might qualify with a score as low as 580. To secure better terms, aim for a higher score. Additionally, a strong down payment can improve your chances, as it shows lenders you are financially responsible.

    In summary, while you can get a mortgage with a 651 score, expect higher costs and stricter approval criteria. To enhance your chances, focus on improving your credit score before applying. Lastly, remember that taking steps to boost your score can lead to better loan options and savings in the long run.

    Can I Get A Personal Loan With A 651 Credit Score?

    Yes, you can get a personal loan with a 651 credit score. This score is in the "fair" credit range, meaning you may encounter some challenges during the application process, but qualifying is still possible.

    To enhance your chances, consider these steps:
    • Check your credit report for errors and dispute any inaccuracies that lower your score.
    • Pay off existing debts to improve your credit utilization ratio, which positively impacts your score.
    • Make timely payments on future bills to build a strong credit history that lenders appreciate.
    • Apply to banks or credit unions with which you have a relationship, as they may be more flexible.
    • Explore alternative lending platforms if traditional lenders pose difficulties; they often cater to individuals with fair credit.

    While your score is not ideal, many lenders are still open to working with you. Just keep in mind that interest rates might be higher compared to borrowers with better scores. Finally, stay proactive about improving your credit situation to access better lending options in the future.

    Can I Buy Or Lease A Car With A 651 Credit Score?

    Yes, you can buy or lease a car with a 651 credit score. This score falls into the "fair" credit range, making financing possible, but you may encounter some challenges.

    • Interest Rates: Expect higher interest rates compared to those with "good" credit scores. This means you'll pay more monthly.

    • Approval Chances: Many lenders prefer a credit score of around 661 for better terms. However, some lenders may approve you, especially if you provide a substantial down payment.

    • Leasing Conditions: If you choose to lease, be ready for larger down payments or less favorable terms since your credit score affects lender perceptions.

    • Other Factors: Lenders also evaluate your debt-to-income ratio and employment history. Strong credentials in these areas can boost your chances.

    • Shop Around: Compare offers from various lenders. Some may provide better terms suited to your credit score.

    Big picture, with a 651 credit score, you still have options for buying or leasing a vehicle. Consider improving your score for better financing opportunities in the future.

    Credit Card (Secured Or Unsecured) Options With A 651 Credit Score?

    With a 651 credit score, you have several credit card options available, both secured and unsecured. Here are your best choices:

    • Secured Credit Cards: These require a refundable security deposit, which becomes your credit limit. They effectively help you build your credit. The Capital One Platinum Secured card is a popular option, with deposits typically ranging from $49 to $200.

    • Unsecured Credit Cards: It may be difficult to qualify for these cards, but options like the Petal® 1 "No Annual Fee" Visa® Credit Card allow for approval without a security deposit.

    • Store Credit Cards: These cards often have higher approval rates for individuals with fair credit. They can help improve your credit, but watch out for potentially high-interest rates if you carry a balance.

    Always look for cards with low fees. Avoid those with high annual fees unless they provide significant benefits to justify the cost. Be sure to compare options, and checking your credit profile can help you find tailored suggestions for the best cards to apply for. Keep focusing on improving your credit score to access better options in the future.

    Overall, you should explore secured cards like Capital One, consider unsecured options like Petal, and check out store cards to improve your credit situation. Keep working on your credit score for more opportunities down the line.

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

    Becoming an authorized user with a fair credit score can benefit you. This move may help increase your credit score, especially if the primary cardholder has a strong credit history. Research shows individuals with fair credit can see score improvements-up to 11%-within three months after becoming an authorized user.

    However, you need to consider several factors. If the primary cardholder misses payments or has high credit utilization, your score could suffer. Ensure the person you’re considering has a solid record of on-time payments.

    Additionally, check if the card issuer reports authorized user activity to major credit bureaus. Not all issuers do this, which may limit the benefits for you. Discuss how payments and usage will be handled with the primary cardholder.

    If you already have some credit history, becoming an authorized user may still help, but the impact may be smaller than for someone starting out. As a final point, choose a responsible primary cardholder with a strong credit profile to maximize the benefits for your credit score.

    Which Negative Marks On My Credit Report Affect My 651 Score?

    Negative marks on your credit report that affect your 651 credit score include late payments, collections, charge-offs, and bankruptcies. Each of these can impact your score in significant ways:

    • Late Payments: A single late payment can drastically lower your score. If you are over 30 days late, credit bureaus report it, and it can stay on your report for up to seven years.

    • Collections: Accounts sent to collections can heavily damage your score. These collection accounts remain on your report for seven years.

    • Charge-Offs: When a creditor gives up on collecting a debt, they mark it as a charge-off, which severely impacts your score and stays on your report for seven years.

    • Bankruptcy: Filing for bankruptcy has a significant negative effect on your credit score, remaining on your report for up to ten years.

    These negative factors can pull your score down and restrict your borrowing options. Your payment history is crucial, affecting 35% of your credit score. Addressing these negative marks can help you improve your score over time.

    To put it simply, focus on resolving late payments, collections, charge-offs, and bankruptcies to positively impact your credit score and regain borrowing options.

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

    Yes, you should negotiate and pay off your debts to improve your fair credit score. Negotiating with your creditors can help you settle debts for less than what you owe, but it often results in a "settled" mark on your credit report. This may negatively affect your score. Paying off debts in full is typically better. It shows lenders that you fulfilled your obligations and enhances your credit history, both critical factors in your credit score.

    When you settle debts, your credit report reflects "paid-settled," which can lower your score. The impact varies based on your credit conditions and payment history. Settling also reduces your credit utilization, the ratio of total debt to available credit. Lowering this ratio can positively influence your score after its initial drop.

    To maximize your credit improvement, focus on these steps:
    • Avoid late payments in the future.
    • Communicate openly with your creditors during negotiations.
    • Manage your debts well after settling.

    If you handle your debts responsibly, your credit score can recover over time-usually within six months to two years.

    In short, negotiate and pay off your debts to boost your credit score while avoiding late payments and communicating with creditors. With time and proper management, you can see positive changes in your financial health.

    Best Site To Monitor My Credit Report?

    To monitor your credit report effectively, you can use sites like Experian, CreditWise by Capital One, and NerdWallet. These platforms offer free credit monitoring tools that keep you informed about changes in your credit report.

    - Experian: You receive real-time alerts about inquiries, newly opened accounts, and suspicious activity. Sign up without a credit card and get a one-time dark web surveillance report.

    - CreditWise: This service is available for everyone, even if you're not a Capital One customer. You get alerts, dark web scanning, and a credit simulator to understand how changes might affect your score.

    - NerdWallet: You benefit from credit monitoring, score updates, and personalized insights. Alerts inform you about significant changes, helping you manage your credit effectively.

    These services support you in tracking your credit health, which is essential, especially with a score of 651. Stay vigilant about your credit to identify issues early and improve your score.

    To finish, we recommend using these tools for effective credit monitoring and staying proactive about your financial health.

    Inaccuracies hurting your Credit Score?
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    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 definitely consider a credit-builder loan with fair credit. These loans help you improve your credit score. Even with a fair credit score like 651, they can be advantageous due to their flexible eligibility requirements. Many lenders do not require a good credit score or perform hard inquiries on your credit report.

    You make fixed monthly payments on this type of loan. Each payment gets reported to the major credit bureaus, enhancing your payment history. Since payment history makes up 35% of your credit score, consistent, on-time payments can positively affect your score over time.

    Make sure you can afford the monthly payments. Missing payments can further harm your credit score. Compare different lenders to find those offering favorable terms and low fees. Choose lenders that report to all three major credit bureaus to maximize your credit-building efforts.

    Also, assess your current financial situation. If you have other debts, addressing them first may be beneficial before taking on a new loan. In essence, a credit-builder loan can be a valuable tool for improving your credit if you manage it wisely and stay committed to your payments.

    Is A 651 Credit Score Different Between Fico And Vantage?

    Yes, a 651 credit score can differ between FICO and VantageScore. Both systems use a scoring range from 300 to 850, but they evaluate your creditworthiness based on different criteria. For a score of 651, FICO typically categorizes it as "fair," while VantageScore might rank it slightly better.

    FICO places more emphasis on your payment history, amounts owed, and credit utilization. In contrast, VantageScore considers payment history, credit usage, and the age of your credit accounts with different weights. This means your credit score can vary between the two models, even when using the same data from your credit report.

    Keep in mind that lenders often prefer FICO scores, which are used in over 90% of lending decisions. A 651 on the FICO scale might impact your loan eligibility more significantly than the same score on VantageScore. By understanding these differences, you can manage your credit more effectively. If you're interested in improving your score, check out our section on the "5 best ways to boost a 651 credit score." This will provide actionable steps to enhance your credit health.

    To wrap up, recognize that FICO and VantageScore may treat your 651 score differently. Focus on understanding these nuances and take steps to boost your credit for better financial opportunities.

    Does A 651 Credit Score Affect My Chances Of Renting An Apartment?

    Yes, a 651 credit score can affect your chances of renting an apartment. While many landlords accept scores over 650, approval also depends on your financial stability, rental history, and the landlord's specific requirements.

    In competitive rental markets, landlords often prefer scores higher than 650. They want to see reliability, which a higher score indicates. With a score of 651, you might encounter challenges in these markets. To improve your chances, provide additional documentation such as recent pay stubs or a letter of employment to show your ability to pay rent.

    If your credit score is below 650, it doesn’t eliminate your options. Some landlords may ask for a higher security deposit or a co-signer. Engaging directly with landlords to discuss your situation can be beneficial.

    On the whole, focus on providing strong documentation and consider discussing your rental situation with potential landlords. This approach can help you navigate challenges related to your 651 credit score effectively.

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

    Yes, a credit repair company can boost your 'fair' credit score, depending on your specific situation. These companies focus on disputing inaccuracies and errors on your credit reports that may be hurting your score. If you have genuine mistakes in your credit history, correcting them can improve your score.

    However, remember that credit repair companies cannot remove accurate negative information from your report. You have the right to dispute items yourself without any costs. If you find this process overwhelming, a reputable credit repair company can manage it for you.

    Be cautious when choosing a credit repair service. Some companies make unrealistic promises that they can't keep. Scams are prevalent, so always research any service you are considering. Look for legitimate companies known for effectively helping clients reduce errors.

    If you choose to work with a credit repair firm, be prepared for potential fees, which may include monthly subscriptions or charges for each item disputed. Always check reviews and ensure they comply with regulations under the Credit Repair Organizations Act (CROA).

    Bottom line - a credit repair company can help improve your fair score by correcting inaccuracies, but you can also handle this on your own at no cost. Take charge of your credit by being proactive!

    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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