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

  • A 672 credit score limits your access to the best loan terms.
  • Improving your score requires consistent payments and checking for errors.
  • Call The Credit Pros for personalized assistance to potentially boost your score and take control of your financial future.

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A 672 credit score is good, but it’s not perfect. With this score, you can access some personal loans and mortgage options, but you probably miss out on the best terms. To boost your score, make timely payments, keep your credit utilization below 30%, and check your credit report for errors. Following these steps can help you raise your score by 50-100 points over time.

If you need help navigating your score, call The Credit Pros. We’ll take a look at your credit report during a casual chat, no pressure involved. We’ll give you personalized advice based on your situation, whether you want to improve your score for better loan rates or get a grip on your financial future. Don't wait—your better credit standing is just a call away!

On This Page:

    Why Is My Credit Score Only 672 (And Not Perfect)?

    Your credit score of 672 is good but not perfect. Scores between 670 and 739 are generally viewed as good, meaning lenders see you as a lower risk compared to lower scores. However, you're closer to the average than to the very good or exceptional tiers, which start above 740.

    Several factors may keep your score from reaching higher levels. You could have late payments, a limited credit history, or a few negative marks from the past. These elements can lower your score, making lenders cautious.

    To improve your score, focus on these steps:
    • Pay your bills on time.
    • Lower your credit utilization ratio, ideally below 30%.
    • Avoid opening too many new accounts at once.
    • Check your credit report regularly for errors and dispute them if needed.

    A score of 672 may limit your ability to get the best loan terms, but you're still in a position to apply for various loans and potentially secure favorable rates. The gist of it is, you can boost your credit score by paying bills on time, managing credit utilization, and checking your report regularly. Taking these steps will empower you to achieve a stronger financial standing.

    5 Best Ways To Boost A 672 Credit Score 50-100+ Points?

    To boost your 672 credit score by 50-100+ points, follow these five effective strategies:

    • Pay Your Bills on Time: You must consistently pay every bill on time, not just credit cards. This builds a positive payment history. Consider setting up autopay to help manage this.

    • Reduce Your Credit Utilization: Aim to use less than 30% of your credit limit across all cards, with single-digit usage being ideal. If possible, pay your credit card balances before your statement closes to keep reported balances low.

    • Request a Credit Limit Increase: If you've been using your credit responsibly, ask your card issuer for a credit limit increase. This can lower your utilization ratio and potentially improve your score.

    • Avoid New Hard Inquiries: Steer clear of applying for new credit cards or loans within a short timeframe. Multiple inquiries can harm your score. Focus on improving your existing credit first.

    • Consider Becoming an Authorized User: Ask a trusted friend or family member with a high credit score to add you as an authorized user on their account. This can enhance your score by benefiting from their positive credit history.

    Implementing these specific actions can significantly improve your credit score. Remember, pay your bills on time, reduce credit utilization, request limit increases, avoid new inquiries, and consider becoming an authorized user to boost your score effectively.

    How Long To Improve My 672 Credit Score 50-100+ Points?

    To improve your 672 credit score by 50-100+ points, you generally need about 3 to 6 months if you follow effective strategies. The timeframe can vary based on your unique situation and actions. Here are key steps you should take:

    • Always make your payments on time. This is crucial, as late payments can severely impact your score.

    • Lower your credit card utilization. Keep it below 30%. Paying down existing debt will benefit your score.

    • Review your credit report for errors. If you find inaccuracies, dispute them. Correcting mistakes can quickly enhance your score.

    • Avoid new hard inquiries. When you apply for new credit, it can temporarily lower your score.

    • If you can manage it responsibly, consider taking out a small personal loan to diversify your credit mix.

    At the end of the day, consistent efforts in making timely payments, reducing debt, correcting errors, and avoiding new inquiries can significantly boost your credit score. Stay committed to these strategies for the best results.

    Can I Get The Best Mortgage Rates With A 672 Credit Score?

    Yes, you can get good mortgage rates with a 672 credit score, but they may not be the best rates available. A 672 score is in the "good" range, which typically means you qualify for loans and receive decent interest rates. However, lenders tend to offer better terms for borrowers with scores of 740 and above.

    Expect variations in lender requirements. Some lenders may charge higher interest rates or require larger down payments for borrowers with scores below 740. To secure the best mortgage options, it’s essential that you shop around and compare offers.

    Lenders also assess other factors, including your debt-to-income ratio, employment history, and down payment size. If you can improve your score even slightly, you might qualify for lower rates and better loan terms. Consider exploring FHA loans as they often have more lenient credit score requirements.

    Lastly, while a score of 672 opens doors to mortgage options, focusing on improving your score can significantly enhance the rates and terms you receive.

    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.

    Any Practical Benefits Of A 672 Credit Score

    A credit score of 672 offers you several practical benefits. It falls within the "good" range, which typically grants access to various financial products. You can likely qualify for personal loans with favorable terms, helping you meet financial needs without excessive interest charges.

    With a 672 credit score, lenders see you as a lower-risk borrower. This perception increases your chances of loan and credit approval. While you may not access the most competitive interest rates and loan terms available to those with higher scores, you still enjoy solid options.

    In practical terms, your score enhances your negotiating power. You can argue for lower interest rates when discussing loan terms, saving you money over time. Additionally, insurance companies may factor in your credit score when calculating premiums, potentially leading to lower rates.

    While you won’t secure the absolute best deals like someone with an 800+ score, a 672 score still positions you strongly compared to those with lower scores. Finally, maintaining your credit score is essential for unlocking even more financial opportunities in the future.

    Can I Get Good Personal Loan Rates With A 672 Credit Score?

    You can get good personal loan rates with a 672 credit score. This score is satisfactory, indicating that you manage credit responsibly. Lenders typically view applicants with scores in this range as reasonable risks.

    To enhance your chances of securing better rates, follow these steps:

    • Check your credit report for errors. Dispute any inaccuracies promptly.
    • Pay off existing debts to lower your credit utilization ratio, which can positively affect your score.
    • Determine the exact loan amount you need. This helps you appear creditworthy to lenders.

    Consider approaching banks where you already have a relationship; they may offer preferential terms based on your history with them. If you struggle to obtain a loan from traditional lenders, explore alternative platforms that cater to moderate credit scores. These often provide more flexible terms. Always compare rates from different lenders; interest rates can vary significantly, especially for borrowers with scores below 700.

    Big picture: Focus on improving your credit report, understanding your needs, and exploring multiple lenders for the best loan rates available.

    Can I Buy Or Lease A Car With A 672 Credit Score?

    Yes, you can buy or lease a car with a 672 credit score. This score falls into the "Good" category in the FICO scoring model. While lenders prefer scores of 700 or above for favorable lease terms, many will still approve your application at 672. Just be prepared for potentially higher interest rates.

    When leasing, terms can greatly vary based on the lender, vehicle model, and your financial situation. You might encounter higher monthly payments and possibly need a larger down payment. We advise checking your credit report beforehand to better understand your credit profile and how lenders may view you.

    Improving your credit score can help you secure a better deal in the future. Regularly paying down debt and maintaining a clean payment history can boost your score, making the leasing process easier and more affordable.

    Overall, you can purchase or lease a vehicle with your 672 credit score. To enhance your prospects, consider improving your credit standing over time and exploring options for better terms.

    Credit Card (Secured Or Unsecured) Options With A 672 Credit Score?

    With a 672 credit score, you can access both secured and unsecured credit card options. Your score falls under "fair credit," giving you several choices, though they may not be the most premium.

    Unsecured Credit Cards:
    • You may qualify for unsecured cards that don’t require a security deposit. Options like the Petal® 1 "No Annual Fee" Visa® might suit you. These typically offer lower ongoing APR than other cards for fair credit.
    • Unsecured cards may provide rewards, limited cash back, or modest benefits, although many top rewards cards demand a higher credit score.

    Secured Credit Cards:
    • Secured cards, such as the Capital One Platinum Secured, effectively build credit. They need a security deposit, which serves as your credit limit, usually with lower deposit requirements for accessibility.
    • While they lack rewards, responsible use can enhance your credit score, opening doors to better cards later.

    Regardless of the card you choose, make timely payments and follow credit-building guidelines. This will positively influence your credit utilization rate and increase your chances of qualifying for superior financial products in the future. Remember, credit card issuers frequently review your credit history. Consistently demonstrating good habits may lead to credit limit increases over time.

    As a final point, explore both secured and unsecured card options, maintain timely payments, and actively work on improving your credit to unlock better opportunities ahead.

    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 If I Want To Boost My 'Good' Credit Score

    Becoming an authorized user can help you boost your good credit score. When you become an authorized user, you gain access to someone else's credit card account without being responsible for payments. Their positive credit behavior can enhance your score.

    Choose the right primary account holder for the best results. They should have a high credit score and a solid history of on-time payments. This ensures that their good credit habits positively impact yours. The account you select should also be actively used and reported to the credit bureaus.

    Be cautious, though. If the primary user misses payments or has high credit utilization, it could hurt your score. It’s important to communicate with them to ensure they maintain good credit practices.

    Before you proceed, check with the credit card issuer to confirm they report authorized user activity to the major credit bureaus. If they don’t, you won't see any benefits from becoming an authorized user.

    To put it simply, yes, becoming an authorized user can enhance your good credit score. Just be strategic about whose account you join, and ensure the primary user maintains strong credit habits.

    Which Negative Marks On My Credit Report Affect My 672 Score?

    Negative marks on your credit report that affect your 672 score include late payments, charge-offs, and collections. These marks significantly lower your score and impact your creditworthiness in the eyes of lenders.

    • Late payments: Missing a payment brings lasting consequences. It stays on your report for up to seven years, especially damaging if recent.

    • Charge-offs: A charge-off occurs when a creditor considers a debt uncollectible after prolonged non-payment. This drastically harms your score.

    • Collections: Unpaid debts can be sent to collections, which severely impacts your score and indicates financial difficulties.

    Understanding these negative marks is crucial since they can categorize you as a subprime borrower, leading to higher interest rates and fewer loan options. To improve your 672 score, focus on making timely payments and addressing any outstanding debts.

    In short, prioritize timely payments, communicate with creditors, and work on settling existing debts to enhance your credit score effectively.

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

    Yes, you should negotiate and pay off debts to improve your 'good' credit score. Negotiating can reduce what you owe and lower your financial burden. However, settling debts may initially hurt your credit score since it alters your original agreement with the lender. Once the lender closes your account, it can create a negative mark on your credit report.

    Here's what you need to know:

    • Debt settlement reduces your total debt but may lead to a drop in your credit score.
    • Your credit report reflects your payment history. Each late payment decreases your score.
    • If you settle, your debt will be reported as "paid-settled," which is less favorable than "paid in full."

    It's essential to consider your overall financial situation. Reducing your debt can help you manage finances better and lead to improved credit options in the future. Just understand the trade-offs involved. If you're thinking of settling, we advise you to negotiate directly with your lender or consult a reliable debt settlement company. This approach helps you make an informed decision about your financial future.

    To finish, weigh the benefits of negotiating and paying off your debts against the potential initial impact on your credit score. Assess your situation, and choose a path that supports your long-term financial health.

    Best Site To Monitor My Credit Report?

    To find the best site to monitor your credit report, you should consider reputable options. We recommend AnnualCreditReport.com, where you can access your credit report for free from Equifax, Experian, and TransUnion once every 12 months.

    For ongoing monitoring, Credit Karma and Experian stand out. They offer free credit score checks and alerts for any changes in your report. This helps you stay informed about your credit status.

    If you seek more comprehensive features, check out Identity Guard and MyFICO. These paid services include identity theft protection, detailed credit scoring, and more frequent updates.

    In essence, choose a service that fits your needs. For free reports, use AnnualCreditReport.com. For continuous monitoring, consider Credit Karma or Experian. If you want full protection and insights, explore paid options like Identity Guard or MyFICO. Staying on top of your credit report is essential for your financial health.

    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/ 'Good' Credit?

    Considering a credit builder loan with 'good' credit can enhance your financial profile, but it ultimately depends on your goals. If your credit score is 672, a credit builder loan might help you strengthen your payment history, which is crucial since payment history constitutes 35% of your credit score.

    Credit builder loans allow you to show consistent, on-time payments to credit bureaus. However, since you already possess good credit, evaluate whether you genuinely need further improvements.

    Consider the costs involved. Credit builder loans typically require you to repay with interest, potentially leading to higher overall costs. Since you won't receive the money until the loan is fully paid off, ensure the timing aligns with your needs. If you're okay with waiting and managing interest, a credit builder loan could be a wise decision.

    Also, assess your immediate financial needs. Credit builder loans usually have terms ranging from 6 to 24 months. If you don’t require immediate access to cash, this option could set you up for future financial moves.

    To wrap up, before committing to a credit builder loan, evaluate your financial goals, consider the costs and timing, and determine if you truly need the loan to enhance your already strong credit.

    Is A 672 Credit Score Different Between Fico And Vantage

    Yes, a 672 credit score can differ between FICO and VantageScore. Both models use a scale from 300 to 850, but they evaluate your credit history using different criteria.

    FICO Scores consider your entire credit profile. They emphasize factors like your payment history, credit utilization, and the length of your credit history.

    On the other hand, VantageScore focuses more on your recent credit behavior and trends, looking at how you manage your accounts over time. While both models analyze similar factors, the weight assigned to these aspects varies, which can lead to different scores.

    For example, a 672 score calculated with FICO may not be the same if calculated using VantageScore due to their different methodologies. We advise you to check both scores when evaluating your creditworthiness.

    On the whole, understanding the differences between these credit scoring models can empower you to manage your credit effectively and ensure you're making informed financial decisions.

    Does My 672 Credit Score Affect My Chance To Rent An Apartment?

    Yes, a 672 credit score affects your chance to rent an apartment. This score is in the good range according to both FICO and VantageScore models. Generally, landlords favor applicants with scores above 650, so you have a good chance of approval.

    However, not every landlord weighs credit scores equally. Some may prioritize other factors, like your income, rental history, or employment stability. If your score were below 650, landlords might scrutinize your credit details more closely or ask for additional measures, such as a larger deposit or a co-signer.

    Also, consider that rental markets vary. In competitive areas, especially luxury buildings, you may encounter stricter requirements. If you live in an area where average scores are lower, your chances improve significantly.

    To strengthen your rental application with a 672 score, you can demonstrate financial stability and provide references. If you want to explore strategies for further improving your score, we discuss the best methods to enhance a 672 credit score in another section.

    Bottom line, your 672 credit score positively impacts your ability to rent an apartment, so focus on presenting your financial strengths and be aware of local market conditions to ensure a successful application.

    Can A Credit Repair Company Actually Boost My 'Good' Score Any Further

    Yes, a credit repair company can help you boost your 'good' credit score even further, but it depends on your specific situation. If your credit report has inaccuracies or outdated information affecting your score, a credit repair company can assist in disputing these errors on your behalf. They simplify the process, making it easier for you to resolve issues on your credit report.

    However, if your credit report is accurate, hiring a credit repair company may not provide significant benefits. You typically need to have poor credit or considerable mistakes in your report for a credit repair service to be helpful.

    Before engaging with a credit repair company, research and choose a reputable one. Be cautious of companies that promise guaranteed score increases; legitimate services focus on correcting inaccuracies rather than offering assured results.

    In a nutshell, assess your credit situation first. If you find errors, consider reaching out to a credit repair company for help. This approach empowers you to enhance your credit score further.

    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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