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

  • A 693 credit score is decent, but it may lead to higher interest rates on loans and credit cards.
  • Timely payments and lower credit utilization can potentially boost your score significantly.
  • Call The Credit Pros for personalized assistance; we can help you tackle inaccuracies and improve your financial future.

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A 693 credit score is decent but not great. It can help you get loans and credit cards, but you might deal with higher rates than borrowers with excellent scores. Lenders usually reserve their best offers for scores above 760, so aiming higher can secure you better terms.

To boost your 693 credit score by 50-100 points, make timely payments and lower your credit utilization below 30%. Check your credit report for errors, and try negotiating any outstanding debts. Improvements take patience and consistent effort, but your score plays a key role in your financial options.

The best thing you can do today is call The Credit Pros. We’ll help you evaluate your credit report and offer personalized solutions tailored to your situation. Don’t let your score hold you back—let us help you reach your financial goals!

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    Why Is My Credit Score Only 693 (And Not Perfect)?

    Your credit score of 693 is considered "good," but not perfect because it falls within the 670-739 range. This score shows that you generally pay your bills on time and are a relatively low-risk borrower. However, it doesn't reach the "very good" or "excellent" categories, which usually range from 740 to 850. Lenders may view scores like yours as acceptable, but they might not offer you the best rates or terms for loans and credit products.

    Several factors affect your score, including:
    • Missing payments
    • A high credit utilization ratio
    • Limited credit history

    Even a few late payments from the past can weigh it down. Remember, as your score gets higher, it becomes harder to see significant improvements.

    To boost your score, focus on:
    • Making timely payments
    • Reducing your credit utilization
    • Actively managing your credit accounts

    Keep a healthy mix of credit types, too. If you want to improve your score, check your credit report for inaccuracies and monitor it regularly.

    On the whole, you can still qualify for loans with your 693 score, but by improving it, you can access better terms and rates.

    5 Best Ways To Boost A 693 Credit Score 50-100+ Points?

    To boost your 693 credit score by 50-100+ points, follow these five best ways:

    1. Check Your Credit Reports: You should obtain free copies of your credit reports from the three major bureaus: Experian, Equifax, and TransUnion. Carefully review them for any errors; 5% of consumers find inaccuracies. Dispute any errors you spot immediately, as correcting inaccuracies can improve your score.

    2. Lower Credit Utilization: Aim to use less than 30% of your total credit limit on any card. For optimal results, keep it in the single digits. Pay off your card balances before the statement closes or make multiple payments throughout the month to maintain low reported balances.

    3. Make Timely Payments: Always pay your bills on time. Set up autopay if needed. Timely payments are the most critical factor influencing your credit score.

    4. Limit New Credit Applications: Avoid opening multiple credit accounts at once. Each application results in a hard inquiry that can lower your score temporarily. Instead, focus on managing your existing credit responsibly.

    5. Build a Positive Credit History: If you have old credit accounts with no annual fees, keep them open to show a long credit history. Make small purchases and pay them off each month to demonstrate responsible usage.

    Bottom line: You can improve your credit score by checking for errors, lowering credit utilization, making timely payments, limiting new credit applications, and building a positive credit history. Take these steps to enhance your financial profile effectively.

    How Long To Improve My 693 Credit Score 50-100+ Points?

    To improve your 693 credit score by 50-100+ points, you may need anywhere from a few months to a couple of years. The duration largely depends on your current financial situation and the specific actions you take.

    • Credit Utilization: You should reduce your credit utilization to below 30%. Paying down existing debts can show results in as little as 30 days.

    • Payment History: Always make your payments on time. This step significantly impacts your score. If you've missed payments, getting back on track will help immensely.

    • Credit Mix: Consider diversifying your credit types, such as adding installment loans or credit cards. A varied credit profile can boost your score over time.

    • Negative Marks: Address any negative marks on your credit report. Paying off collections or resolving disputes can lead to a quicker score increase.

    • Continuous Monitoring: Regularly check your credit score to see how your actions affect it. Use services that provide updates to keep you motivated and guide your improvement efforts.

    In a nutshell, to effectively boost your score, focus on reducing credit utilization, ensuring timely payments, diversifying credit types, addressing negative marks, and regularly monitoring your score. Stay patient; results will come with consistent effort.

    Can I Get The Best Mortgage Rates With A 693 Credit Score?

    You can get mortgage options with a 693 credit score, but you shouldn't expect the best rates. Most lenders reserve the lowest interest rates for scores above 760. With a score like yours, anticipate reasonable rates, though they won't be the lowest.

    While 693 falls into the "good" credit category, it may lead to slightly higher rates than those with excellent credit. Many lenders still view you as a low-risk borrower, which aids in loan approvals. However, your income stability and debt-to-income ratio also influence your mortgage options.

    To secure better rates, consider these steps:
    • Pay down existing debts.
    • Ensure timely bill payments.
    • Make a larger down payment to offset your score's impact.

    You might also explore FHA loans or USDA loans, as they can have different credit score requirements.

    All in all, while you can secure a mortgage with a 693 credit score, taking steps to improve your score can lead to better loan terms and lower rates.

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

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    Any Practical Benefits Of A 693 Credit Score

    A 693 credit score provides you with several practical benefits. This score falls within the "good" range, offering a solid foundation for various financial opportunities. Here are the key advantages you can enjoy:

    • Loan Approval: You are likely to be approved for loans. Lenders see a score of 693 as low risk, making you a strong candidate for personal loans, mortgages, and auto loans.

    • Interest Rates: Although you may not get the absolute best rates, you can still access competitive options. You might find better interest rates than those available to borrowers with lower credit scores.

    • Standard Credit Cards: You qualify for standard (non-secured) credit cards, allowing you to further build your credit, even if you might not access the best rewards cards.

    • Rental Applications: A 693 score strengthens your rental applications. Many landlords view this score as satisfactory, increasing your chances of securing an apartment.

    While there are advantages, remember that specific benefits can vary based on factors like your overall financial health, income, and existing debts. The gist of it is that a 693 credit score opens doors for loans and rentals, making it easier for you to achieve your financial goals.

    Can I Get Good Personal Loan Rates With A 693 Credit Score?

    Yes, you can get good personal loan rates with a 693 credit score. This score is in the "good" range, which many lenders find acceptable. While you might not access the very best rates, you can still qualify for competitive terms.

    To improve your chances, consider these steps:

    • Understand Lender Criteria: Lenders assess your entire financial picture, including your income, job stability, and existing debts, not just your credit score.

    • Compare Offers: Shop around to find the best rate. Different lenders provide varying terms, so exploring options helps you secure a better deal.

    • Maintain Good Financial Practices: Make timely payments on existing debts and keep your credit utilization low. This boosts your overall creditworthiness and increases the likelihood of favorable rates.

    • Consider Alternative Lenders: If traditional banks offer less favorable rates, explore online lenders or credit unions. They often have more flexible terms for borrowers like you.

    Remember, while a 693 credit score may limit your access to the top interest rates, it still enables you to find reasonable personal loan options. Stay proactive by understanding lender criteria, comparing offers, and maintaining good financial habits.

    Can I Buy Or Lease A Car With A 693 Credit Score?

    Yes, you can buy or lease a car with a 693 credit score. This score is considered 'good,' though it falls below the typical 700 threshold for optimal financing options. Lenders will evaluate factors beyond your credit score, including your income and existing debts.

    When leasing, note that the average credit score is around 751, which may result in higher monthly payments or less favorable terms. It's wise to shop around at various dealerships and lenders, as terms can differ significantly. Look for automakers known to be more lenient with credit scores when leasing.

    If you're purchasing rather than leasing, a 693 credit score can still help you secure financing. However, be prepared for potentially higher interest rates. Some dealerships also provide specific financing deals for your score range, so it's beneficial to ask about those options. Always assess your budget to ensure that payments fit comfortably.

    At the end of the day, you can successfully buy or lease a car with your credit score. Just remember to explore different options, check for special financing, and stay within your budget.

    Credit Card (Secured Or Unsecured) Options With A 693 Credit Score?

    With a credit score of 693, you have several credit card options available, both secured and unsecured.

    You might consider the Capital One Platinum Secured Credit Card. You can start with a refundable deposit as low as $49, giving you a minimum credit limit of $200. Although this card doesn’t offer rewards, it’s effective for building your credit.

    If you prefer an unsecured card, take a look at the Petal® 1 “No Annual Fee” Visa® Credit Card. This option is accessible even with little to no credit history and has lower ongoing APR compared to many competitors.

    Keep in mind, with a 693 credit score, you fall into the "good" category, but you may not qualify for the best interest rates. Most cards will offer average rates between 13.5% to 16.5%. Always review the terms to ensure you understand the interest rates and any fees.

    Lastly, consider exploring other options like personal loans or becoming an authorized user to help boost your credit. You have tangible options to improve your financial path.

    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

    Yes, you should consider becoming an authorized user to boost your good credit score. As an authorized user, you benefit from the primary cardholder’s positive credit history. Their responsible payment habits and low credit utilization help improve your score.

    To maximize this benefit, choose a primary cardholder with a good (670-799) or excellent (800-850) credit score. Their positive credit behavior will reflect on your credit report, potentially raising your score. Most major card issuers report authorized user activity to the three major credit bureaus, so confirm that the account will be reported.

    Remember, as an authorized user, you don't have to make payments on the account, but you can still use the card for purchases. If the primary cardholder misses payments or has high utilization, it could negatively impact your score. Therefore, ensure you choose a reliable person for this role.

    Finally, becoming an authorized user is a smart way to enhance your credit profile with minimal risk, as long as you select the right account.

    Which Negative Marks On My Credit Report Affect My 693 Credit Score?

    Negative marks on your credit report can significantly affect your 693 credit score. These include late payments, bankruptcies, foreclosures, and hard inquiries.

    1. Late Payments: When you miss or pay a bill late, your score takes a hit. This factor matters the most, making up 35% of your score.

    2. Bankruptcies: A bankruptcy stays on your report for up to 10 years and can greatly lower your score.

    3. Foreclosures: Similar to bankruptcies, foreclosures can linger for up to 7 years, negatively impacting your score.

    4. Hard Inquiries: Each time you apply for credit, a hard inquiry occurs. Multiple inquiries in a short time can cost you several points.

    5. High Credit Utilization: Using more than 30% of your available credit also harms your score.

    If you spot errors, be sure to dispute them to potentially boost your score. Regular monitoring of your credit can help you manage these negative impacts effectively.

    Big picture - focus on addressing late payments and inaccuracies, keep your credit utilization low, and monitor your report to improve your financial health.

    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. When you settle a debt, you negotiate with the lender to pay less than what you owe. However, paying off the full amount usually benefits your credit score more. A "paid in full" status signals that you fulfilled your obligations as agreed.

    Start with your revolving debt, like credit cards. Reducing your credit utilization ratio—how much credit you use compared to your total limit—can significantly boost your score. If possible, pay these off completely. If settling is your only option, be aware that “settled” accounts can still harm your score.

    Remember, account statuses remain on your report for up to 10 years, so maintaining a good payment history is essential. Consider a debt management plan from a nonprofit credit counseling agency for extra support.

    Overall, negotiate wisely and prioritize full payments to effectively enhance your credit score while securing your financial future.

    Best Site To Monitor My Credit Report?

    To find the best site to monitor your credit report, consider these top recommendations:

    • CreditWise from Capital One: This free service doesn't need a credit card. You gain essential features like dark web scanning and Social Security number tracking.

    • Experian: Experian offers free credit monitoring with real-time alerts for new inquiries or accounts opened in your name. It includes a one-time dark web surveillance report.

    • Aura: Aura combines identity theft protection with credit monitoring. They offer 24/7 U.S.-based support, up to $5 million in identity theft insurance, and a free 14-day trial.

    • AnnualCreditReport.com: This site allows you to check your credit reports from Equifax, Experian, and TransUnion for free once a year.

    Using these platforms helps you stay on top of your credit health and alerts you to changes or potential fraud. As a final point, prioritize these services to effectively manage your credit report and maintain a secure financial future.

    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?

    Yes, you should consider a credit builder loan even if you have good credit. These loans help boost your credit score by showcasing your on-time payments. They report your payment history to major credit bureaus, which is important since payment history accounts for 35% of your credit score.

    If you’re in a stable financial position and want to strengthen your credit profile, a credit builder loan can be a great choice. Unlike traditional loans where you get the money upfront, a credit builder loan funds a locked savings account. You make monthly payments, and once you pay off the loan, you access those savings. This helps build your credit while saving money.

    Keep in mind, credit builder loans often have flexible requirements but also involve some interest. Ensure you are comfortable with any costs. If you can't become an authorized user on someone else's credit account or qualify for a credit-building credit card, a credit builder loan is a solid alternative.

    To put it simply, consider a credit builder loan to enhance your credit, enjoy consistent savings, and take your good credit to the next level.

    Is A 693 Credit Score Different Between Fico And Vantage?

    A 693 credit score can differ between the FICO and Vantage Score systems. Both score models range from 300 to 850, but they use different algorithms and factors for calculations.

    FICO scores focus on your payment history, amount of debt, length of credit history, types of credit, and new credit. In contrast, Vantage Score organizes credit data into six categories and may assign less weight to certain factors. For instance, Vantage Score may reward you for paying off balances monthly, which FICO does not consider.

    Even with a similar scoring range, your 693 score may carry different implications depending on the model used. Generally, a 693 score is considered "good," but lenders may assess your credit differently based on their preferred scoring model.

    Understanding these differences is essential for your borrowing opportunities. If you want to improve your score or learn how it impacts loans, we suggest checking out our sections on boosting a 693 credit score and finding the best mortgage rates.

    In short, it’s important that you recognize the differences between scoring models. This knowledge empowers you to make informed decisions about your credit.

    Does My 693 Credit Score Affect My Chance To Rent An Apartment?

    Your 693 credit score can affect your chances of renting an apartment. This score is in the "good" range, but landlords have varying standards.

    Most landlords check your credit score and review the details in your credit report. They want to see how you manage payments and if you have any past issues like evictions or bankruptcies. While some landlords may view a score of 693 positively, others might consider it below their preferred threshold.

    If your credit score is below 670, expect landlords to scrutinize your application more closely. You might face additional requirements, such as a higher security deposit or needing a co-signer.

    Other factors also influence your rental application. These include your income, references, and previous rental history. To improve your chances, maintain a stable income and solid rental history. Check your credit report beforehand to identify any issues you may need to address with potential landlords.

    To finish, be proactive by monitoring your credit score and addressing any concerns before applying for your next lease. This will help you increase your rental options and confidence in the process.

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

    A credit repair company can boost your good credit score, but the increase may be limited. If your score is already around 693, achieving a significant lift can be challenging. These companies help you by identifying and correcting inaccuracies in your credit report. They negotiate with creditors and credit bureaus to remove negative marks and resolve issues.

    However, if your credit report contains accurate information, a credit repair company cannot change that. You might find their services helpful if managing credit issues feels overwhelming. Remember, you can handle many credit repair tasks yourself, like checking for errors and disputing them. Use your legal rights under the Credit Repair Organizations Act for additional protection against scams.

    In our article, we cover topics like whether you should become an authorized user to boost your good credit score and the best strategies to enhance a 693 credit score. These sections offer practical advice and help you better understand your credit situation.

    In essence, while a credit repair company can assist you, especially in managing stress, you should first check for inaccuracies on your credit report and consider handling disputes yourself for better results.

    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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