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

  • A 698 credit score is decent but may limit access to the best loan rates.
  • Taking timely payments and addressing inaccuracies can help improve your score.
  • Call The Credit Pros for personalized guidance to potentially boost your score and unlock better financial options.

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A 698 credit score looks good but isn’t perfect. Late payments, high credit utilization, or limited credit diversity usually cause it. This score gives you decent access to loans and credit, but it might hold you back from getting the best rates or terms. Tackle any negative marks quickly to boost your score and prevent further drops.

To improve your 698 credit score, make timely payments and keep your credit utilization below 30%. Check your credit reports regularly for errors and dispute any inaccuracies. With the right strategy—like reducing debt or becoming an authorized user on a responsible account—you could raise your score by 50-100+ points.

For personalized help, call The Credit Pros. We’ll have a simple, no-pressure chat to evaluate your credit report and give you tailored advice. Let’s work together to improve your score and open up better financial opportunities.

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    Why Is My Credit Score Only 698 (And Not Perfect)?

    Your credit score of 698 is considered "good," but there are a few reasons why it's not perfect. To understand better, you need to know how credit scores are calculated. The FICO score, which ranges from 300 to 850, factors in several elements: payment history, credit utilization, length of credit history, types of credit, and new credit inquiries.

    1. Payment History: If you’ve had any late or missed payments, they can drop your score. Even one missed payment can hurt your score more than you might expect.

    2. Credit Utilization: This measures how much credit you’re using compared to your total available credit. A high utilization rate (ideally under 30%) can negatively impact your score.

    3. Length of Credit History: If your credit accounts are relatively new, your score may lack the benefit of a long credit history, which shows lenders you manage credit well over time.

    4. Types of Credit: A mix of credit (like credit cards and installment loans) can improve your score. Relying on just one type of credit can limit your score potential.

    5. Recent Credit Inquiries: If you’ve applied for several new credit accounts recently, this can lower your score temporarily.

    To sum it up, your 698 credit score shows that you have room for improvement. By addressing late payments, lowering your credit utilization, diversifying your credit types, and managing inquiries, you can enhance your score. To put it simply, focus on these areas to boost your credit profile and aim for a higher score in the future.

    5 Best Ways To Boost A 698 Credit Score 50-100+ Points?

    To boost your 698 credit score by 50-100+ points, implement these five effective strategies:

    • Pay Down Credit Card Balances: Lower your credit utilization to below 30% of your limit. Focus on paying off high-interest cards first, as this has the most significant impact on your score.

    • Make Payments On Time: Always pay your bills, including loans and credit cards, on time. Your payment history makes up 35% of your credit score. Set up autopay to avoid missed payments.

    • Increase Your Credit Limits: Request a credit limit increase on your existing accounts. A higher limit helps reduce your utilization ratio. Just be cautious about hard inquiries that may temporarily lower your score.

    • Limit New Credit Applications: Avoid applying for new credit frequently. Each application can temporarily reduce your score due to hard inquiries. Space out necessary applications to minimize this impact.

    • Check Your Credit Reports: Regularly review your credit reports for inaccuracies or derogatory marks. Dispute any errors that could be affecting your score. Correcting mistakes can lead to significant improvements.

    In short, focus on paying down balances, making timely payments, increasing credit limits, limiting new applications, and checking your credit reports. These actionable steps empower you to improve your credit health effectively.

    How Long To Improve My 698 Credit Score 50-100+ Points?

    To improve your 698 credit score by 50-100+ points, you can see results in as little as 30 days. The exact timeframe depends on your unique situation and the actions you take. Here’s how you can do it:

    • Reduce Credit Utilization: Keep your credit utilization below 30% of your limit. Aiming for single digits can boost your score even more.

    • Make On-Time Payments: Always pay on time to enhance your payment history, which makes up 35% of your score. Consider setting up autopay or reminders.

    • Pay Down Debt: Focus on paying off revolving credit card balances, especially those close to their limits. Reducing debt can lead to quick improvements in your score.

    • Limit New Credit Applications: Avoid applying for new credit while working on improving your score, as each application can temporarily hurt it.

    • Check Your Credit Report: Regularly review your credit report for errors or negative items that you can dispute. Fixing inaccuracies can quickly elevate your score.

    With consistent effort using these strategies, you can realistically see your credit score rise within a month or two, although significant changes might take longer. To finish, prioritize reducing credit utilization, making timely payments, and clearing debt to effectively boost your score. You’ve got this!

    Can I Get The Best Mortgage Rates With A 698 Credit Score?

    Yes, you can get mortgage rates with a 698 credit score. This score typically falls in the "good" category, allowing for mortgage approval. However, while you qualify for a conventional mortgage, you may not secure the best interest rates available. Experts suggest you often need a score of 760 for those top-tier rates.

    Your score can still provide decent options, particularly for standard loans. Remember, your income and overall financial health also play crucial roles in final approval. If you face difficulties obtaining a loan, consider exploring options like USDA or VA loans, which cater to borrowers in your situation.

    As you move forward, work on enhancing your credit score to improve future mortgage applications and interest rates. This is especially important if you plan to refinance or buy a larger home later. Carefully check loan terms to ensure you secure the best possible deal based on your credit situation.

    In essence, with a 698 credit score, you can obtain a mortgage but may not access the best rates. Focus on boosting your score and exploring various loan options for a stronger financial position.

    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 698 Credit Score

    Having a 698 credit score offers you several practical benefits that can enhance your financial opportunities. Here’s what you need to know:

    • Access to Loans and Credit Cards: With a 698 credit score, you are in the "good" range. This makes it easier for you to get approved for personal loans and credit cards, as lenders view you as a lower-risk borrower.

    • Better Interest Rates: While your score isn't at the top tier, you can still secure favorable interest rates. This helps you save money over time on loans and credit card balances, making monthly payments more manageable.

    • Greater Negotiating Power: A strong credit score gives you leverage when negotiating loan terms. You can use your score to request lower interest rates and better payment conditions.

    • Easier Rental Process: If you’re looking to rent, your 698 score will work to your advantage. Many landlords check credit scores, and a good score shows financial responsibility, increasing your chances of rental approval.

    • Insurance Benefits: Some insurance companies consider credit scores when determining premium rates. A good score could lead to lower insurance costs, saving you money.

    To wrap up, your 698 credit score provides various advantages regarding loans, credit cards, renting, and insurance. By maintaining this score, you can maximize these benefits while striving to improve your credit even further.

    Can I Get Good Personal Loan Rates With A 698 Credit Score?

    Yes, you can get good personal loan rates with a 698 credit score. This score is considered "good," and many lenders are open to offering loans. However, remember that while your score gives you access to personal loans, it may not qualify you for the best available rates.

    Here are a few key points to consider:

    • Interest Rates: Generally, borrowers with a credit score between 690 and 719 have average interest rates around 13.74%. This rate can be higher compared to those with excellent credit.

    • Loan Options: You have various options, including banks, credit unions, and online lenders. Each lender may provide different rates and terms, so explore them wisely.

    • Lender Criteria: Lenders look at different factors. Some may evaluate your income and employment history in addition to your credit score.

    To improve your chances of securing a favorable rate, manage your credit utilization, consistently make on-time payments, and fix any errors on your credit report. Approaching a lender where you have an existing relationship can also work in your favor, as they might offer you more competitive rates based on your history with them. If needed, consider alternative lenders catering to your credit score range.

    On the whole, you can secure good personal loan rates with a 698 credit score by comparing options, managing your finances well, and addressing any credit report issues.

    Can I Buy Or Lease A Car With A 698 Credit Score?

    You can buy or lease a car with a 698 credit score. This score is considered "good" (between 670 and 739), which means lenders generally see you as a reliable borrower. Although there’s no strict minimum credit score to lease a car, higher scores typically offer better lease terms and lower interest rates.

    With a 698 score, you likely qualify, but your offers may not be the most favorable. Lessees usually have scores around 720, so lenders might offer slightly higher interest rates for those with scores below that threshold.

    When you lease, expect lenders to review your credit, income, and current debts. This assessment determines the lease terms that fit your profile. If you have a specific vehicle in mind, take time to shop around, as different lenders have various criteria that could benefit you.

    To improve your lease terms, consider raising your credit score before applying. Even small enhancements can lead to better rates. For ongoing tips on boosting your 698 credit score and finding favorable mortgage rates, explore our sections on these topics.

    Bottom line, you can definitely buy or lease a car with a 698 credit score, but improving your score can help you secure better offers. Take action now to potentially enhance your terms and explore your options confidently.

    Credit Card (Secured Or Unsecured) Options With A 698 Credit Score?

    With a credit score of 698, you have strong options for credit cards, both secured and unsecured.

    Secured credit cards require a cash deposit as collateral, which typically becomes your credit limit. You might consider the Discover it® Secured Credit Card. It offers cash back on purchases and will review your account after eight months for potential upgrade to an unsecured card. The Capital One Secured Mastercard is another solid choice, featuring a lower deposit requirement and a chance for a higher credit limit.

    On the unsecured side, you can qualify for cards aimed at fair credit. The Credit One Bank Platinum Visa is popular and offers cash rewards on purchases, although it charges an annual fee. Alternatively, the Petal Visa has no annual fee and provides cash back, making it a great option for building your credit history.

    Be aware that cards suited for your score range often come with higher interest rates. Always check the annual percentage rate (APR) to avoid expensive charges.

    In a nutshell, with a 698 credit score, consider secured cards like Discover it® and Capital One for building credit. For unsecured options, check out Credit One Bank and Petal Visa. Always review interest rates carefully to avoid extra costs. You're on the path to improving your credit profile!

    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 if you want to boost your 'good' credit score. When you do this on someone else's credit card, you can benefit from their positive payment history and credit limit, improving your credit utilization ratio. A lower utilization ratio significantly boosts your credit score.

    Choose a primary account holder with a strong credit history. If their account is in good standing and the card issuer reports authorized user activity to credit bureaus, you can see a noticeable improvement in your score. Studies show that becoming an authorized user can lead to an average score increase of about 11% within three months.

    Remember, not all issuers report authorized user activity. Confirm this with the primary account holder first. If the primary account holder has a poor credit history or misses payments, your score could drop. Assess the potential risks before deciding.

    All in all, becoming an authorized user can effectively boost your credit score, especially if the primary account holder manages their account responsibly. We advise you to discuss their credit habits openly and ensure the issuer reports to the credit bureaus.

    Which Negative Marks On My Credit Report Affect My 698 Credit Score?

    Negative marks on your credit report can significantly impact your 698 credit score. Here’s how various issues affect your score:

    • Late Payments: A payment made 30 days late can severely harm your score. Since payment history accounts for about 35% of your FICO score, timely payments are crucial.

    • Collections Accounts: Accounts sent to collections have a longer-lasting negative effect than late payments. They signal to lenders that you might struggle with obligations.

    • Bankruptcy: This is one of the most damaging marks, affecting your score for up to 10 years. It indicates severe financial distress to lenders.

    • Foreclosures: Similar to bankruptcy, foreclosures can appear on your credit report for about 7 years and show an inability to meet mortgage obligations.

    • Credit Utilization: A high credit utilization ratio can decrease your score. Aim to keep your utilization under 30%.

    Understanding these negative factors allows you to take proactive steps toward better credit management. The gist of it is: focus on timely payments, avoid collections, and manage your credit utilization to protect and improve your score.

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

    Yes, you should negotiate and pay off debts to improve your credit score. This strategy can help, but keep important considerations in mind.

    When you negotiate a debt settlement, you agree to pay less than what you owe. This can ease your debt burden, especially if you're facing financial struggles. However, the settlement will be recorded as "settled" on your credit report for up to seven years, which can negatively affect your credit score.

    Paying off debts through negotiation lowers your credit utilization ratio, benefiting your score. However, the initial impact of settling a debt is usually detrimental. You need to balance the benefits of reducing debt with the short-term damage to your credit score.

    Explore alternatives, like working directly with creditors or through a nonprofit credit counseling agency. These options may help you avoid the negative consequences of traditional debt settlements.

    Remember, if settling your debts helps you avoid missed payments and stabilizes your finances, it could be worthwhile despite temporary damage to your score. Stay committed to your repayment plan and monitor your credit afterward for a quicker recovery.

    Best Site To Monitor My Credit Report?

    The best site to monitor your credit report is Aura. You gain access to three-bureau credit monitoring, identity theft protection, and a credit score simulator. Plus, with a free 14-day trial, you can test the service to see if it meets your needs.

    You might also consider Experian. Their free credit monitoring service gives you real-time alerts about changes on your Experian credit report. Unique features like Experian Boost can help increase your FICO Score by adding positive payment history.

    For a no-cost solution, you can try CreditWise from Capital One. This service doesn't require a credit card and includes dark web scanning and Social Security number tracking.

    These platforms keep you updated on your credit health and alert you to potential fraud. At the end of the day, choose the option that best fits your monitoring needs to stay informed and secure.

    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 with a good credit score. These loans can enhance your credit profile by showing lenders you make consistent payments. Lenders report your payments to credit bureaus, which can help boost your score further.

    A credit builder loan functions differently from a traditional loan. You make payments first, and then the lender releases the funds to you after you complete the payment schedule. This structure builds a positive payment history, which is essential for your credit score. By making timely payments, you reinforce your good credit habits.

    While credit builder loans do have interest rates, they are typically lower than credit card rates. You may also find options with lower administration fees, saving you money. Companies like Digital Federal Credit Union offer competitive rates and terms, making them a solid choice.

    If you want to maintain or improve your credit score, a credit builder loan can be a strategic move. This option is especially beneficial if you want to diversify your credit mix or plan to apply for a larger loan soon. Just ensure you stick to your monthly budget to make timely payments without financial strain.

    Lastly, consider using a credit builder loan to strengthen your credit position while continuing your good credit habits.

    Is A 698 Credit Score Different Between Fico And Vantage

    A 698 credit score varies between FICO and VantageScore. Both scoring models range from 300 to 850, but they define "good" scores slightly differently.

    For FICO, a score between 670 and 739 is considered good, placing your 698 score well within that range. In contrast, VantageScore views scores from 661 to 780 as good, so your score is also classified as good here.

    Despite these similarities, lenders may prefer one score over the other, depending on their criteria. Your credit behavior and usage can influence each score. This means your score might fluctuate, even if both models categorize it as good.

    Understanding these differences can help you navigate how lenders view your credit health. If you're looking for practical steps to enhance your score, be sure to explore "5 best ways to boost a 698 credit score 50-100+ points."

    Finally, remember that both FICO and VantageScore classify your 698 credit score as good, which puts you in a favorable position with lenders. Taking steps to improve your credit habits can further strengthen your financial standing.

    Does My 698 Credit Score Affect My Chance To Rent An Apartment?

    Yes, your 698 credit score affects your chance to rent an apartment. A 698 score falls within the "good" range (670-739) according to FICO standards. This means you have a decent chance of being approved for rental applications. However, the final decision relies on various factors beyond just your credit score.

    Landlords typically check both your credit score and your credit report. They want to see your payment history, any past evictions, and collections. A 698 score shows you're responsible, but it may not guarantee approval in competitive rental markets. Some landlords prefer higher scores, especially in high-demand areas.

    While your score matters, landlords also consider your income and rental history. If you have a stable income and a strong record of on-time payments, those factors can strengthen your application, even with a score around 698.

    Big picture - a 698 credit score provides a solid foundation, but remember to highlight your stability and rental history to enhance your chances in the rental market.

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

    A credit repair company can boost your 'good' score, but you should consider a few key points. These companies primarily focus on removing inaccuracies from your credit report, which you can also do for free.

    If you spot errors on your credit report, a credit repair company can help you dispute them. However, they cannot remove accurate negative information, like missed payments or debts in collections. If your credit score is already good, expect only minimal improvements from a credit repair service.

    Many legitimate credit repair companies charge monthly fees between $50 and $150. Before you hire one, research their reputation thoroughly. Remember that no one can guarantee a specific increase in your score.

    To enhance your credit score further, check out our upcoming sections on strategies for boosting a 698 credit score by 50-100+ points. Overall, while credit repair companies can assist you, often, you can achieve the same results on your own, saving money in the process.

    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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