Is a 677 Credit Score Good or Bad?

Is a 677 Credit Score Good or Bad?

Yes! A 677 credit score falls in the range of good credit scores, which is approx from 300 to 850 on the FICO scoring model.

While a score of 677 is not excellent but is still above average. According to FICO’s report, many lenders consider a good score to be between 670 and 739, meaning that you will qualify for loans, credit cards, and financial products with a 677 score.

But a thing to note is that, you won’t receive the lowest interest rates which you might get with a score of 740–799 or 800+ scores.

As of May 2024, FICO® score ranges are:

  • Exceptional: 800+
  • Very Good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

How to Improve Your 677 Credit Score

Improving your credit score involves strengthening the factors that make up your credit profile:

  1. Pay Bills on Time as payment history makes up 35% of your FICO score. Just a single late payment will trigger a drop.
  2. Always aim to utilize less than 30% of the total available credit limit
  3. Only apply for inquiries when needed as too many credit applications over a short period will lower your credit score..
  4. The length of credit history accounts for 15% of your score. Keeping older accounts open helps maintain a longer average age.
  5. A healthy mix of credit types (credit cards, installment loans, mortgages) is crucial as it makes up to 10% of your score.
  6. Check your credit reports properly from Experian, Equifax, and TransUnion and resolve any errors asap.
How to Improve Your 677 Credit Score

The Benefits of a Good Credit Score

  • Most lenders will approve auto loans, personal loans, and mortgages.
  • Interest Rates might not be the best, but you’ll generally qualify for lower interest than applicants with poor or fair scores.
  • Lenders can increase credit lines for borrowers if credit is used responsibly.
  • For many landlords a 677 score is often sufficient.
  • In many states, insurers use credit scores to help determine premiums, meaning a good score can lower costs.

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How to Maintain a Good Credit Scorew

Once you’ve reached the good range, consistency is key to keeping it there. To maintain your 677 or improve it further:

  • Continue Paying on Time every month.
  • Keep Balances Low and pay off revolving debt regularly.
  • Limit New Credit Applications unless needed.
  • Use Credit Responsibly by showing regular but controlled activity.
  • Monitor Credit Reports at least once a year to detect fraud or errors.

What Can You Get with a 677 Credit Score?

With a 677 credit score, you have access to a variety of financial products:

  • Credit Cards: You are eligible and can get approved for rewards cards, cashbacks, and balance transfer cards, though some premium cards will require higher scores.
  • Auto Loans: You can qualify for car loans at reasonable interest rates.
  • Mortgages: Mortgage lenders generally accept scores starting at 620. However FHA loans may be easier to obtain and could provide lower down payments.
  • Personal Loans: Chances are high to get approved, but the interest rate will depend on factors like income and debt ratio.
  • Rental Housing: For landlords 677 is a safe score.

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Conclusion:

In conclusion a credit score of 677 is good and will provide many financial opportunities. With proper responsible habits, you can improve it further and reach a very good or excellent score like 700+ or even 800+ and unlock the best interest rates and credit terms.

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