How Good Is a 690 Credit Score? What It Means for You

A credit score is a numerical representation of an individual’s creditworthiness, used by lenders to assess risk. This three-digit number, typically ranging from 300 to 850, reflects how responsibly a person manages financial obligations. Lenders use these scores to help decide whether to approve applications for loans, mortgages, or credit cards, and to determine the interest rates and terms of those financial products.

A credit score is generated based on information within a credit report, which includes details about active accounts, total debt levels, and repayment history. Commonly used models like FICO and VantageScore consider factors such as payment history, amounts owed, length of credit history, types of credit used, and new credit inquiries. Understanding this score influences access to various financial opportunities.

Categorizing a 690 Credit Score

A credit score of 690 generally falls within the “Good” range across common credit scoring models such as FICO and VantageScore. FICO scores categorize “Good” credit between 670 and 739, while VantageScore considers “Good” to be from 661 to 780. This signifies an individual is typically seen as a reliable borrower.

Although a 690 score is considered good, it sits just above the “Fair” category and below “Very Good” or “Excellent.” The average FICO score in the U.S. was 715 as of April 2025, and the average VantageScore 3.0 was 703 as of March 2025, placing a 690 score slightly below these national averages but still within the “Good” tier. This indicates to lenders that while dependable, the borrower may not qualify for the best interest rates or financial products, which are reserved for those with higher scores.

Implications for Borrowing and Financial Products

For credit cards, a 690 score typically allows for approval for a wide selection of cards, including many with cashback or rewards programs. While approval odds are strong, individuals with this score might not gain access to premium cards or the lowest interest rates. Credit limits offered are generally reasonable, but higher limits are often reserved for those in the “Very Good” or “Excellent” score ranges.

When seeking an auto loan, a 690 credit score typically places a borrower in the “prime” lending tier. This position usually qualifies individuals for competitive interest rates. For example, recent data indicates that borrowers in the prime credit tier might see average APRs of around 6.40% for new car loans and 9.95% for used car loans, whereas those with higher scores could secure rates below 5% for new vehicles. This difference in interest can add hundreds or even thousands of dollars to the total cost of a loan over its term.

Personal loans are generally accessible with a 690 credit score, as many lenders approve applications for scores in this range. However, the interest rates offered may be higher than for individuals with excellent credit. The average personal loan interest rate for consumers with a credit score between 690 and 719 is currently around 14.48%. Borrowers with scores in the 720-850 range could see average rates closer to 11.81%.

Securing a mortgage is generally possible with a 690 credit score, as it meets or exceeds the minimum requirements for many conventional, FHA, and VA loans. Conventional loans often require a minimum score around 620, while FHA loans can be approved with scores as low as 500-580, and VA loans typically look for scores of 620 or higher. Despite being able to qualify, a 690 score may result in a slightly higher interest rate compared to someone with a score in the “Very Good” or “Excellent” range. This difference, potentially 0.25% to 1% higher, can lead to thousands of dollars in additional interest paid over the loan’s life.

Other Areas Affected by Credit Scores

Beyond traditional lending, a 690 credit score can influence various other aspects of an individual’s financial life. The score acts as a general indicator of financial habits to other entities.

When applying for rental housing, landlords frequently utilize credit checks to assess a prospective tenant’s financial responsibility and likelihood of making timely rent payments. A 690 score generally improves approval chances and may lead to more favorable lease terms, such as avoiding a higher security deposit. While some rental checks involve a “soft inquiry” that does not affect the score, others may result in a “hard inquiry” which can cause a slight temporary dip.

Insurance premiums for auto and home policies can also be influenced by credit-based insurance scores, which are derived from an individual’s credit report. Most insurers use these scores to predict the likelihood of future claims, with higher credit scores often correlating with a lower risk of filing claims. Consequently, a 690 credit score can contribute to obtaining more competitive rates.

Utility service providers, including electricity, gas, water, and internet companies, may conduct credit checks when an individual applies for new service. A lower credit score might prompt these companies to require a security deposit, which can range from approximately $100 to $250. While timely utility payments generally do not build credit unless reported by a third-party service, delinquent payments can negatively impact a credit score if the account goes to collections.

In some employment scenarios, particularly for positions involving financial management or access to sensitive data, employers may conduct credit background checks. Employers do not see an applicant’s actual credit score; instead, they review a modified version of the credit report that shows payment history, debts, and bankruptcies. These checks require the applicant’s written consent and are used to assess financial responsibility.