What Can You Get With a 690 Credit Score?

A credit score serves as a numerical representation of an individual’s creditworthiness. Lenders and other entities utilize these scores to evaluate the financial risk associated with extending credit or services. A 690 credit score indicates a certain level of credit reliability, signaling a borrower who generally manages their financial obligations responsibly.

Credit scores are dynamic and reflect an individual’s financial behavior over time. They provide a snapshot of how a person has handled borrowed money in the past. This numerical assessment helps various institutions make informed decisions regarding financial products and services.

Understanding a 690 Credit Score

A 690 credit score is generally considered “good” across the most common credit scoring models, including FICO and VantageScore. For instance, within the FICO scoring model, a score of 690 falls squarely into the “Good” range, which typically spans from 670 to 739. Similarly, VantageScore categorizes a 690 score within its “Good” range, from 661 to 780. This classification suggests that individuals with a 690 score are viewed as acceptable borrowers by most lenders.

Several key factors contribute to the calculation of a credit score, each carrying a different weight. Payment history is the most significant factor, accounting for approximately 35% of a FICO Score. This category assesses whether bills have been paid on time and consistently. Late payments, especially those 30 days or more past due, can negatively impact this component.

The amount owed, also known as credit utilization, constitutes about 30% of a FICO Score. This factor considers the total outstanding debt and the proportion of available credit being used. Maintaining a low credit utilization rate, ideally below 30% of available credit, is generally recommended to avoid lowering scores.

The length of credit history makes up about 15% of the score. This includes the age of the oldest account and the average age of all accounts, with longer histories often indicating more experience managing credit. New credit, representing recent credit applications and newly opened accounts, accounts for approximately 10% of the score. Each new credit application can trigger a hard inquiry, potentially lowering the score by a few points.

Finally, the credit mix contributes roughly 10% to the overall score. This factor assesses the diversity of credit accounts, such as a combination of revolving credit (like credit cards) and installment loans (like mortgages or auto loans). While not the largest factor, demonstrating the ability to manage different types of credit responsibly can be beneficial.

Impact on Major Lending Products

A 690 credit score generally opens doors to various major lending products, though the specific terms and interest rates may not be the most favorable available. Lenders consider a 690 score acceptable, but borrowers might not receive the lowest rates typically reserved for those with scores in the “Very Good” or “Exceptional” ranges. While approval is likely, conditions can vary based on other financial factors like income, debt-to-income ratio, and down payment.

For mortgages, a 690 credit score is often sufficient to qualify for conventional loans, which typically require a minimum score around 620. This score also comfortably exceeds the minimum requirements for FHA loans, which can accept scores as low as 500 with a higher down payment or 580 with a 3.5% down payment. While a 690 score allows access to these products, the interest rates might be higher compared to borrowers with scores above 740, who typically secure the most competitive mortgage rates. For instance, as of early 2025, average FHA 30-year fixed rates for a 680 score were around 6.12%, while a 700 score could see rates around 6.03%.

Regarding auto loans, a 690 credit score places a borrower in a strong position for approval. In the first quarter of 2025, borrowers with scores in the “Prime” range (661-780), which includes 690, received average interest rates of approximately 6.70% for new cars and 9.06% for used cars. While these rates are competitive, individuals with scores above 780, considered “Superprime,” could obtain even lower rates, averaging around 5.18% for new cars and 6.82% for used cars. The specific rate offered will also depend on the loan term, vehicle type, and the lender’s individual criteria.

Accessing personal loans with a 690 credit score is generally feasible, as many lenders offer personal loans for individuals in the “good” credit range. The average personal loan interest rate for consumers with a good credit score (690 to 719) was approximately 14.48% in 2024. While this is a reasonable rate, borrowers with excellent credit (720 or higher) typically receive lower average rates, around 11.81%. Lenders may also consider income stability and existing debt levels when determining loan amounts and final interest rates.

When it comes to credit cards, a 690 credit score opens the door to a wide selection of options, including cashback and balance transfer cards. This score signals a history of responsible credit use, making applicants a lower risk for many issuers. While premium cards with the most exclusive perks and highest credit limits might be out of reach without a higher score, a 690 score can still secure cards with decent limits, often ranging from moderate to high depending on other financial factors. Interest rates on these cards may be higher than those offered to individuals with exceptional credit.

Other Financial Implications

Beyond traditional lending products, a 690 credit score can influence various other aspects of an individual’s financial life. This score acts as an indicator of financial reliability that extends into areas not directly related to borrowing money. Understanding these broader implications can help individuals anticipate and navigate different financial interactions.

Insurance premiums for auto and home policies can be affected by credit scores in many states. Insurance companies often use credit-based insurance scores, which are derived from elements of an individual’s credit history, to predict the likelihood of future claims. A 690 credit score, being in the “good” range, generally contributes to more favorable insurance rates compared to lower scores. However, specific premium amounts also depend on other factors like driving history or property value.

Landlords and property managers frequently utilize credit scores as part of their screening process for rental applications. A 690 credit score is typically viewed positively, signaling to landlords a lower risk of late or missed rent payments. While there is no universal minimum score, a good credit score can increase the chances of approval, potentially leading to more favorable lease terms or a lower security deposit. Landlords aim to assess a tenant’s financial stability and responsibility through their credit history.

Utility companies, including those providing electricity, gas, water, and internet services, may conduct credit checks when an individual applies for new service. These are generally “soft inquiries” that do not impact the credit score. A 690 credit score can help avoid or reduce the need for a security deposit, which utility providers may require from individuals with lower scores to mitigate the risk of unpaid bills. Deposits can range from under $100 to several hundred dollars, depending on the service and the applicant’s credit history.

Some employers, particularly for positions involving financial responsibility or access to sensitive data, may conduct credit checks as part of their background screening. These checks review aspects of a candidate’s financial behavior, such as payment history and outstanding debts, to assess their trustworthiness and reliability. While employers do not typically receive a credit score, a 690 credit history generally reflects financial prudence, which can be beneficial in securing such roles. These checks require the applicant’s written consent and are subject to regulations like the Fair Credit Reporting Act.

Accessing and Reviewing Credit Information

Understanding and managing one’s credit information is a proactive step toward maintaining financial health. Individuals are entitled to access their credit reports and scores, which provides transparency into the data lenders use. Regularly reviewing this information can help identify potential issues and ensure accuracy.

Individuals can obtain a free copy of their credit report annually from each of the three major credit bureaus: Equifax, Experian, and TransUnion. This access is provided through AnnualCreditReport.com, the only authorized website for these free reports. Reviewing these reports allows consumers to verify the accuracy of reported accounts, payment histories, and personal information.

Credit scores, while not part of the free annual credit reports, can be accessed through various avenues. Many banking institutions and credit card issuers offer free credit scores to their customers as part of their online services. Additionally, dedicated credit score services often provide scores and monitoring tools, sometimes for free. These resources help individuals track their score’s fluctuations and understand the factors influencing it.

If inaccuracies are found on a credit report, individuals have the right to dispute them with the credit bureaus. The dispute process typically involves contacting the bureau directly, either online, by mail, or by phone, and providing details of the error along with supporting documentation. The credit bureau is then required to investigate the dispute and correct any verified inaccuracies, which can help improve the credit report’s integrity and potentially the credit score.