Let’s talk numbers—specifically, the number 690. If this is your credit score, you’re not in the VIP “Excellent” club just yet, but you’re doing better than many. Think of a 690 credit score as being on the cusp of greatness. It’s like sitting at the edge of a big opportunity, just one step away from unlocking even better financial perks.
But what does a 690 score really mean for you? Is it good, bad, or just okay? And more importantly, what can you do with it—and how can you improve it? Let’s break it all down.
What Does a 690 Credit Score Mean?
Your 690 credit score is classified as “Good” in most scoring models like FICO® and VantageScore®. Here’s a quick breakdown:
- Poor (300–579): Struggle-town for credit approvals.
- Fair (580–669): Somewhat acceptable, but not ideal.
- Good (670–739): Solid footing, but not top-tier.
- Very Good (740–799): Almost excellent.
- Excellent (800–850): The gold standard.
So, a 690 score puts you in a “Good” position. Lenders see you as reasonably trustworthy, but there’s still some risk in their eyes. That said, a 690 score means you can access a lot of financial products—though maybe not the ones with the absolute best rates or rewards.
What Can You Do With a 690 Credit Score?
1. Qualify for Loans and Credit Cards
A 690 score makes you eligible for personal loans, auto loans, and many credit cards. While you might not snag the lowest interest rates, you’ll still have decent options.
2. Rent an Apartment with Confidence
Landlords often check credit scores during the rental process. A score of 690 is usually sufficient to secure a lease, especially if your rental history and income are solid.
3. Access Mid-Tier Credit Cards
You’re in the zone for mid-tier rewards credit cards, offering perks like cash back or travel points. Premium cards might still be out of reach, but this is a great starting point.
4. Improve Insurance Rates
In states where credit scores impact insurance premiums, a 690 score is likely to fetch better rates than a lower score.
5. Plan for a Mortgage
While not the “ideal” range for mortgage approvals, a 690 credit score can still qualify you for a home loan. You might need to negotiate or shop around for favorable terms.
How Is a 690 Credit Score Calculated?
Your credit score is based on five major factors:
1. Payment History (35%)
This is the big one. If you’ve been consistently paying your bills on time, this is likely why your score is hovering in the “Good” range.
2. Credit Utilization (30%)
How much of your available credit are you using? If you’re keeping your balances low relative to your credit limits, that’s a big win for your score.
3. Length of Credit History (15%)
The longer your accounts have been open, the better. If your credit history is relatively young, this could be why you’re not yet in the “Very Good” category.
4. Credit Mix (10%)
Lenders like to see that you can handle different types of credit—like credit cards, auto loans, and installment loans.
5. New Credit Inquiries (10%)
If you’ve applied for several new credit accounts recently, those hard inquiries might be dragging your score down slightly.
How to Improve a 690 Credit Score
A 690 score is good, but why settle for “good” when you can aim for “great”? Here are some steps to level up your credit score:
1. Pay Down Balances
Lowering your credit utilization ratio can give your score a quick boost. Try to keep your usage under 30% of your total credit limit—and under 10% for an even bigger impact.
2. Never Miss a Payment
Late payments are a score killer. Set up automatic payments or reminders to ensure you always pay on time.
3. Avoid Closing Old Accounts
Older accounts contribute to the length of your credit history, which is a key factor in your score. Even if you don’t use an old credit card, keeping it open can help maintain your score.
4. Limit Hard Inquiries
Each time you apply for new credit, your score can take a small dip. Be strategic about when and why you apply for credit.
5. Check Your Credit Report
Mistakes on your credit report can drag down your score. Check your report for free at AnnualCreditReport.com and dispute any errors you find.
Personal Insights: Living with a 690 Credit Score
I’ll never forget the day I hit a 690 credit score. It felt like I’d finally entered the “responsible adult” club. Before that, I was stuck in the low 600s, constantly battling high-interest rates and limited credit options.
What changed?
- I made a point to pay more than the minimum on my credit cards.
- I stopped applying for every tempting credit offer that came my way.
- And, I started using free credit monitoring tools to track my progress.
When I reached 690, I celebrated by applying for my first rewards credit card—and I got approved! Sure, it wasn’t a premium card, but it felt like a big win.
Common Questions About a 690 Credit Score
Q: Is a 690 credit score good?
A: Yes, a 690 credit score is classified as “Good.” It opens up many financial opportunities, though it’s not quite in the “Very Good” or “Excellent” range.
Q: Can I buy a house with a 690 credit score?
A: Absolutely. While you might not qualify for the lowest mortgage rates, many lenders will approve home loans for borrowers with a 690 score.
Q: How long does it take to improve a 690 credit score?
A: It depends on your financial habits. By paying down debt, making on-time payments, and avoiding new credit inquiries, you could see improvements in just a few months.
Q: Will paying off a credit card help my 690 score?
A: Yes! Paying off or reducing your credit card balances lowers your credit utilization ratio, which can positively impact your score.
Wrapping It Up: Your 690 Credit Score Journey
A 690 credit score is a solid foundation, but it’s not the end of the road. With smart financial habits, you can push your score into the “Very Good” or even “Excellent” range—and unlock even better opportunities.
Remember, your credit score isn’t just a number; it’s a tool. Use it wisely to achieve your financial goals, whether that’s buying a home, getting a better credit card, or simply saving money on interest.
So, what’s your next move? The journey from 690 to greatness is yours to take.
