609 Credit Score: Good or Bad?

Last Updated: Mar 27, 2023

  • A 609 credit score is considered "Fair"
  • Having a “Fair” credit score can cost you 1000s of dollars in extra interest over the lifetime of your loans
  • Call us today to find out how you can repair your credit (fast)!

Is 609 a good credit score?

As mentioned above, a 609 FICO® Score is considered “Fair”. This is typically a result of situations such as:

  • You’ve had payment problems (late payments, missed payments, etc)        
  • Accounts have been charged off & sent to collections        
  • Sometimes even foreclosures & bankruptcies

Approximately 17% of all consumers in America have FICO® Scores in the “Fair” range (609-669).

With a 609 FICO® Score, you’ll mostly be dealing with “subprime” lenders. Which means you’ll be charged relatively high interest rates & fees.

How to improve a 609 credit score

To improve your credit score, you need to focus on fixing the underlying factors.

  • Always make your minimum payments, and ensure they’re paid on time        
  • Keep your credit card balances as low as possible (also known as a low utilization rate)        
  • Build your credit file by making sure the accounts you do open, get reported to the 3 major credit bureaus (Equifax, Experian & Transunion)        
  • Only apply for credit when necessary, this keeps your hard inquiries at a minimum

Not sure where to start? A dedicated credit repair agency, like us, can work with you to ensure you’re maximizing all avenues when it comes to improving your score.

What can you do with a 609 credit score?

As mentioned previously, a 609 credit score is considered “Fair”. So your lending options are going to be somewhat limited. You’ll mostly get lending through subprime lenders.

Subprime lenders will charge higher interest rates & fees, as they’re taking on “higher risk” clients.

What kind of interest rate can you get with a 609 credit score?

It will typically only be subprime lenders that will approve your applications, and this comes with higher interest rates & fees.

These higher interest rates can cost you thousands of dollars in added interest over the lifetime of your loans, in comparison to if you had a “Good” credit score.

We highly recommend you take the necessary steps towards repairing your credit, and securing a better financial future for yourself, before applying for loans.

Navigating Credit Scores and How They Work

A credit score of 609 falls in the fair rating range, and while you may still be able to obtain credit with this score, it can impact access to the best interest rates and offers. Your credit score is determined by several factors from your credit report, such as payment history, credit usage, and length of credit history. 

You can request a free copy of your credit report from all three major bureaus annually to make sure that it's accurate and up-to-date. Understanding how your score is computed and regularly checking for mistakes can help you make smart decisions that will improve your rating over time.

The Perks of Maintaining a Great Credit Rating

Having a great credit score offers many advantages, such as lower interest rates on loans and credit cards, better rewards programs, and easier rental application approvals. You may also be able to get more favorable rates when applying for mortgages and car loans, saving you thousands of dollars in the long run. 

In addition, having a high credit score can lead to lower insurance premiums for auto, home, and renters policies. Finally, having excellent credit can give you peace of mind and access to instant funds when needed most. With smart financial habits and responsible behavior, you can achieve the many benefits of a great credit rating.

Need help improving your credit score?

Can I get a mortgage/home loan with a 609 credit score?

It will be difficult to secure a mortgage with a 609 credit score, but it is definitely possible.

It will be expensive (higher interest rates & fees), and can cost you 10s of thousands of dollars in extra interest over the lifetime of your loan.

Instead, we recommend focussing on improving your credit score, to at least 670-739 (which is considered “Good”). Once you’ve increased your score, you’ll be in a much better place to apply for a mortgage & most importantly, you’ll save yourself a ton of money on interest payments.

Can I get a car loan with a 609 credit score?

You shouldn’t have any problems getting an auto loan with a 609 credit score. But do expect to pay more for the loan than what you would with a “Good” credit score (between 670-739).

You will still be considered higher risk by the lender and subsequently be charged higher rates, so you might consider increasing your credit score before getting an auto loan.

Can I get a personal loan with a 609 credit score?

Yes you should be able to get a personal loan with a 609 credit score. It may take a little bit of searching around for the right lender, but it is possible.

Bottom Line

Let’s face it, a 609 credit score is OK, but can be better. Applying for any forms of lending is slightly difficult, and you’ll pay higher interest rates & fees.

The best course of action (by far), is to improve your credit score first before you apply for loans. Not only will it open more doors for you, it will also save you a ton of money in the long run (due to lower interest rates).

Need help improving your credit score?

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