As mentioned above, a 643 FICO® Score is considered “Fair”. This is typically a result of situations such as:
Approximately 17% of all consumers in America have FICO® Scores in the “Fair” range (643-669).
With a 643 FICO® Score, you’ll mostly be dealing with “subprime” lenders. Which means you’ll be charged relatively high interest rates & fees.
To improve your credit score, you need to focus on fixing the underlying factors.
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.
As mentioned previously, a 643 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.
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.
Your credit score is an important factor in your financial life. It's a number that represents your creditworthiness to lenders, banks and other financial institutions. A score of 643 puts you in the fair credit range which may mean you'll have trouble getting approved for loans or will face higher interest rates. To improve your score and ensure accuracy, it's important to pay your bills on time and keep your credit utilization low. Additionally, regularly check your credit report for any errors and dispute them immediately if found. With effort and commitment to these strategies over time, you should eventually see an increase in your score.
Having a good credit rating comes with many rewards. With a credit score of 643, you may not have access to the best offers yet, but improving it can help you secure lower interest rates, better loan terms and higher credit limits. Good credit can also make it easier to rent an apartment, get approved for mortgages or find a job. Beyond that, having a good credit score can save you money over time as you'll pay less interest on loans and credit cards. It's worth putting in the effort to improve your score and reap the financial benefits that come with it.
It will be difficult to secure a mortgage with a 643 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.
You shouldn’t have any problems getting an auto loan with a 643 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.
Yes you should be able to get a personal loan with a 643 credit score. It may take a little bit of searching around for the right lender, but it is possible.
Let’s face it, a 643 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).
Speak with a live credit specialist for your free consultation, now