668 Credit Score: Good or Bad?

Last Updated: Mar 23, 2023

  • A 668 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 668 a good credit score?

As mentioned above, a 668 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 (668-669).

With a 668 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 668 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 668 credit score?

As mentioned previously, a 668 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 668 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.

Decoding Credit Scores

Your credit score is a crucial financial tool that reflects your creditworthiness. A score of 668 falls within the fair credit range, meaning there may be restrictions on accessing certain types of credit and you could be charged higher interest rates. 

Credit scores are calculated based on your payment history, credit utilization, length of credit history, and types of credit. The higher your score is, the lower your risk for lenders and the better access you'll have to favorable terms for loans and lines of credit. Knowing how your score is determined can help you make informed decisions that will improve it over time.

Tips for Boosting Your Credit Score Above 700

If you have a credit score of 668 and are looking to increase it up to 700 or higher, there are a few steps you can take. Start by reviewing your credit report for any mistakes and disputing any inaccuracies. Then, you should focus on paying down debts and keeping credit utilization low. Establish automatic payments and reminders in order to prevent missed payments. Becoming an authorized user on someone else's credit card is another good way of building credit. 

Additionally, try to establish a diverse mix of credit types and avoid opening up too many new accounts at once. With patience and effort, your score should improve over time granting you access to better loan rates and terms.

Need help improving your credit score?

Can I get a mortgage/home loan with a 668 credit score?

It will be difficult to secure a mortgage with a 668 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 668 credit score?

You shouldn’t have any problems getting an auto loan with a 668 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 668 credit score?

Yes you should be able to get a personal loan with a 668 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 668 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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