622 Credit Score: Is It Good or Bad?

622 Fair
Updated April 6, 2024

A credit score of 622 is below the national average of 715 and is generally considered subprime, but it won’t necessarily stop you from borrowing money. There are plenty of loans and credit cards available you can qualify for with a 622 credit score.

A 622 credit score falls into the fair category - any score from 580-669 is considered fair. A fair score is a step up from poor or bad credit, but it is still a sign of past credit difficulties or a lack of credit history. Understanding a 622 credit score is crucial for financial planning. By improving your score, you can gain access to better financial products and more favorable interest rates in the future.

Let's explore what a 622 credit score means and how you can enhance your credit profile for better financial opportunities ahead.

 

What kind of credit score is 622?

Having a credit score of 622 places you within the fair credit score range, a category that encompasses 18% of Americans. Lenders use this metric to evaluate the level of risk associated with lending to you, essentially gauging your likelihood of repaying borrowed funds. With a fair score, you're viewed as a somewhat high-risk borrower, though not as risky as those with poor or bad credit ratings.

A fair score often signals to lenders that there have been some financial missteps in your past, such as late payments, carrying high debt, or having accounts sent to collections, or it could indicate a lack of credit history. As a result, obtaining loans or credit cards with advantageous terms may prove difficult. To be considered for a credit card or loan, you’ll need evidence of stable income, a solid employment history, and a minimal debt level. Even then, the loans or credit cards available to you may carry higher interest rates and extra fees.

While you can still secure credit with a score of 622, it’s essential to be mindful of the terms. Often, lenders will charge more upfront since you have a higher risk of default. Be aware of potential fees like an origination fee for loans, an annual fee, or a monthly maintenance fee for cards.

Improving your credit score can open doors to more favorable financial opportunities. Consistently making timely payments, reducing outstanding debt, and avoiding new credit inquiries are crucial steps toward building a healthier credit profile. Over time, these efforts can enhance your creditworthiness, allowing you to qualify for loans and credit cards with better terms and lower interest rates.

 

Can I get a credit card with a 622 credit score?

Yes, acquiring a credit card with a score of 622 is possible, but be prepared for a narrower selection.

Many issuers are open to approving people with fair credit scores for subprime credit cards. These cards let you access credit and improve your score with responsible use, but they are generally not the most enticing. It is hard to find one with rewards, though not impossible, and many feature numerous fees, high interest rates, and low limits. This is because lenders view fair credit score holders as higher risk, which translates into more expensive borrowing terms to offset potential defaults. These cards give you access to credit but should be used as a good stepping stone to better offers with more rewards.

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A wiser choice might be to go for a secured credit card. Secured cards have lower fees and APRs than their unsecured subprime counterparts, making them a more cost-effective option. They operate the same as regular credit cards but require a refundable security deposit. The deposit not only sets your spending limit but also lessens the issuer's risk by serving as collateral. If you fail to pay a bill, the issuer can take the money from your deposit. When you close your account with all the bills paid, you get the entire deposit back.

Secured credit cards are ideal for those looking to build or rebuild credit. They are easily accessible due to the security deposit lessening the risk to the issuer. As you build a history of responsible credit use, you may become eligible for a traditional, unsecured credit card with more favorable terms and perks, such as lower interest rates and rewards programs. Using a secured card can be a strategic step towards improving your credit score and gaining access to better financial opportunities in the future.

Another option to consider is becoming an authorized user on someone else’s credit card. This arrangement allows you to benefit from their timely payments and solid credit history without needing to apply for a card yourself. As an authorized user, the primary account holder’s good credit habits can positively impact your credit score. However, it's essential to ensure that the primary account holder consistently maintains a good payment record, as any negative activity on their part could also affect your credit rating.

Prequalifying for a credit card is a step worth considering for those with fair credit. Prequalification involves a soft credit inquiry, which does not affect your credit score, to determine your likelihood of being approved for a particular credit card. Many issuers offer online prequalification tools that provide an initial assessment of your eligibility. By prequalifying, you can get an idea of which cards you might be approved for, allowing you to apply strategically and avoid multiple hard inquiries that can further lower your score. Prequalification can thus streamline the application process and increase your chances of obtaining a card that fits your financial situation.

Can I get a personal loan with a 622 credit score?

Securing a personal loan with a 622 credit score is feasible, but it often comes with strings attached, such as high interest rates, additional fees, and less flexible repayment terms. Despite these challenges, several options are available for those with fair credit. Understanding these options can help you make informed decisions and potentially improve your financial situation.

Secured Loans: One option is a secured loan, which requires collateral, such as a car, savings account, or other valuable assets. Because the loan is backed by collateral, lenders view it as less risky. This often results in lower interest rates and better terms than unsecured loans. However, if you default on the loan, the lender can seize the collateral and sell it to recoup their losses. Only take out a secured loan if you're certain you can make payments.

Joint Loans: Applying for a joint loan with a co-borrower or co-signer who has a higher credit score can also improve your chances of approval and secure better terms. The co-applicant shares the responsibility for repayment, which reduces the lender's risk. Ensure that both parties understand the obligations and consequences of the loan. Failing to pay can hurt both your credit scores and your relationship, too.

Online Lenders: Many online lenders and lending marketplaces specialize in providing loans to individuals with fair to poor credit. These lenders often consider your credit score as just one part of your overall financial picture. They also evaluate your income, employment status, and current debt levels. While these lenders tend to place less emphasis on your credit score, the APRs and fees still can be very high. Shop around and compare offers from different online lenders - most will let you prequalify. This extra legwork can help you find the best deal and save money.

Credit Unions: Credit unions are member-owned financial institutions that often offer more favorable terms than traditional banks, especially for those with lower credit scores. They may be more willing to work with you to find a loan that fits your needs and budget. Many federal credit unions offer Payday Alternative Loans (PALs) that accept applicants with lower scores. The interest rates on these loans are capped at 28%. Joining a credit union and building a relationship with them can get you access to lower-cost loans and provide additional financial benefits in the long run.

Cash Advance Apps: Cash advance apps provide short-term loans without a credit check. All you have to do is link your bank account and set up direct deposit. These apps typically offer small advances on your paycheck - from $50 up to $500. How much you can advance depends on your earnings and your repayment history. The advanced amount is then automatically repaid on your next payday. Most have no interest, minimal fees, and let you reschedule a payment at least once. The fee structure on these apps varies but it's usually a flat fee, subscription fee, or optional tip. While these can be convenient for covering immediate expenses, they should not be relied on and the fees can add up fast, so watch out.

While a 622 credit score presents challenges, several options are available to secure a personal loan. By exploring secured loans, joint loans, online lenders, credit unions, and cash advance apps, you can find a solution that meets your needs. Carefully consider the costs and terms of each option. Try to prequalify and compare multiple lenders to ensure that you make the best choice for you.

Note that short-term loans tend to be more expensive and harder to pay back than installment loans that are spread out over two to seven years. No matter if you choose a short-term loan, installment loan, or secured loan, be sure that you have a payment plan in place. Making on time payments will improve your credit score while missing payments or defaulting on a loan will not only hurt your score but lead to a cycle of debt.

Take your 622 credit score with a grain of salt

No metric, not even the ever-popular credit score, can fully predict a person’s ability to repay their dues. Consequently, lenders set their own score benchmarks and may not place much emphasis on credit scores at all. Some lenders might approve applications with scores over 580, while others won’t consider anything below 670. Additionally, there are creditors who value aspects like employment status and housing stability over the credit score itself. These lenders take a more holistic approach, assessing the overall financial health and stability of the applicant.

It's vital to grasp that your credit score, a three-digit figure derived from your credit report details, is malleable. Possessing fair credit is not a lifelong condition; it's feasible to enhance your score through dedicated efforts. Strategies include paying bills on time, reducing debt, and avoiding new credit inquiries. Over time, these efforts can lead to a higher credit rating, opening up access to better loan terms and financial opportunities.

A higher credit rating will unlock access to superior financial products, lower interest rates, and more favorable loan terms. While having fair credit might restrict your current options, taking proactive steps can lead to substantial improvements and expanded financial opportunities in the future. Keep in mind that your credit score is a dynamic indicator of your financial behavior and can be improved through consistent, positive financial habits.

 

How can I grow my 622 credit score?

Improving your credit score is always a good idea. A higher score means easier, more cost-effective borrowing, smoother apartment hunting, and increased eligibility for certain employment opportunities. Having a 622 credit score means there's substantial work ahead, but it's important to approach this task one step at a time.

The five factors that determine your credit score are:

  • Payment history: This is the most significant factor, making up about 35% of your score. Consistently making on-time payments is crucial.
  • Credit utilization: This measures the amount of credit you're using compared to your total available credit. Keeping your utilization below 30% is recommended.
  • Age of credit: The length of your credit history accounts for 15% of your score. Older accounts contribute positively to your score, so keeping long-standing accounts open is beneficial.
  • Credit account mix: Having a variety of credit types, such as credit cards, mortgages, and auto loans, makes up 10% of your score. A diverse credit portfolio is viewed positively.
  • Recent credit inquiries: Frequent applications for new credit can negatively impact your score, accounting for 10%. Limiting new credit applications is advisable.

While these five factors are essential to know, it’s important to identify the specific issues dragging your score down. For example, if late payments are a problem, set up reminders or automatic payments. If high credit utilization is an issue, work on paying down balances and increasing your credit limits. Tailoring your strategy to address your unique credit challenges can lead to more effective improvements in your score.

Monitor your credit

Start by reviewing your credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. Each bureau may have slightly different information, so it’s essential to check all three. You can get a free copy of your report from each bureau once a year at annualcreditreport.com. Carefully examine your report for errors or inaccuracies. If you find any incorrect or outdated information, dispute it with the respective credit bureau. Removing negative marks can give your score an immediate boost.

Next, analyze your credit report to understand why your score is low. Identify if you have late or missed payments, accounts in collections, or high credit utilization. Also, check if you’ve applied for numerous credit cards or loans recently, as these actions can lower your score.

Additionally, consider the possibility of identity theft. Unauthorized accounts or unfamiliar activities on your credit report could indicate that someone has stolen your identity and is damaging your credit. If you suspect identity theft, report it immediately to the credit bureaus and take steps to protect your information.

By identifying the reasons for your low score, whether due to personal financial habits or potential fraud, you can take targeted steps to improve it.

Do damage control

Now that you're aware of the factors negatively impacting your score, the next step is to work on rectifying them. Remember, adverse information can stay on your credit report for seven years, though its influence wanes with time. Since your score is in the fair range, you probably don't have a significant number of recent negative incidents to resolve.

Take care of the few that you do have by reaching out to your creditors or debt collection agencies and asking if they’ll negotiate. They might consent to eliminate a negative record if you settle an overdue balance in full or may stop noting late payments if you manage to update your account to a current status. Creditors are generally inclined to assist in exchange for settlement. Getting rid of any negative marks can have an immediate positive impact on your score, so engaging with your creditors is advised.

Consider setting up a payment plan if paying the full amount at once isn't feasible. Many creditors are willing to work out a manageable repayment schedule. Also, ask about “pay for delete” arrangements where a creditor agrees to remove the negative mark from your credit report once the debt is paid.

Get credit and use it

Building credit requires using credit. Lenders need to see that you can repay what you borrow as agreed. The easiest way to demonstrate this is to use a credit card modestly and then repay what you owe on time.

If you don’t already have a credit card, apply for one. It does not matter if you choose a secured or unsecured credit card as long as the issuer reports your usage and payment history to all three credit bureaus. Use it for one or two minor purchases throughout the month. Do not buy anything on credit that you can’t pay for with cash. Then, settle the bill in full and on time every month. Activate autopay or set up payment reminders so you never miss a due date. A consistent history of timely payments is the best thing you can do for your score.

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The second biggest factor is credit utilization. Only use 30% of your available limit—less is even better. This demonstrates that you don’t need credit. Make multiple payments throughout the month to help keep your utilization low. Establishing responsible credit habits demonstrates to lenders that they can trust you with their money and will gradually improve your score. As your score improves, you’ll be eligible for more favorable financial products.

If a credit card isn't an option, there are other ways to build credit. You can take out a credit builder loan for one. With a credit builder loan, you don't get the money right away, instead, it is held in a secured account. You make monthly payments on the loan and the issuer reports your payments to the credit bureaus, helping you establish a positive payment history. Once the loan is paid off you receive the money.

Another option is to take out a modest personal loan and repay that on time. The caution here is it's not a good idea to take on debt you don't need.

You can also use a service to report monthly payments you're already making. Certain companies report rent, utilities, subscriptions, and other monthly bills. This lets you get credit for bills you're already paying on time. Your score will benefit, and you don't have to borrow money.

No matter which route or routes you choose, building credit takes time and patience. By using these methods and ensuring you pay all your bills on time, you can steadily improve your score.

Next steps for your 622 credit score

A credit score of 622 falls short of the ideal, making it harder to get loans or credit, but not impossible. You will be able to find lenders, though expect the terms offered to include steeper interest rates and more fees, serving as the lender's safety net. This is because lenders view individuals with fair credit scores as higher-risk borrowers, and they compensate for this risk by charging higher costs.

Fortunately, being in the fair credit score bracket isn't a forever situation. Through consistent effort, such as paying bills on schedule, cutting down debt, and managing your credit utilization wisely, you can improve your score to enter the good category. One of the most effective strategies is to ensure all your payments are made on time. Payment history significantly influences your credit score, so avoiding late payments is crucial.

Additionally, reducing your overall debt, particularly high-interest debt, can positively impact your credit score. Keeping your credit utilization ratio below 30% demonstrates responsible credit management. This means you should aim to use less than 30% of your available credit limit.

Another step is to regularly review your credit report for any errors or inaccuracies and dispute them promptly. Correcting these errors can quickly boost your score.

By focusing on these actions, you can steadily improve your credit score, making it easier to access better financial products and achieve greater financial stability.

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39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
* EarnIn is not available for Connecticut residents

About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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