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654 Credit Score: Is It Good or Bad?

654 Fair
Updated April 6, 2024
Written by Rachel Alulis

With a 654 credit score, you're below the national average credit score of 715, falling into what's typically known as the subprime category. Yet, this doesn't mean you're ineligible for all borrowing opportunities. Indeed, a variety of lenders provide loans and credit card options for borrowers with a 654 credit score. The catch is these credit products will have higher interest rates, extra fees, and less favorable terms than those offered to consumers with good to excellent credit ratings.

A 654 credit score falls in the fair range, ranging from 580 to 669. A fair credit score suggests credit missteps in the past or possibly limited credit history. It is still a significant step above poor or bad credit.

Let’s explore the significance of a 654 credit score and outline ways to enhance your credit. The more you boost your score, the better the financial products you can access down the line.

 

What kind of credit score is 654?

A 654 credit score is considered fair, placing it in a category where 18% of Americans find themselves. Lenders use your credit score to gauge the risk associated with lending you money, essentially assessing how likely you are to repay borrowed funds. A fair score indicates a higher risk compared to those with good or excellent credit, but it is still better than having poor or bad credit. 

A fair credit score often suggests a history of credit mishaps. These can include late payments, high debt levels, or accounts in collections. It can also indicate a lack of credit history altogether. Consequently, obtaining loans or credit cards with favorable terms can be challenging. To qualify for credit with a fair score, you will need strong qualifications in other areas, such as steady income, stable employment, and a manageable level of existing debt.

When you do qualify for credit, the terms are often less favorable. You may encounter higher interest rates and additional fees, making borrowing more expensive. Lenders view you as a higher-risk borrower and compensate for that risk by charging more. It may not be fair, but financial institutions are for-profit, and they have to make their money, too. The best thing you can do is move out of the fair range.

Improving your credit score is essential for accessing better financial products. This can be achieved by making timely payments, reducing debt levels, and avoiding new credit inquiries. It will take time, but credit scores are malleable. Over time, these actions can help you move into a higher credit score category, making it easier and more affordable to borrow money in the future.

 

Can I get a credit card with a 654 credit score?

Yes, acquiring a credit card with a score of 654 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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You might be better off choosing a secured credit card. Secured cards typically have fewer fees and lower APRs. They function like traditional credit cards but require a refundable security deposit, which sets your credit limit and acts as collateral. If you miss a bill, the issuer can withdraw money from your deposit. This reduces their risk and so makes secured cards easier to qualify for. Secured cards are particularly beneficial if your credit needs improvement. They can help you enhance your score and develop good credit habits, paving the way for you to transition to a traditional credit card with better terms and benefits. 

Another option is becoming an authorized user on someone else’s credit card. This allows you to use their card and benefit from their positive payment history without submitting your own application. As an authorized user, you can improve your credit score if the primary cardholder maintains good credit practices, such as timely payments and low credit utilization. This strategy can be particularly effective for building or repairing your credit history.

While a 654 credit score limits your options, you can still obtain credit cards that help build your credit. Opting for a secured card or becoming an authorized user are strategic choices that can lead to better financial opportunities in the future. 

If you have your heart set on an unsecured credit card, look for cards that let you prequalify. Prequalifying for a credit card does not guarantee approval, but it lets you see if you meet the basic criteria without affecting your credit score. You can also compare offers and select the card with the fewest fees and lowest APR. This way, you can get the best deal possible.

Can I get a personal loan with a 654 credit score?

Getting a personal loan with a credit score of 654 can happen, but be prepared for some compromises. The loans you'll find will likely feature elevated interest rates, additional costs, and stricter terms for repayment. This is the cost of borrowing with less than good credit. Luckily you do have options available to you.

Secured Loans: Secured loans are another option to consider. These loans require an asset to be put up as collateral. This asset could be a vehicle, property, or savings account. Putting up collateral reduces the lender's risk so they may offer better interest rates and terms compared to unsecured loans, even with a lower credit score. The risk with secured loans is that if you fail to repay the money as agreed, you could end up losing your collateral.

Joint Loans: Joint loans can also be a viable solution. Applying with a co-borrower or co-signer who has a higher credit score can help you qualify for better rates and terms. The lender evaluates both applicants' credit histories and financial situations, so having a financially strong co-applicant can significantly boost your chances of approval. Keep in mind that both parties are equally responsible for the loan. Any missed payments will affect both credit scores.

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Online Lenders: A number of online lenders and loan marketplaces are geared towards servicing individuals with fair to poor credit scores. These providers are interested in more than just your credit rating. They take a holistic view of your financial health and also consider your income levels, employment status, and debt-to-income ratio. This approach can increase your chances of approval if you have other strong financial indicators. Be careful, though, since many lenders who don't put much weight on your score may add in extra fees or higher interest rates to compensate for the risk they are taking. What you should do to make sure that you find a good option is to shop around. Try to prequalify with at least three different lenders. Then, compare offers, looking at the amounts, interest rates, fees, and repayment terms. This way, you can find the best offer with the most favorable terms possible.

Credit Unions: Credit unions often provide more personalized service and may offer more favorable loan terms to their members, even those with fair credit scores. They are known for lower fees and interest rates compared to traditional banks. Certain federal credit unions offer Payday Alternative Loans (PALs). These are short-term loans with interest rates capped at 28%, making them an affordable alternative to payday loans. To be able to take out a loan from a credit union, you usually have to be a member. It can be worth joining as credit unions often consider individual circumstances and are more flexible in their lending criteria.

Cash Advance Apps: Cash advance apps offer another alternative, allowing you to borrow small amounts - $50 to $500 - against your next paycheck. These apps don't check your credit score, nor do they charge interest. They do ask you to link your bank account and set up direct deposit. This lets them monitor what you make and can afford to repay. Advances are typically debited from your bank account within two weeks or from your next paycheck. Many apps let you reschedule payments at least once. The fees they charge are minimal but can add up. Some ask for a subscription fee, others a flat rate per advance, or an optional tip. Almost all charge a fast funding fee if you need the cash instantly. Cash advance apps can be helpful for emergencies when you need a little extra. Just don't become reliant on them or tip too much.

Keep in mind that short-term loans are typically more expensive and more challenging to repay than installment loans, which are spread out over two to seven years. Regardless of whether you opt for a short-term loan, an installment loan, or a secured loan, it is essential to have a payment plan in place. Making timely payments will improve your credit score, while missed payments or loan defaults will not only damage your score but can also lead to a cycle of debt.

While obtaining a personal loan with a credit score of 654 may require compromises, exploring various options like secured loans, joint loans, online lenders, credit unions, and cash advance apps can help you find a suitable solution for your financial needs. Shopping around and understanding the terms of each option is key to securing the best possible loan terms. Try to prequalify with multiple lenders to compare offers and secure the best one for you. By carefully considering your choices, you can obtain the necessary funds while working towards improving your credit score for future financial opportunities.

Take your 654 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 654 credit score?


Improving your credit score is one of the best actions you can take to enhance your financial well-being. A higher credit score makes borrowing money easier and cheaper. Good credit also saves you money on interest, simplifies the process of renting an apartment, and increases your eligibility for more jobs.

With a 654 credit score, you may face challenges, but by taking it step-by-step, you can improve your score. The five main factors used to calculate your credit score are:

  • Payment history: Consistently paying your bills on time.
  • Credit utilization: Keeping your credit card balances low relative to your credit limits.
  • Length of credit history: Maintaining older accounts to show a longer credit history.
  • Credit mix: Having a variety of credit types (e.g., credit cards, mortgages, installment loans).
  • New credit: Avoiding excessive applications for new credit in a short period.

Understanding why your score is currently low is the first step. Analyze your credit report to identify areas for improvement, then focus on addressing these factors methodically. By maintaining good financial habits and addressing issues, you can gradually raise your credit score and unlock better financial opportunities.

Monitor your credit

Initiate the process by examining your credit report from all three national credit bureaus: Equifax, Experian, and TransUnion. Each bureau may have slightly different information, so it’s essential to look at all three credit reports. You are entitled to a free report from each bureau annually via annualcreditreport.com. Carefully review these reports, looking for errors and disputing inaccuracies or outdated data with the respective bureau. Correcting these errors can quickly boost your score.

Next, pinpoint the reasons behind your low score. Check for frequent late or missed payments, any collections accounts, excessive use of your credit limit, or a surge in recent credit applications. All these behaviors negatively impact your credit score. Identifying these factors helps you understand what needs to be addressed.

As you review your report, stay alert for signs 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 secure your personal information.

By reviewing your report, you can figure out the root causes of your low score and begin to take steps to address the issues and raise your rating.

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

The best way to boost your credit score is to use credit responsibly and demonstrate to lenders that you are a reliable borrower. The only way to achieve this is by borrowing money and repaying it as agreed. Credit cards are the easiest way to improve your score, so we'll start there.

If you don’t have a credit card, apply for one. Choose either a secured credit card or a subprime credit card, depending on your financial situation. Use it to make a few small purchases each month, but only buy what you can afford to pay for in cash. At the end of the month, pay your bill on time and in full. To avoid missing due dates, consider setting up autopay or set payment reminders if you prefer. Establishing a positive payment history is the best thing you can do for your score. Even a single late payment can significantly hurt your credit rating.

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Another critical factor is your credit utilization rate. Aim to use less than 30% of your available credit; the lower, the better. This tells lenders that you are not overly reliant on borrowing. You can keep your utilization low by making multiple payments throughout the month.

Responsible credit use shows lenders that you can manage your finances effectively. Over time, these habits will gradually improve your credit score, enabling you to access better financial products and terms.

If you'd rather not use a credit card, you do have other options. One is to report monthly bill payments - rent, utilities, subscriptions - to all three credit bureaus. You will have to work with a company in order to do this. Or you can take out a personal loan. Be sure that you actually need the money and pay each monthly installment on time.

A better option can be a credit builder loan. This is a loan that is designed to improve your score. You do not receive the money initially. Instead, it is held in a secured account and you make manageable monthly payments. The lender reports your payments to the three credit bureaus helping you establish a positive payment history. When the loan is paid off in full, you get the money.

By practicing good credit habits and using credit-building tools your score will rise, little by little. With a higher score, you'll be able to access better financial products.

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Next steps for your 654 credit score

A credit score of 654 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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38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
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
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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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