Is a 670 Credit Score Good Enough?

670 credit score

You probably already know that you need a good credit score if you want to get the best deal on loans and credit cards. If not, take some time to freshen up on the credit score basics. But what’s “good,” what’s “bad,” and how does your credit score stack up?

Today, we’re taking a closer look at a 670 credit score and what it means. We’ll also give you a few easy tips that can help you bump up your score, such as joining Credit Builder Plus. Most MoneyLion borrowers who use Credit Builder Plus see an increase in their credit score! 

First, let’s start off with understanding the basics of credit score and how a 670 credit score ranks. 

What is an average credit score?

Believe it or not, you don’t just start out with a credit score. You have to build it. This takes time, patience, and a little bit of strategy. Once you build it, your job is to keep it in good shape and never let it fall. 

You hold on to this magical number for a lifetime, and it can be hard to know where your score falls in comparison to other people. The average credit score depends on which bureau’s method you’re using for your calculations.

Equifax, Experian, and TransUnion are the three major credit reporting bureaus. Each bureau does basically the same thing. They all collect, store, and organize data on how you use your credit. Each bureau takes that data and compiles it in the form of a credit report. 

When you look at your credit report, you can see things like how much debt you have, how long your accounts have been open, and how many times you’ve missed payments on your credit cards. Credit reporting bureaus then use the information on your credit reports to create your credit score.

Many people don’t know that they have three credit scores—one from each bureau. Your score might be a little different depending on the bureau because not every creditor gives information to all three agencies. 

Each agency also uses its own unique calculation method, which can cause a small variation in your scores. It is important to keep this in mind when checking your credit score for certain loans or purchases. Different credit lenders can have a preference for different bureaus. 

Even though all of your scores might be close in range, it is important to know there is a chance of variation across the scores. Let’s examine the ranges for each credit reporting bureau, how they vary, and what’s considered a good score for each.  


Many consumers consider Equifax’s credit reports the easiest of the three bureaus to read. Their reports are organized by “closed” and “open” accounts. Start with your Equifax report if you’ve never read a credit report before.

Equifax uses the VantageScore scoring model, which places a heavyweight on your payment history. Here are the ranges for Equifax credit scores:

  • Poor: Less than 559 points
  • Fair: 560-659 points
  • Good: 660-724 points
  • Very good: 725-759 points
  • Excellent: 760-850 points

The highest Equifax score that you can have is 850 points. A 670 credit score puts you squarely in the “good” range. 


TransUnion is another credit reporting bureau that uses the VantageScore model. Instead of classifying your score on a scale of “poor” to “excellent,” TransUnion uses a letter grading system. An “F” grade is the worst score possible while an “A” is the best.

Here are the scores that make up each grade:

  • F: 300-600 points
  • D: 601-657 points
  • C: 658-719 points
  • B: 720-780 points
  • A: 781-850 points

The highest credit score you can have under the TransUnion model is 850. A 670 credit score means you’ve earned a “C” grade, which is equivalent to the other bureaus’ “good” ranges. 


Unlike TransUnion and Equifax, Experian uses the FICO scoring model. FICO credit scores are the scores that lenders, banks, and creditors use most often, so pay special attention to your Experian score. Here are the Experian scoring ranges: 

  • Very poor: 300-579 points
  • Fair: 580-669 points
  • Good: 670-739 points
  • Very good: 740-799 points
  • Exceptional: 800-850 points

Is a 670 credit score good?

Every credit reporting bureau considers a 670 score to be a good credit score. So, having a 670 credit score is worth celebrating. Having a credit score in the good range will open up a lot of doors to financial opportunities.  

According to data from the credit reporting bureau Experian, about 21% of Americans had a FICO score that fell in the “good” range in 2020. A “good” score increases your access to lower interest rates and more lenders because it makes you look less risky. To lenders, banks, and credit card companies, a higher credit score means that you are more likely to pay back what you loan. 

Not quite at a 670 credit score yet? Read on to find how you can increase your score using a few easy tips! 

Increase your credit score in 5 steps!

Now that you know how to have a good credit score, why not make it very good or even excellent? Here are some known credit tips and tricks to make your 670 score jump from the good to the very good range.  

1. Make your payments on time

One of the more obvious tips is to make your payments one time. Good payment history is one of the most important factors that influence your credit score. So, one of the most reliable ways to raise your score is to build a long and consistent record of making payments on time. 

Strive to always make at least the minimum payment on all of your credit cards and loans every month. This will help give you the maximum possible increase possible, but if you can pay more than the minimum, do that. Making more than the minimum payment will help lower your credit utilization which we will discuss in a moment. 

Get organized if you’re having trouble keeping track of what’s due when and how much you owe on each account, consider a RoarMoney account. Our mobile bank apps comes with a financial tracker to help you categorize and track your spending. From there you should sit down with all of your bank, loan, and credit card statements, and write down what you owe on each. Also, include your minimum monthly payments and your due dates. 

Then, put this information somewhere you’ll see it often, like on your desk or phone calendar. This will help you stay on track with your payments and help you avoid one of the more simple tasks that can be detrimental to your credit score. 

2. Get credit for your rent payments

There’s one bill that you probably always pay on time every month—rent. Rent payments usually don’t count toward your credit score because most landlords don’t bother reporting your payments. 

However, you can ask your landlord if he or she can start reporting your rental payments to credit reporting agencies if it’s not already happening. You can also use a third-party rent reporting system like Experian’s RentBureau to help increase your credit score. 

These services log payments you make online and track them as rent payments on your landlord’s behalf. This will help build your credit all while paying your rent! 

3. Keep an eye on your credit utilization

Credit utilization is the percentage of total available credit you use every month. Credit card companies calculate your utilization rate by dividing the dollar amount you leave on your card by your total line of credit. 

For example, let’s say that you have two credit cards, and both have a limit of $1,000. Your total available credit is $2,000. Let’s also say that you put $250 on each card every month. In this case, your credit utilization would be equal to $500 divided by $2,000 which equals 25%.

Credit bureaus see you as a riskier borrower if you use too much of your available credit. They assume that you’re likely to fall behind on your payments if you run into financial trouble. 

A high credit utilization ratio typically lowers your credit score. This is also why it is a good idea to pay more than the minimum payment if possible because it will help you pay your credit card off sooner. 

You can help raise your credit score by limiting the amount of money you put on your credit cards. Consider carrying a debit card or cash to cover a few purchases per month instead of putting everything on your credit cards. Ideally, you’ll want to try to keep your utilization rate below 30%. 

4. Dispute and remove errors 

Are you doing everything right but still not seeing your credit score increase? You might have an error on your credit report. Approximately 13% of Americans have an error on their credit report. Are you one of them?  

You can figure it out by checking your credit report on your own. You are allowed one free copy of each of your credit reports from Equifax, TransUnion, and Experian every 12 months. You can get your free download by visiting Annual Credit Report

After you download each of your credit reports, take time to look over them thoroughly. Some of the most common credit reporting errors include:

  • Incorrect Social Security number under your personal information
  • Payment data for someone who has a name that’s similar to yours
  • Accounts that you closed voluntarily listed as “closed by lender”
  • Payments that you made on time listed as late
  • Failure to remove old negative credit items after they expire
  • Negative items or overdue loans listed on your account more than once

Report any errors to the issuing credit reporting bureau. The credit bureau must investigate your claim and remove the item if they can’t prove that it’s correct under the Fair Credit Reporting Act.

You must report all errors to each bureau individually if you have an error on all three of your credit reports. Doing this every year is a great way to ensure that you are staying on top of your credit and accounting for all major purchases. 

5. Monitor your credit to boost your score

The last thing you want is for identity theft to throw a wrench in your plans if you’re on the road to a better credit score. It’s a good idea to use a credit monitoring service to keep tabs on your credit reports while you build positive credit habits. 

A credit monitoring service alerts you whenever a new item appears on your credit report. This can help you track positive items that help you raise your score and stop identity theft before it can damage your score.

MoneyLion offers a credit tracking service that will allow you to view and track your score through the MoneyLion app without damaging your credit. It comes with the MoneyLion Credit Builder Plus membership, which also offers a proven program for improving your credit with a credit builder loan of up to $1,000 and 0% APR Instacash advances.

Create healthy financial habits

The secret to building a great credit score is developing long-lasting positive financial habits. Though it is still possible to get a credit card or even a loan without any credit, credit is still an important part of your financial future.  

Pay your bills on time, limit your credit card usage and monitor your reports to help boost your score. It’s easy to get started on the path to healthier credit. Begin by making small steps like paying an extra $10 on your credit card every month or scheduling a date to build a household budget. Your credit profile will thank you.

Why stop at a 670 credit score?

Is 670 a good enough score? Well, now we know that it is a good enough score. But why stop at good? Credit is something that you build upon as you go, so there is no reason to stop at good enough. 

It’s important to remember there may be some bumps in the road. There is even a possibility that your score can drop by 100 points by paying off debt! But it’s okay because now you have the tips you need to stay on top of your credit and even improve it. 

MoneyLion has various tools that you can use to help build the best credit score possible. Download the MoneyLion app on Google Play or Apple App to learn more and get started today!

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