690 Credit Score – Is It Okay?

Are you curious about how your credit score stacks up compared to everyone else’s score — and how you can raise it?

We’ll take a look at each of the three major credit reporting bureaus and what they consider to be a good and a bad score. We’ll also give you a few helpful tips if you need to take your score to the next level. 

Is a 690 Credit Score Good?

Give yourself a pat on the back if you have a 690 credit score, because all three major credit reporting bureaus consider a 690 to be a good score.

Your credit score is a numerical expression that summarizes how well you pay back debt. A good credit score gives you access to more opportunities than a fair score. Only 8% of people with a good credit score go on to become seriously delinquent on one or more of their accounts, according to data from credit reporting bureau Experian. 

This means that lenders take less of a risk extending you credit if you have a good score. Maintaining credit in the “good” range gives you access to lower interest rates and more opportunities. You’ll have an easier time getting a loan, opening a credit card and even renting an apartment with good credit.

What is Considered a Good Credit Score?

The difference between a “good” score and a “bad” score varies by credit reporting bureau. Each bureau uses its own formula to calculate your credit score. The two most popular scoring models are the VantageScore model and the FICO model. These two calculation models vary slightly, but both place major importance on your payment history and credit utilization rates. Your credit scores can also vary by bureau because not every creditor reports to all three bureaus.

There are three major credit reporting bureaus: TransUnion, Experian and Equifax. Each bureau collects, stores and organizes information on how you use credit. They also each issue you a credit score. Let’s take a closer look at what each of the three main credit reporting agencies considers to be a good score. 

TransUnion

TransUnion uses the VantageScore scoring model. Unlike the other two bureaus, TransUnion gives you a grade for your credit score — F is the worst grade and A is the best. TransUnion’s score rankings are as follows: 

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

The highest credit score you can have under the TransUnion model is 850. If you have a 690 credit score, you have a “C” grade score. This corresponds to the “good” category with the other two bureaus. 

Experian

Experian is the only bureau that uses the FICO scoring model. Experian’s scoring ranges are as follows:

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

The highest credit score that you can have under Experian’s model is 850. Your score is in the “good” category if you have a 690 Experian credit score. 

Equifax

Equifax uses a version of the VantageScore scoring model. Equifax’s scoring ranges are as follows:

  • Poor: Below 559 points
  • Fair: 560 to 659 points
  • Good: 660 to 724 points
  • Very good: 725 to 759 points
  • Excellent:  760 to 850 points

The highest credit score that you can have under Equifax’s model is 850. Your score is also in the “good” category if you have a 690 Equifax credit score. 

From 690 to 790: How to Increase Your Credit Score

Are you looking to push your credit score to new heights? Use these tips and consider Credit Builder Plus to increase your credit score. 

Make All of Your Payments On Time

Depending on the calculation method, your payment history accounts for between 35% to 40% of your credit score. Staying on top of your credit card and loan payments is by far the best way to raise your credit score.

Are you the type of person who’s always forgetting your payment due dates? It can help to set up a reminder on your cell phone calendar a few days before each of the minimum payments are due. You might also want to enable auto-pay if your credit card company allows it. Auto-pay automatically deducts your minimum required payments from your bank account so you don’t accidentally miss a due date.  

Get Credit For Rent

Why do credit card and loan payments show up on your credit report but things like rent and utility payments do not? These payments don’t influence your credit score because most landlords don’t bother reporting them. This can be frustrating if you’re always on time with your rent payments. However, if credit reporting bureaus do receive this data, your payments will influence your score.

You may want to consider asking your landlord if you can get credit for your payments. Contact your landlord and ask if he or she will report your rental payments to the credit reporting bureaus. Most landlords are happy to start reporting your payments because it will encourage you to make your payments on time.

You can also sign up for a third-party reporting service like Experian Boost. These services connect with your bank account and confirm your rent payments and then report them to credit reporting bureaus on your landlord’s behalf.

Keep Your Utilization Low

About 30% of your credit score comes from your credit utilization rate. The term “credit utilization” refers to the percentage of the total available credit you use every month. For example, let’s say you have a credit card with a credit limit of $1,000 and you put $100 on the card every month. Your utilization rate is 10%.

If you have a high credit utilization rate, you’ll be considered a riskier borrower compared to someone with a lower utilization rate. You can increase your score by reducing the amount of money you put on your credit cards. Most lenders prefer to see utilization rates below 30%. To see the maximum increase in your credit score, try to keep your utilization below 10%. 

Consider a Secured Credit Card

You shouldn’t have any trouble getting approved for a credit card with a 690 credit score. But what should you do if you want to get credit for on-time payments without tempting yourself with a $10,000 credit line?

A secured credit card might be the answer. A secured credit card is a credit card with a limited line of credit. You’ll put down a deposit with your credit card provider and it becomes your line of credit. For example, if you put down $500 when you open your card, you’ll have a credit line of $500. From there, you use the card just like you would use a standard credit card and pay off your balance every month. Your credit card company will give you your deposit back if you want to close the card.

Secured credit cards are ideal for people who want to build their credit without the temptation of a high-limit card. Consider opening a secured card, putting a few dollars on it every month and paying it off immediately to see a large increase in your score. 

Take Out a Credit Builder Loan

Your score might be suffering if you only have credit cards in your credit mix. Adding a small credit builder loan to your credit mix can improve your score. A credit builder loan is a small, low-interest loan that you pay back over time. Every time you make a loan payment, your loan provider will report the payment to the credit reporting bureaus, which increases your score over time.

Looking for a quick way to get a credit builder loan? MoneyLion Credit Builder Plus members can get a 5.99% APR credit builder loan instantly — no credit check is required. MoneyLion will report your payments to all three credit bureaus to help you build credit fast.

Be Patient

Creditors put more faith in account holders who have had their credit lines open for a long period of time. You’re less likely to close an account that’s been open for a while, so letting your accounts age will naturally increase your score. Avoid closing old lines of credit, even if you don’t use them anymore. 

Monitoring Your Credit Profile with MoneyLion

It’s important to keep tabs on how your score changes over time as you work to increase your credit score. Signing up with a free credit monitoring service can make managing your credit profile easier.

MoneyLion offers a suite of credit monitoring tools that you can use to make working toward a better score easier than ever. MoneyLion’s credit monitoring lets you check your credit score anytime through MoneyLion’s app without hurting your numbers. All these tools and more are available absolutely free as long as you sign up for your Zero-Fee Checking account. If you’re building your credit with a Credit Builder Plus membership, you’ll also get weekly score updates in the app.

Better Your Financial Profile

The most important thing to remember is that improving your numbers can take time. Even when you do everything right, it may take a few months before your score increases. While you’re waiting to see your score rise, stick to your plan. Continue making at least your minimum payments on time, work to reduce your debt and track your spending and you’ll eventually see a better score.

Are you ready to get started on the path to a better financial future? MoneyLion is here to help you achieve the best credit score possible. Get started today by downloading the MoneyLion app on the Google Play or Apple App store.  

Disclosure

MoneyLion Checking Account provided by, and MoneyLion Visa® Debit Card issued by, Lincoln Savings Bank, Member FDIC. Terms and conditions apply.

Current Credit Builder Plus membership required for Credit Builder Plus loan eligibility; the $19.99 monthly fee will be withdrawn from your linked bank account.  All loans with an Annual Percentage Rate of 5.99% are made by either exempt or state-licensed subsidiaries of MoneyLion Inc. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account managed by ML Wealth, LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into a money market cash management or FDIC bank sweep vehicle, and may generate interest at prevailing market rates.  You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan, and so long as your Credit Builder Plus membership payments are current. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.

A Credit Builder Plus loan may or may not improve your credit score. Credit scores are the result of your personal credit practices.