Is 616 a Good Credit Score?
A 616 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 616 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.
The good news?
Repairing your credit is one of the best ways to fix your score, and unlock the happy lifestyle you and your family deserve.
A 616 Credit Score means:
- Credit Rating: Fair
- Loan Options: Limited
- Loan Cost: Very Costly
- Best Option: Credit Repair
Rebuilding Your 616 Credit Score
A Credit Repair company like Credit Glory can:
- Evaluate Your Credit Report - Pull your credit report and identify all negative, harmful items that's keeping your 616 score suppressed.
- Dispute Negative Items - Customize and send dispute letters to Bureaus to request getting those negative items off your report (for good).
- Get Harmful Items Removed - A repair service like Credit Glory will continue disputing items on your behalf until they’re no longer harming your credit worthiness.
- Improve Your Score - Once negative items begin falling off your report, you'll see a big boost to your score. This means better loan terms on a car, house, or personal loan.
An industry leader like Credit Glory can guide you through this process. Give them a call @ (833) 885-2800, or chat with them, today →
Can I Get a Mortgage & Home Loan w/ a 616 Credit Score?
Getting a mortgage and home loan with a 616 credit score is going to be difficult. Can it be done? Maybe, but there’s a few simple steps you can take to guarantee less headaches and higher chance of success.
The #1 way to get a home loan with a 616 score is repairing your credit.
After a few short months of repairing your credit (with an industry leader like Credit Glory), you’ll be in a much better position to get your ideal home loan terms.
Can I Get a Car / Auto Loan w/ a 616 Credit Score?
Trying to qualify for an auto loan with a 616 credit score is expensive. There’s too much risk for a car lender without charging very high interest rates.
Even if you could take out an auto loan with a 616 credit score, you probably don't want to with such high interest.
There is good news though.
This is completely avoidable with a few simple steps to repair your credit.
Your best option at this stage is reaching out to a credit repair company to evaluate your score and see how they can fix it.
Can I Get a Personal Loan or Credit Card w/ a 616 Credit Score?
Like home and car loans, a personal loan and credit card is difficult to get with a 616 credit score.
A secured card with Discover or Capital One might be an option, but you may have to pay $500-$1000 just for a deposit. The fine print is confusing and more often than not you’ll end up in a worse situation than before you got your secured card.
You can save a ton of headache by repairing your credit and waiting a few short months until your score improves.
A 616 score means you likely have negative items on your report. Removing those negative items (or hard inquiries) is usually the quickest way to fixing your report.
We recommend speaking with a friendly credit repair expert online to help guide you through this process. Your consultation is completely free, no-pressure, and will set you on the right path toward boosting your score.
How Long Does It Take To Get A 616 Credit Score?
It depends where you started out.
If you have poor credit starting out, this score may be easy to reach, once you remove any bad marks on your credit. Three collection accounts, for example, could drop a 800 credit score well below 600.
If you started out with weak credit (for example, you don’t have any revolving accounts), a single negative mark could lower you well below the 500s.
How To Get Above 616 Credit Score
If you want a score above 616, you’re going to have to make sure you have as little negative accounts as possible (usually meaning 1 or less), a good credit mix, an aged revolving account (such as a 2+ year old credit card), and a low revolving balance (below 30% utilization).
How To Improve A 616 Credit Score
Work on removing all negative accounts such as collections, charge-offs, medical bills, bankruptcies, et al.
Remove as many excess hard inquiries as you can. Get your revolving utilization as low as you can (0 being best, but the general rule is below 30%). Ensure you have a good credit mix of installment loans and revolving accounts.
Last but not least, make sure you have at least two revolving accounts older than 2 years (getting added as an authorized user to a friend or family members credit card can help!)
We recommend taking a look at Credit Glory. Give them a call (833) 885-2800
It's generally much faster if you worked with Credit Glory, and they happen to have incredible customer service.