What Loans Can You Get with a Credit Score of 690? A Complete Guide

If your credit score is 690, you're in a solid position for accessing various loans, but understanding your options and the type of loan you can qualify for is crucial. Whether you're looking to purchase a home, finance a car, or consolidate debt, knowing your eligibility and what loan terms to expect can make a significant difference in your financial decisions.

In this guide, we’ll explore what loans are available with a credit score of 690, and offer insights into how you can take advantage of these opportunities.

Understanding Your Loan Options with a Credit Score of 690

A credit score of 690 is considered "good" by most lenders. It’s typically above the minimum threshold required for many loans and credit products, meaning you may be eligible for a variety of loan types. However, your credit score is not the only factor that lenders consider. They will also look at your income, employment history, and current debt obligations.

For a credit score of 690, lenders will view you as a relatively low-risk borrower but may offer higher interest rates compared to someone with a higher credit score. Understanding what loans you can qualify for with a credit score of 690 will help you make informed decisions and improve your chances of securing favorable terms.

Can You Qualify for Loans with a Credit Score of 690? Here's What You Need to Know

A credit score of 690 puts you in a good position to qualify for many types of loans, but the exact terms and approval will depend on the lender’s specific criteria. Here's a breakdown of the most common loans you may qualify for with a credit score of 690:

1. Mortgage Loans

With a credit score of 690, you may qualify for a conventional mortgage. While you may not get the lowest interest rates reserved for borrowers with excellent credit scores (740 and above), a 690 credit score is often sufficient for loan approval.

However, your interest rate will be higher than a borrower with a credit score of 750 or higher. The Federal Housing Administration (FHA) also provides loans to borrowers with credit scores as low as 580. Therefore, a 690 credit score may qualify you for an FHA loan if you meet other criteria, like a stable income and debt-to-income ratio.

2. Auto Loans

Auto loans are another type of loan you can secure with a credit score of 690. While this score is considered good, you may not qualify for the lowest available rates, but you’ll likely be approved for an auto loan with a reasonable interest rate.

To ensure you get the best possible rate, consider getting pre-approved through your bank or credit union. You can also shop around with different lenders and see if they offer specific terms based on your credit score.

3. Personal Loans

If you’re looking for a personal loan, a credit score of 690 should help you qualify for both unsecured and secured loans. Personal loans typically have higher interest rates than mortgages or auto loans, especially if they’re unsecured. However, a 690 credit score will still help you qualify for a reasonable rate compared to someone with a lower score.

For secured personal loans, your credit score won’t have as much impact because the loan is backed by collateral, such as a car or home. However, for unsecured loans, your credit score will be one of the main factors in determining the terms.

4. Credit Cards

A credit score of 690 qualifies you for a range of credit cards, including cards that offer rewards, cash back, and low-interest rates. While you may not qualify for the top-tier rewards cards (which often require a credit score of 740+), you can still qualify for many decent credit card offers.

In addition, many credit card issuers offer products specifically for individuals with a credit score in the mid-600s, so you’ll likely be able to find options that fit your needs.

5. Home Equity Loans and HELOCs

If you already own a home and are looking to tap into its equity, a credit score of 690 can help you qualify for a home equity loan or home equity line of credit (HELOC).

With these types of loans, lenders will consider your credit score, but they’ll also factor in your home’s value and the amount of equity you have built up. Because the loan is secured by your home, your credit score might not be as significant as with unsecured loans, but it will still play a role in determining the interest rate you’re offered.

What Loans Are Available with a Credit Score of 690? Find Out Now

With a credit score of 690, you can access a variety of loans that can help you achieve your financial goals. Here’s a quick recap of the loan options available:

• Mortgage Loans: Conventional and FHA loans, though your interest rate may be higher.
• Auto Loans: Moderate interest rates depending on the lender.
• Personal Loans: Unsecured and secured loan options with competitive rates.
• Credit Cards: Rewards and cash-back credit cards, along with standard options.
• Home Equity Loans and HELOCs: Available if you own a home and have equity.

Credit Score of 690: Which Loans Can You Get and What Are Your Options?

In summary, a credit score of 690 is considered good, and it gives you access to a broad range of loan options. However, to secure the best terms and lowest rates, you may want to work on improving your credit score further.

Take Control of Your Financial Future with Expert Credit Repair Services

If you have a credit score of 690 but want to unlock even better loan terms, consider working with a professional to improve your credit score further. At Cents Savvy, we specialize in credit repair services designed to help you raise your credit score and achieve your financial goals.

Whether you’re interested in qualifying for a better mortgage, lowering your auto loan interest rate, or simply understanding how to improve your credit score, we can help. Contact us today to learn more about how we can assist with your credit score improvement and provide guidance on securing loans with favorable terms.