Can you have a 390 credit score? (2024)

Can you have a 390 credit score?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 390 FICO^® Score is significantly below the average credit score.

If you have a credit score of 390, you are considered to have a below average credit rating. The average American consumer has a FICO credit score of 714, and anything below 580 is generally considered to be a poor credit score.

Car Loans with a 390 Credit Score

As a result, your odds of getting approved for a decent auto loan are slim. You will need to compare your options carefully and consider either placing a bigger down payment or purchasing a vehicle that's less expensive.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

A score this low would be the result of many significant negative items in a borrower's credit history. People with scores this low are considered subprime or deep subprime borrowers.

It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.

Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.

Lenders use your credit score as an indication of how likely you are to repay a loan. This means that the higher your credit score, the more favorable your interest rate and terms will be. In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan.

With the most popular credit-scoring models, the lowest credit score possible is 300, but some people may have no credit score due to limited or nonexistent credit histories. Missed payments, late payments, bankruptcies and defaults can lead to lower credit scores.

A bad credit score is a FICO credit score below 580 and a VantageScore lower than 601. If your credit isn't where you would like it to be, remember that a bad credit score doesn't have to weigh you down.

What is the average American credit score?

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

Although a 1,000 score isn't possible, an excellent credit score is attainable.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.

Around 0.1% of people have a credit score between 300 and 350. The average credit score in the U.S. is actually verging on “good” credit. And even if you drop into the bad credit score range, you aren't alone. Close to 4.5% of consumers have bad or very bad credit.

A perfect FICO credit score is 850, but experts tell CNBC Select you don't need to hit that target to qualify for the best credit cards, loans or interest rates.

If you've ever wondered what the highest credit score you can have is, it's 850. That's at the top end of the most common FICO® and VantageScore® credit scores. And these two companies provide some of the most popular credit-scoring models in America. But do you need a perfect credit score?

However, with a 723 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.

Can I buy a house with a 704 credit score?

A conventional mortgage is often best for those with a credit score of 700 or higher. (Generally, the credit score requirement is 620 and above.) Benefits of a conventional loan include: Buy a house with as little as a 3% down payment.

Average credit score for people in their 40s

For those in the 40 to 49 age group, the average credit score is about 684. People in their 40s typically have a long credit history and a mix of credit types like car loans, mortgages and personal loans.

There's no specific minimum credit score required to qualify for a car loan. Still, if you have poor credit, it could be difficult to get approved for a car loan. Even with the best auto loans for poor credit, watch out for high interest rates, which can make it very expensive to borrow money.

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

While there isn't a set minimum credit score to buy a car, you should aim to have a score of 670 or higher, which puts you in the good credit range.