My credit score is 660. Good or bad?

I got rejected for a Sears Card. I went online to check my credit report and it came back 660. Should I have gotten rejected?
Okay, so the general consensus is that I'm barely average. How can I boost it up to say 700 within eight months. How about 720 within a year?

Just some additional info, I'm 23, have student loans, and am still in grad school for another year making very little money. According to my credit report I have 8 accounts in good standing but one account where I was 30 days overdue (they kept mailing the bills to my old address) Impossible?

5 years ago - 7 answers

Best Answer

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Ultimately you may still be able to obtain secured loans but you may have trouble with unsecured. A 720 credit score used to be the score you needed to qualify for anything and obtain the best loan terms. In recent months that has transitioned to a score of 740 with several lending outfits.

Most of the mortgage lenders add adjustments to loans with a credit score under 740. The fine print on most 0% car ads says you need a 730 or a 740 credit score to qualify.

Also, most mortgage loans have already transitioned to a minimum score of 620 (Very few loans for people with lower credit scores however some are still available).

However, 2 of my lenders increased their credit score to a minimum of 660.

I would say a 660 is Fair. You will obtain some credit but not all and your terms will be worse than in the past. You should work on building the score up.

I am posting a few articles that cover some detail of my response. Feel free to review the information and ask questions.


5 years ago

Other Answers

a couple years ago that would have been considered average credit and could have easily been approved for a sears card. today, creditors want good to excellent. so you're looking at 700+ fico score. even 700 is being considered average these days.

by DDD - 5 years ago

Anything below 720 now is bad. Lenders have tightened their standards.

by MomMom8 - 5 years ago

probably not. but a better score is over 700. i know that. but I don't think 660 is that bad. how much credit card debt do you have now? That may have had something to do with it. not sure. i have close to 20,000 in credit card debt. plus a few thousand in student loans still. my house, my vehicle, etc. my credit score is well over 700 though because I always pay my bills. So I dunno. Try applying again maybe or call and talk to them. good luck.

by online - 5 years ago

hello, I own a Credit Restoration company and will be happy to answer this for you.

Sears has historically been conservative on its lending practices. So, it's not that surprising that you were rejected with a 660. It varies from lender to lender and from retailer to retailer.

IE. I was approved for a $40K Volvo with Wells Fargo auto finance, rejected for $2500 worth of flooring by Wells Fargo Retail and then approved for $3500 worth of furniture...with... you guessed it... Wells Fargo.

This all occurred with a then mid-score of 660.

A credit officially starts with a FICO score of 720. Lenders have, in today's market, tightened their lending.

If you'd like to get your scores up, I can help.

Joe Orsak

by Joseph O - 5 years ago

Simply put your credit is bad. FICO scores below 700 are considered Subprime by most investors and lenders.

by evol_one___ - 5 years ago

According to FICO credit score anything between 660 - 720 is a acceptable score and below 660 is uncertain.

by Sara J - 5 years ago