Who Has a 664 Credit Score?

While age isn't a direct factor in calculating your credit score, there is a strong correlation between the two. Scores generally improve over time as people build a longer credit history. According to 2023 data, here is the breakdown of average FICO scores by generation:

• Generation Z (ages 18-26): 680
• Millennials (ages 27-42): 690
• Generation X (ages 43-58): 709
• Baby Boomers (ages 59-77): 745
• Silent Generation (ages 78+): 760

Credit Cards With a 664 Credit Score

A credit score of 664 places you in the "fair" credit category, which is a decent starting point for obtaining a new credit card. While you'll likely find several issuers willing to extend you credit, you may not qualify for the most premium cards with top-tier rewards or the lowest interest rates. Lenders often view this score as indicating a moderate level of risk, so the terms you're offered, such as your credit limit and APR, might be less favorable than those for applicants with higher scores.

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Auto Loans and a 664 Credit Score

A 664 credit score places you in a favorable position for auto loan approval, as lenders generally view this as a responsible credit history. While you will likely qualify, you won't secure the lowest interest rates, which are reserved for those with higher, super-prime scores.

According to recent data, here are the average auto loan rates by credit score bracket for new and used vehicles:

• Super-prime (781-850): 5.25% for new cars, 7.13% for used cars
• Prime (661-780): 6.87% for new cars, 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars, 13.92% for used cars
• Subprime (501-600): 13.18% for new cars, 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars, 21.55% for used cars

Mortgages at a 664 Credit Score

With a 664 credit score, you are in a good position to qualify for several types of home loans. According to mortgage loan requirements, this score meets the typical minimums for conventional, FHA, VA, and USDA loans. However, it generally falls short of the 700+ score required for most jumbo loans, which are for amounts above conforming limits.

While you can get approved, a 664 score will impact your loan terms. You will likely face higher interest rates than borrowers with excellent credit. For conventional loans requiring private mortgage insurance (PMI), your premiums will also be higher. This means that while homeownership is accessible, it will come at a greater cost over the life of the loan.

What's in a Credit Score?

Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but it generally boils down to a handful of key elements. The most common factors include:

• Your history of making payments on time is the most significant factor.
• How much of your available credit you're currently using, known as your credit utilization ratio, plays a major role.
• The age of your credit accounts, including the average age and the age of your oldest account, is also considered.
• Lenders like to see that you can responsibly manage different types of credit, such as credit cards and loans.
• Opening several new credit accounts in a short period can be seen as a risk and may temporarily lower your score.

How to Improve Your 664 Credit Score

Your credit score plays a crucial role in your financial life, but it's not set in stone; there are several proven methods to improve your creditworthiness. With consistent positive behavior, most people can see meaningful changes within three to six months.

• Establish automatic bill payments. Payment history is the largest factor in your credit score, so making on-time payments is the most effective way to build a positive record. For a 664 score, this prevents late fees that could lower your score further and demonstrates reliability to lenders.
• Reduce your credit utilization ratio. This is the second-most important factor, and keeping your total balance below 30% of your available credit is a powerful way to boost your score. Lowering your utilization shows lenders you aren't overextended, which can provide a significant lift to a fair credit score.
• Monitor your credit reports for errors. A 664 score might be held down by inaccuracies or fraudulent activity on your report that you are unaware of. Successfully disputing an error can result in a quick and significant score increase.
• Diversify your credit mix. Lenders prefer to see that you can manage different types of credit, like revolving credit card debt and installment loans. Adding a different type of account, such as a credit-builder loan, can strengthen your profile and show you are a less risky borrower.

The free Kudos browser extension can help you find the right credit cards and maximize rewards as you work to improve your score.