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658 Fico Score

By Eusha Omar

A FICO score is a three-digit number, ranging from 300 to 850, that lenders use to assess an individual's credit risk. The score takes into account your payment history, debt-to-credit ratio and other parameters when determining your borrowing potential. With the aim of helping you make financial decisions, a FICO score of 658 is considered good enough for lenders to approve most loan applications.

Table Of Content:

2. 658 Credit Score: What Does It Mean? | Credit Karma

https://www.creditkarma.com/credit-scores/658
658 Credit Score: What Does It Mean? | Credit KarmaApr 30, 2021 ... A 658 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for ...

6. Is 658 a good credit score? | Lexington Law

https://www.lexingtonlaw.com/education/score/658
Is 658 a good credit score? | Lexington LawOct 11, 2021 ... The FICO model gives credit-using adult consumers a credit score between 300 and 850, ranging from “very poor” to “exceptional.” A credit score ...

10. Car loan interest rates with 658 credit score in 2022

https://creditscoregeek.com/fair-credit/658/auto/
Car loan interest rates with 658 credit score in 2022Interest rate on car loan with 658 credit score can go anywhere from 8% to 12%, but it also depends on the lender and the specific background credit history ...

What does a FICO score of 658 indicate?

A FICO score of 658 indicates that you are likely to be approved for most loan requests. Although it does not guarantee approval, it is considered within the range of scores lenders will accept.

How can I improve my FICO score?

To improve your FICO score, make sure to pay all bills on time and maintain a healthy debt-to-credit ratio. Additionally, monitor your credit report annually for any errors or discrepancies that might affect your credit rating.

What happens if my FICO score falls below 658?

If your FICO score drops below 658, creditors may be more reluctant to lend you money because they view you as having higher credit risk than an individual with a higher FICO score. This means that loan approval may be more difficult or require more favorable terms from the lender.

Conclusion:
A good understanding of how your FICO Score works can help you make informed financial decisions such as taking out loans or opening new accounts without fear of rejection due to low credit risk ratings. With a score of 658, borrowers should still demonstrate responsible borrowing behavior in order to maintain their good standing with lenders.

Eusha Omar

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