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goldieauthorIs a Credit Score of 691 Good?
A credit score of 691 is considered a relatively low score, but it is not necessarily bad. In this article, we will discuss what a credit score of 691 means, how it compares to other scores, and what you can do to improve your credit score.
What is a Credit Score of 691?
A credit score of 691 is a FICO score, which ranges from 300 to 850. A score of 691 indicates that you have a relatively poor credit history. However, it is important to remember that a credit score is just one aspect of your financial health and it does not tell the entire story.
How Does a Credit Score of 691 Compare?
A credit score of 691 is considered a low score, but it is not the lowest possible score. A score of 300-579 is considered a "poor" credit score, while a score of 580-679 is considered a "average" credit score. A score of 680-769 is considered a "good" credit score, and a score of 770-850 is considered an "excellent" credit score.
Therefore, a credit score of 691 is in the lower half of the credit score spectrum. It is important to note that credit scores can vary depending on the credit scoring model used, as well as the data available to generate the score.
What You Can Do to Improve Your Credit Score
Improving your credit score is a process that takes time and effort. Here are some tips to help you improve your credit score:
1. Check Your Credit Report: Get a free copy of your credit report from the credit reporting agencies once a year. This will help you identify any errors or discrepancies that may be affecting your credit score.
2. Pay Your Bills on Time: Make sure to pay your bills on time and in full. Delinquent accounts can significantly decrease your credit score.
3. Limit Your Credit Usage: Having a large amount of credit available can decrease your credit score. Try to keep your credit usage at a manageable level.
4. Apply for New Credit Wisely: Apply for new credit only when necessary, and be cautious about the amount you apply for. Applying for too much credit can negatively affect your credit score.
5. Build Your Credit History: Open a new account, such as a bank account, credit card, or mobile phone plan. This will help you build your credit history and improve your credit score.
A credit score of 691 is considered a low score, but it is not necessarily bad. By taking steps to improve your credit score, such as checking your credit report, paying your bills on time, and being cautious with credit applications, you can improve your financial health and potentially raise your credit score.