Is 693 a good FICO score?
Your credit is considered Average.
First find out exactly why your score is 693 and try to increase it,
Below is a way of interpreting your credit score.
Given the current credit score stats, how does this relate to your own personal score? Generally, if your score is higher than 660, you will be considered a good credit risk. If your score is below 620, then you might have a tougher time getting a loan. The following ratings explain the impact of the different score ranges:
- 720-850 - Excellent - This represents the best score range and best financing terms.
- 700-719 - Very Good - Qualifies a person for favorable financing.
- 675-699 - Average - A score in this range will usually qualify for most loans.
- 620-674 - Sub-prime - May still qualify, but will pay higher interest.
- 560-619 - Risky - Will have trouble obtaining a loan.
- 500-559 - Very Risky - Need to work on improving your rating.