What does a credit score of 693 mean?

Answer 1

A credit score of 693 is generally considered a "fair" to "good" score, depending on the scoring model used. It indicates that the individual has a moderate level of creditworthiness and is likely to be approved for loans and credit, but may not qualify for the best interest rates. This score suggests a history of responsible credit use but may also reflect some potential risks, such as missed payments or high credit utilization. To improve the score, one should focus on timely payments, reducing debt, and maintaining a low credit utilization ratio.