According to you is 683 a good credit score?
A credit score of 683 sits in the fair range. It is not bad, but you cannot say it is excellent.
That means you are not at the bottom, where getting loans feels impossible, but you are also not at the top, where banks offer you the best deals.
With a 683 score, lenders may or may not approve your loan or credit card. Probably, you can not get the lowest interest rates or the highest limits.
When my score was around 683, I did get a credit card approval, but with a low credit limit. It gives you access, but you still need improvement in your credit score for easier approvals.
Here are some simple steps to follow to improve your credit score further:
- Always pay your credit card bills, EMIs and other dues on time.
- Try to use less than 30% of your total credit limit to keep your usage healthy.
- Review your credit report often and fix mistakes as soon as you spot them.
- Avoid applying for too many loans or credit cards in a short span.
- Keep a balance of secured loans and unsecured credit cards for a healthy credit mix.
- In case you have too many unsecured credit cards and loans, try to get a secured FD-backed credit card.
If you can avoid late repayments and defaults, then this score will not take too long to improve. Remember the due dates and do not overspend, as this can lead to further issues.