My credit score grew to 696, is it good? What should I do next?
If you want a one-word answer, it’s ‘Fair.’ You’re still far from the ‘Excellent’ club. Lenders don’t see your creditworthiness or loan approval chances as bad, but you definitely won’t get the best deals.
Let me share a table to make it clearer why I’m saying this!
| Credit Score Range | Creditworthiness | Loan Approval Probability |
|---|---|---|
| 750 to 900 | Excellent | High |
| 700 to 749 | Good | Good |
| 650 to 699 | Fair | Possible |
| 600 to 649 | Doubtful | Difficult |
| Less than 600 | Take immediate action to improve | Low |
So, it’s clear where you stand now and where you need to go to become a reliable borrower. First aim for the ‘Good’ range, then work your way into the ‘Excellent’ group.
I would suggest:
- Give yourself 8 to 12 months.
- Improve your score slowly! Do not hurry!
- Use some proven strategies before applying for loans or credit cards.
That way, you’ll enjoy lower interest rates, higher credit limits, and other perks.
I did the same last year and lifted my score from 696 to 750. Think of it as your financial health parameter! It needs consistent care and patience.