Is 698 a Good Credit Score? A Comprehensive Guide


In the realm of personal finance, few numbers hold as much significance as your credit score. A credit score reflects your financial health and can influence your ability to secure loans, credit cards, mortgages, and more. With a focus on the credit score range of 698, this article delves into what it means to have a credit score of 698, how it affects your financial well-being, and ways to enhance and maintain your credit score.

Is 698 a Good Credit Score?

A credit score of 698 falls within the fair to good range on the credit score scale. While it's not considered excellent, it's far from poor. This score indicates that you've managed your credit reasonably well, but there's room for improvement. Lenders are likely to offer you credit, but the terms might not be as favorable as they would be for individuals with higher scores.

The Importance of Credit Scores

Credit scores are pivotal in the financial world. They provide lenders with a quick snapshot of your creditworthiness and financial responsibility. Whether you're applying for a car loan, a mortgage, or even renting an apartment, your credit score will play a crucial role in determining the interest rates, terms, and even approval for these financial transactions.

Factors Affecting Your Credit Score

Several factors contribute to your credit score, each carrying a different level of importance:

  • Payment History: Timely payments on credit accounts, loans, and bills positively impact your score.
  • Credit Utilization: The ratio of your credit card balances to credit limits. Keeping this ratio low can boost your score.
  • Length of Credit History: The longer your credit history, the better.
  • Types of Credit: A mix of credit accounts, such as credit cards, mortgages, and loans, can positively influence your score.
  • New Credit Inquiries: Opening multiple new accounts in a short period can lower your score.

How a 698 Credit Score Affects You

With a credit score of 698, you're positioned to access various financial products. However, some lenders might offer higher interest rates and less favorable terms compared to those with excellent credit scores. It's essential to shop around for the best rates and not settle for the first offer that comes your way.

Tips to Improve a 698 Credit Score

Elevating your credit score takes time and effort, but the rewards are worth it. Here are some steps to consider:

  • Pay Bills on Time: Consistently paying bills on or before the due date can significantly boost your credit score.
  • Reduce Debt: Aim to lower your credit card balances, as high credit utilization can hinder your score.
  • Monitor Your Credit Report: Regularly review your credit report for errors and discrepancies that might be affecting your score.
  • Diversify Credit Types: Having a mix of credit accounts can demonstrate your ability to manage different financial responsibilities.
  • Limit New Credit: Minimize opening several new credit accounts in a short period.

Frequently Asked Questions (FAQs)

Q: Can I secure a mortgage with a credit score of 698?

A: Yes, it's possible to secure a mortgage with a 698 credit score. However, you might face slightly higher interest rates compared to individuals with better credit scores.

Q: Will my credit score improve quickly if I pay off all my debts?

A: While paying off debts is a positive step, improvements in your credit score might not be instantaneous. It takes time for these changes to reflect in your score.

Q: Can I get a credit card with a 698 credit score?

A: Yes, you can qualify for credit cards with a 698 credit score. Opt for cards designed for individuals with fair to good credit scores.

Q: How long does negative information stay on my credit report?

A: Negative information, such as late payments or accounts in collections, can stay on your credit report for up to seven years.

Q: Can I negotiate interest rates with a 698 credit score?

A: Yes, you can negotiate interest rates, especially if you have a stable income and a reasonable credit history. It's worth discussing terms with lenders.

Q: Will my credit score improve if I only use cash and avoid credit?

A: While using cash can prevent new credit issues, it won't contribute to improving your credit score. Responsible credit use is necessary for score enhancement.


A credit score of 698 is a solid starting point on your financial journey, indicating responsible credit management. However, there's always room for improvement. By understanding the factors that affect your credit score and implementing strategies to enhance it, you can pave the way for better financial opportunities. Remember, your credit score isn't fixed—it's a dynamic representation of your financial decisions.

Turn your credit around and open doors to financial success. Contact us at (888) 804-0104 to get started.