Is 640 a good credit score?

You’re ready to take steps toward building a better financial life for you and your family. Learning how credit works is a great first step—and, more importantly, how does your credit standing compare? Is 640 a good credit score?

Knowing where you stand could help you gain a better understanding of your options and where to go from here. So let’s get into it.  

Achieve isn't a credit repair organization and doesn't provide or offer services or advice to repair, modify, or improve your credit. 

What is a credit score and why does it matter?

Credit scores are important because they’re one of the top things lenders look at when deciding whether to approve you for a new credit account, such as a personal loan, a credit card, or a mortgage. It’s a way for lenders to gauge how likely you are to repay the money you owe. 

You’d probably be more willing to lend money to a friend who you think is likely to pay you back. Lenders are the same. Lenders check your FICO score or your VantageScores because the likelihood that you’ll repay a debt is exactly what your credit scores are designed to predict. FICO and VantageScore are different brands of credit scores, and they’re both based on information found on your credit reports. 

Details on your credit reports come from credit accounts you have now or had in the past. Creditors report when you apply for credit, whether you make your payments on time, and the types and amounts of debt you have. 

Even if you don’t have plans to apply for credit, your credit score is still important. Landlords could check your credit when you apply to rent an apartment, for example, and might see your score. 

What does a 640 credit score mean?

If you have a 640 credit score, you have fair credit. 

FICO breaks credit scores down into the following categories:

• Poor: 580 or lower

• Fair: 580-669

• Good: 670-739

• Very Good: 740-799

• Exceptional: 800+

Technically, 640 isn't a good credit score—but it does mean you’re nearly there. 

Having a 640 credit score also means you’re in good company. About 16% of Americans have fair credit. For perspective, the national average credit score was 715 in 2024, according to Experian, one of the three major credit report companies. 

VantageScore ranges are similar. They use different labels, but the idea is the same:

• Subprime: 300-600

• Near prime: 601-660

• Prime: 661-780

• Superprime: 781-850

Any way you slice it, a 640 is within striking distance of good credit. It’s a good idea to review your credit reports and find out what factors are costing you points, and then take appropriate action to improve in that area. For example, if you have late payments on your credit reports, start making all of your payments on time.

Is 620 as good as 640? How much does it matter?

A 620 is not as good as 640. Although both scores fall in the fair range, 620 is farther from a good credit score..

Generally speaking, people with lower credit scores have more work to do when it comes to building credit. Credit scores range from 300 to 850, and the higher the score, the better. You can check your own credit score for free on many websites.

The difference between a 620 credit score and a 640 credit score isn't large: only 20 points. That 20 points may not be enough to make a difference when you apply for credit, depending on the lender. If the lender’s minimum credit score happens to be 640, though, having that score could unlock borrowing opportunities that aren’t available to people with lower scores.

What loans can you get with a 640 credit score?

You can still apply for the same types of loans and credit as someone with a higher credit score. Virtually all types of credit are open to people with a range of credit scores, including 640. 

Some lenders may have a higher minimum credit score. Also, those who accept a 640 might charge you more than they charge someone with a higher score.

A 640 credit score is still high enough to qualify for many types of mortgages, including government-backed home loans like VA loans, FHA loans, and USDA loans. A 640 is usually high enough for a conventional mortgages. You might also qualify for a personal loan or a home equity loan. Most lenders also consider other factors like your income when deciding whether to extend credit to you. 

What’s next

• Check your credit score so you know where you stand.

• Learn about ways to increase your credit score, and make an action plan to do it. 

• Check on your overall financial health, too, like following a budget and saving for emergencies.