A 660 credit score isn’t quite good credit yet. This is called prime lending and it’s the point where you start getting approved for any loan and start seeing rates come down.
As with most of the credit score reviews, there’s usually one of two reasons why you have a 660 credit score. 1. You’re a younger borrower with only a year or two credit history or you haven’t used credit regularly.
2. You’ve destroyed your credit score by missing payments or defaulting on a loan. We’ve all been there and actually a 660 credit score isn’t that bad so you might have only been late on a few payments.
You’re in good company with a 660 FICO because more than one-in-three Americans have a credit score at 650 FICO or below that point. In fact, only about half of borrowers have a score above the range you’re in right now.
After destroying my credit, I was only able to go to a few personal loan sites for debt consolidation and other loans. You’ll have more options than that and will probably get approved at any peer-to-peer loan site.
If you can wait just three to six months for a loan, there’s a good chance you can increase a 660 credit score into that prime lending range and get even lower rates.