A FICO® Score of 625 places you within a population of consumers whose credit may be seen as Fair. Your 625 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
A credit score of 625 is a “bad” credit score, unfortunately. It is 75 points away from being a “good” credit score, which many people use as a benchmark, and 15 points from being “fair.” Such a score will make it difficult to get approved for a decent loan or line of credit.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
While the exact range for a bad credit score in Australia can depend on the credit scoring model, usually a score between the range of 300-550 is considered a bad credit score.
Very Poor: 300-499. Poor: 500-600. Fair: 601-660. Good: 661-780.
In general, you'll need a credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required to finance a car loan varies by lender. If your credit score falls into the subprime category, you may need to look for a bad credit car loan.
The Equifax 2022 Credit scorecard - combining survey data of 1,016 respondents with credit score information for more than two million individuals - found many Australians are establishing more disciplined spending habits. Average Australian's credit score is 846 according to Equifax.
What is the average credit score in Australia? Finder's research has found the average credit score in Australia is 735. This is based on analysis of 59,016 credit reports in 2022. We also found the average has improved since 2021, when it was 711.
While 13.7 million Australians currently have a credit card, some have run into difficulties accessing this form of credit. Of those who have been denied, unsteady income (36%) is the top culprit, followed by having too much debt (22%) and having a bad credit score (21%).
For a loan of 50K, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50K or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.
Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan. With that said, it's still possible to get a loan with a lower credit score, including a score in the 500s.
625 credit score credit card options
An individual with a 625 credit score will typically receive a credit card interest rate of between 20.5 and 16.5 percent. In comparison, someone with excellent credit can receive an average credit card interest rate of 13.5 percent.
Illion: Good – 500-699; great – 700-799; excellent – 800-1,000.
As it's the largest of the credit reporting organisations, most Australian banks use Equifax credit scores in their assessments of credit worthiness. However, they can also use information from the other credit reporting organisations, as well as their own internal risk assessment measures.
ClearScore should be as accurate as Experian considering your ClearScore information is pulled from Experian. Thus, ClearScore is considered as accurate as any credit reference agency.
They are Experian, Equifax and CIBIL. CIBIL is quite popular as it has been in the business for a long time. Non-Banking Financial Companies and banks use the credit score provided by CIBIL, Experian and Equifax to determine the potential risk of lending to a customer.
This means getting car approval will be easier and you may even get more loan options. Generally, lenders consider a good credit score in Australia as something around 846 which is classified as 'Excellent' by most credit agencies.
Do credit scores matter in Australia? Yes, your credit score is an important measure of your overall financial health in Australia. It's also used by lenders to determine your suitability for things like loans, credit cards and even phone plans.
Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.
The company doesn't list a minimum credit score requirement for a Tesla auto loan or lease. However, borrowers with good or excellent credit have a higher chance of qualifying and getting a lower interest rate.