A 633 credit score is considered slightly below average and is categorized in the “fair credit score” group. Despite the fact that you are not in the poor score category, there is still so much room for growth, and you should take advantage of it. Think of your score as a stepping stone to bigger...
A 633 credit score is considered slightly below average and is categorized in the “fair credit score” group. Despite the fact that you are not in the poor score category, there is still so much room for growth, and you should take advantage of it. Think of your score as a stepping stone to bigger and better things. If you can help it, there is no point in suffering from your score if you are able to make changes.
Although it might be tricky to secure loans for a 633 credit score, it is definitely not impossible, and you will find many lenders that are willing to work with you. In this article, we will go over multiple different options that you can take to secure credit cards, auto loans, mortgages, and personal loans with a credit score of 633.
Is 633 a Good Credit Score?
633 is a place where a lot of consumers start out. They may have just gotten their first credit card, or they might have potentially decreased their score due to negative payment history. If you are wondering if 633 is a good or bad credit score, the answer is that it is not great, but it is not the worst place to start. There is so much area to progress. For most people, a 633 credit score means that you will likely get accepted for loans and credit lines, but you will, unfortunately, need to face higher interest rates. It might be worth building up your score to something higher than a 633 FICO score before beginning to send applications.
Credit Cards for a 633 Credit Score
Credit cards are truly lifesavers when it comes to building credit. Many consumers fear that they will not get approved by credit card companies due to their low scores. They also think that a secured credit card is their only option. This is untrue as there are companies offering credit cards with a 633 credit score that are willing to accept you at any time. Credit builder cards are popular and can even help you increase your score in just a matter of months. Here are some of our favorite credit cards for a 633 score.
Journey Student Rewards by Capital One
Capital one has a variety of cards for people with fair credit, and this is just one of them. It is great for students and those building their credit scores early in life. It also gives you 1.25 percent cash back on every purchase!
Capital One QuicksilverOne Cash Rewards Credit Card
This is yet again another Capital One favorite. This credit card gives you a flat rate of cashback rewards. It offers those with average credit a chance to earn rewards and build their credit along the way.
Upgrade Visa Card
Many credit builder options have fees associated with them, but this card is a great pick because there is no annual fee. It will also earn you 1.5 percent back on all purchases. If you prefer consistent cashback, this may be the card for you.
Petal 1 Visa Credit Card
This card also has no annual fee and is another great choice for those who are looking to build their credit with an existing fair credit score. It has a much more generous credit limit than other cards would allow with a 619 score. The limit ranges from $500 to $5,000.
Deserve EDU Mastercard for Students
Here is another great option for students. If you are in school, this could be a great option for you! It is great for domestic and international students as a starter card. If you spend $500 in the first three billing cycles, the card will reward you a statement credit for a 12-month Amazon Prime Student membership!
Car Loan with a 633 Credit Score
If you are looking to buy a car in the near future, it is essential that you do your research for 633 credit score auto loans. You will not need to worry about finding a lender because you will definitely have many options available to you. However, with this type of score, you might be facing higher than expected interest rates, so take a look at all of your options.
Car loan interest rates with a 633 credit score are going to come in a wide range, and they will most likely be upwards of 4 percent. If you have a higher down payment, you might be able to bargain yourself a lower interest rate for a 633 credit score. Your auto loan options and the monthly payment could differ greatly based on whether you use a bank, credit union, or an online Lender. With just a bit of due diligence, you will find the best car loan with a 633 credit score for your situation. The following graphic is a table with auto loan rates that you are most likely to receive with each prospective score according to Experian.com:
Score | Interest Rate |
501-600 | 10-17% |
601-660 | 6-11% |
661-780 | 3-6% |
Personal Loan for a 633 Credit Score
If you are trying to get a loan with a 633 credit score, your best bet is to be aware of what alternatives are available to you. Borrowers with fair or average credit can expect to get somewhere above 20% APR on a personal loan. The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest. If you are trying to get the lowest possible interest rate for a 633 credit score personal loan, consider choosing a shorter term. Try using this personal loan calculator to find the best option for you.
The following graphic is a table with personal loan rates that you are most likely to receive with each prospective score according to bankrate.com:
Score range | Interest rate |
300-629 | 28.5%–32.0% |
630-689 | 17.8%–19.9% |
690-719 | 13.5%–15.5% |
Mortgage with a 633 Credit Score
Getting a mortgage with a 633 credit score is quite possible, even though many shy away from the idea of thinking that they are not financially ready. If your credit score is a 633 or higher, and you meet other requirements, you should not have any problem getting a 633 credit score mortgage. The types of programs that are available to borrowers with a 633 credit score are:
- conventional loans,
- FHA loans,
- VA loans,
- USDA loans,
- Jumbo loans, and
- non-prime loans.
With a 633 score, you may potentially be eligible for several different types of mortgage programs. 633 credit score mortgage rates will of course be slightly higher than normal, but you can negotiate your terms to combat this. Start looking at the best lenders for you to get your home loan with a 633 credit score.
The following graphic is a table with personal loan rates that you are most likely to receive with each prospective score according to bankrate.com:
Score Range | Average Interest Rate |
<639 | 3.958% |
640-659 | 3.412% |
660-679 | 2.982% |
680-699 | 2.768% |
How to Improve a 633 Credit Score?
Like we stated earlier, there is so much room for progress when you have a 633 score. Do not shy away from building up your score as soon as possible because it takes time. The more effort you put into building a positive credit history, the more you will thank yourself in the future. Here are some of our favorite steps to improving your score.
Make payments on time
Your score is a measure of how likely you are to pay back money borrowed, so by creating a positive history of making payments on time, you will be on your way to a new and improved score. Making your monthly payments late is the number one reason why your credit score may decrease. Having consistent on-time payments has the ability to increase your score quickly. No more minimum payments either!
Keep your utilization rate low
The unspoken rule is to keep your utilization ratio under 30 percent at all times. Although your credit limit is the maximum amount that you are able to spend before being required to pay the money back, it is not what you should be spending a month to month.
It is always better to keep your credit utilization low so that major credit bureaus are aware that you do not need the full extent of the money lent. It is much easier to complete this task if you make frequent payments. This means that you pay multiple times per month. This keeps your credit utilization low while still being able to spend more money on a monthly basis.
Check your credit report often
Many companies will attempt to make hard inquiries on your score without your proper consent. Errors happen all the time, and they might be sitting around on your credit report without you knowing. This will decrease your score by many points. You can avoid this by staying on top of your report and identifying these inaccuracies immediately. They can then be disputed with credit bureaus, and your score will go back to where it was.
Try credit repair companies
When in doubt, consult the professionals to see what is wrong. Many consumers are not aware that there are professional companies that exist to improve your credit. Credit fixing companies like Ovation Credit Services and Credit Saint, all have methods to give your score a boost. By using their services, your score can increase in just a couple of months.
Conclusion
A 633 credit score is not the end of the world, and it certainly will not be tough to get accepted for credit cards, loans, or mortgages. The major challenge is coming up against high-interest payments which are not a lot of fun. To combat this, do your best to increase your credit score and ride your way into high credit. Your life will become so much easier, and your wallet will thank you!
Founder of Credit Repair Partner. I worked in the credit repair industry for about 10 years. I love, helping people become smarter about their credit and finances.