640 Credit Score: Is It Good or Bad?

640 credit score
Published by: Ricky Ingram
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If you have a 640 credit score and you are wondering how that compares to the rest of the working class, you are not alone. The average in America is about 700 out of the full range. However, the economic world is not exactly cut and dried. There are plenty of different aspects that can affect your monetary power in addition to just your raw FICO score.

Sitting at this number can be good or bad depending on what you want to do. If you are wondering how a credit score of 640 is going to affect your life, you have come to the right place. The following article will walk you through everything you need to know about your number, including but not limited to the different types of loans for 640 credit score and how you can give yourself a little boost. What are you waiting for? Read on!

Is 640 a good credit score?

The credit score range is from 300 to 850. However, it is rare to be at either end of this spectrum. As mentioned above, the average in America is about 700, which is considered good enough to do just about everything you would want to. So, is 640 a good credit score? Generally speaking, it is good enough. However, there are going to be some obstacles in your way if you plan on making any future purchases in anything other than cash.

If you are somewhere between a 571 and a 668, you are doing fine—not necessarily excellent or terrible. Anything below a 510, and you should consider yourself in deep financial turmoil. And if you have something above a 669, you should be able to achieve your goals. The range of 669 to 738 is healthy or good and will not stand in the way of you doing the things that you want. Ideally, you should eventually shoot for something over a 739, which is very healthy. This, however, is difficult to obtain for those who are off to a rocky start.

Credit cards for a 640 credit score

Getting a card is like obtaining a personal loan with a 640 credit score. You are essentially asking an entity to let you use their funds because you are good for them at the end of the month. The higher your numerical number is, the more an entity is going to trust you to pay them back. This is because generally, scores fall if you pay people back late or not at all.

Obviously, the higher your number is, the easier it will be for you to open a card with a company. And, as long as your number is high, you can pretty much open as many cards as you want. Having multiple cards can actually help you from a 640 credit score to a 700 as long as you use them responsibly. This shows companies that you can handle multiple lines at once. Of course, this also works the other way around. If you do a bad job at managing multiple lines at once, you should expect to see a big drop in your number.

Trying to find credit cards for a 640 score that work for you can be hard for anyone. Luckily for you, we have done extensive research on our own so that you don’t have to. Below, find cards that you can trust to be a good option for you and your 640 FICO score.

  • Wells Fargo Active Cash;
  • Discover it;
  • BankAmericard.

Wells Fargo Active Cash

Wells Fargo Active Cash

When you have a lower number, it is not necessarily finding a card that is the hard part. Rather, it is finding an affordable one, as most companies are out to get you with insane interest rates. Fortunately, the Wells Fargo Active Cash card can meet your needs! First, it gives you $200 for free when you use it to spend $1,000 during your first three months of use. You also get unlimited 2% cash rewards when you use the card. Plus, for 15 months, you have a 0% APR rate.

Discover it

Discover it

The Discover it card is another amazing option for consumers who have credit on the lower to average side. It’s the king of cashback, providing you with up to 5% back on your purchases at select everyday retailers, such as grocery stores, gas stations, and restaurants. The amazing entity will also match all of the cashback that you earn during your first year of using the card, which can add up to a ton! And, there’s no minimum or cap to this program. If you plan on using your card heavily, this is likely the option for you.



The BankAmericard has amazing customer reviews—after over 3,500 reviews, it still has above a 4-star rating! It enables you to see your FICO score for free. And, it has a 0% APR for your first 18 billing cycles. Unfortunately, it has a 3% balance transfer fee for each transaction of at least $10, so if you are trying to avoid fees at all costs, you may want to go with a different option. The perks associated with this card are more security-related.

All of the above options have no yearly fees, or if they do have them, they are low enough to be affordable for even minimum wage earners. You can trust that the above entities will give you a fair interest rate for a 640 credit score.

Car loan rates for a 640 credit score

Is 640 a good credit score to buy a car? Well, it is not great. If you can afford to wait until you boost your value a bit higher, you should. You will most definitely be paying higher interest rates than you would want to. If you are in a place where you absolutely need to obtain a new vehicle though, it will not be impossible, just more challenging.

If you are getting a 640 credit score auto loan, expect a car loan interest rate of about 6-11%. This is compared to a 3-5% if you have an impeccable score. It also depends on the state that you live in. Midwestern states, for example, tend to have lower prices than more urban states such as New York and California. If you are getting a cheaper automobile that you know you will be able to pay off quickly, it will not make a huge difference. However, if you are getting a car loan with a 640 credit score, and the car is outside of your price range, you may be setting yourself up for failure.

Personal Loans with a 640 Credit Score

Personal loans come in such a large variety that if you are trying to get a loan with a 640 credit score, you could end up paying an insane amount that would make it not worth it. If you are seeking funding in an amount larger than five digits, some people may try to charge you up to 35%. It also depends on who you go to—i.e., a credit union or a bank.

Loan Size Lower End Higher End
Small personal loan 5% 10%
Medium personal loan 11% 23%
Large personal loan 24% 35%

Credit: Numbers taken from Bankrate.

The thing is, if you are wondering: “How much can I get approved for with a 640 credit score?”, the answer is that there will always be someone willing to approve you. The real thing you should be wondering is how much in interest it will cost you.

Mortgage rates with a 640 credit score

Getting a mortgage home loan with a 640 credit score is probably the hardest type of funding to get if your numerical value is on the lower end. This is because most mortgages are for high amounts. Additionally, they are typically long-term—some spanning over decades or even the rest of someone’s natural life. Because a 640 credit score mortgage rate is so long-term, you can expect to pay less in interest than for other types of loans. But it will be a slow burn to your wallet.

On average, mortgage rates are around 5-6%. Depending on the length of the funding you are seeking, it could be higher or lower. If you are trying to get a lower interest rate, then you should seek a term that extends for around 15 years. Anything below seven years, and you will probably be paying more in interest than it would be worth it for you.

Low mortgage rate range: 2-3.5%
Medium mortgage rate range: 3.56-4%
High mortgage rate range: 4-6%

Credit: Numbers taken from Experian.

How to get your credit score above 640

If you are finding that you do not like what you are seeing in terms of a 640 credit score mortgage or FHA loan, you are not out of luck. There are things you can do to bump your number, decrease the interest rates you would be paying, and save yourself some money down the road. This can be done via DIY methods if you have the time or craft to do so. Or, you can seek professional assistance. Check out the methods below for the best ways of how to increase a credit score from 640.

Dispute potential mistakes

If you are looking at a copy of your credit report and see something that looks incorrect, then there is an action you can take! First, sit down and highlight every line that looks incorrect to you. Make sure that these are not mistakes on your behalf but are actually reporting errors on behalf of the major credit bureaus. Then, it is pretty simple to correct this! Write a letter to the bureaus, and make sure that it includes the following:

  • Your contact information;
  • A detailed explanation of the incorrect line;
  • Evidence that the mistake is genuinely wrong; and
  • A request for the mistake to be corrected.

It may take up to 30 days for any mistakes to be corrected. Remember that the person who will be reading your letter is not the same person who made the mistake, but they are the person that stands between you and better credit history. Depending on the line, you could expect to see a jump of up to 100 points!

Get better at managing your finances

The answer that nobody wants to hear, but everyone needs to know, is that at the end of the day, if you do not get better at managing your finances, then your score is never going to increase. Sit down and take a hard look at how your income compares to your expenses. If your expenses are higher than your income is, then you need to start saving money!

Additionally, you may need to attempt to close some of your lines if you have too many open credit accounts. Having multiple lines open can be a good thing if you are doing a good job of paying for everything on time. However, it can hurt your score if you have a bunch open and are being irresponsible with your monthly payments. Not only will your score fall, but you will also see a large increase in your interest rates.

Seek professional help

Say you are trying to get an FHA loan with a 640 credit score or just do not understand what a lot of the terms in the financial world mean, you may benefit from getting help from a professional! Some people make their living by increasing your score, no matter how bad your credit history is. Most people think that paying for pro services will cost you an arm and a leg. However, it can actually end up saving you money! By increasing your score, you will pay lower rates and also have better money management practices so that you will always have funds in the bank.

Thanks to the Fair Credit Reporting Act, companies are not allowed to advertise anything that they cannot actually do for you. Therefore, if someone is promising you that they can bump you up by 50 points or so, then you can trust that they actually can!

If you do not want to do the work of finding your own professionals, you can look at the list of credit repair companies we worked hard to curate for you. On it are entities such as Lexington Law and The Credit People, who you can trust with your hard-earned crash.

Trust the process—the world of credit moves slowly

By now, you have the answers to all of your burning questions, such as “is 640 a good credit score to buy a house?” and “what is the best credit card for a 640 credit score?” However, if you have more, it is definitely recommended that you get some one-on-one counseling to figure out exactly how to manage your situation best.

Or, if you are feeling confident, continue to do your own research using articles such as this one on how to raise your credit score. Whichever you decide to do, try to be as patient as possible. No matter how low you are currently sitting at, know that it is never impossible to climb out of your economic hole. You can make credit utilization work to your advantage if you are savvy about it!

Ricky Ingram

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.

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