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662 Credit score: What You Need to Know in 2025
July 1, 2025
TL;DR
A 662 credit score is a solid foundation, positioning you to qualify for a variety of financial products. This score falls into the 'Fair' category according to the FICO model, meaning you're on a promising path toward achieving excellent credit.
What Does a 662 Credit Score Mean?
A FICO score of 662 places you squarely in the 'fair' credit range, which typically spans from 580 to 669. While not considered a poor score, it signals to lenders that you may pose a moderate risk. This means you'll likely get approved for some credit products, but probably with higher interest rates and less favorable terms than applicants with higher scores. Your financial options are open, but they might come at a higher cost.
The good news is that a 662 score is a solid foundation to build upon. You're on the cusp of the 'good' credit tier, and reaching it is an achievable goal. Consistently positive financial behaviors can elevate your score, unlocking better loan terms and more attractive credit opportunities in the future.
Who Has a 662 Credit Score?
- Generation Z (ages 18-26): According to 2023 Experian data, the average FICO score for the youngest adult generation is 680.
- Millennials (ages 27-42): This group holds an average credit score of 690.
- Generation X (ages 43-58): With a longer credit history, Gen X has an average score of 709.
- Baby Boomers (ages 59-77): The average score for baby boomers jumps to 745.
- Silent Generation (ages 78+): Reflecting a lifetime of financial activity, the oldest generation has the highest average score at 760.
Credit Cards With a 662 Credit Score
A credit score of 662 places you in the "fair" credit category, which is a decent starting point for obtaining a new credit card. While you'll likely find several issuers willing to approve your application, you may not have access to the most premium cards with top-tier rewards and benefits. Lenders may also offer you a higher-than-average interest rate or a lower initial credit limit until you demonstrate a consistent history of responsible use.
Fintech company Kudos can help you find the right card for your financial situation with its AI-powered Explore Tool, which starts by asking what you're looking for in a card, such as low interest rates or maximizing rewards. The tool then uses a preference matching feature to show you how well different cards from its database of nearly 3,000 options align with your stated needs, allowing you to compare them side-by-side.
Auto Loans and a 662 Credit Score
A 662 credit score places you in the "prime" borrower category, meaning you have a good chance of being approved for an auto loan. While you won't qualify for the lowest interest rates, automotive finance data shows you can still secure a competitive offer.
- Super-prime (781-850): 5.25% for new cars and 7.13% for used cars
- Prime (661-780): 6.87% for new cars and 9.36% for used cars
- Non-prime (601-660): 9.83% for new cars and 13.92% for used cars
- Subprime (501-600): 13.18% for new cars and 18.86% for used cars
- Deep subprime (300-500): 15.77% for new cars and 21.55% for used cars
Mortgages at a 662 Credit Score
A 662 credit score is high enough to qualify for several mainstream mortgage products. Your score is above the typical minimums for conventional, FHA, VA, and USDA loans. Since most lenders require at least 620 for a conventional loan, your 662 score makes you a viable candidate. However, it's likely not sufficient for a jumbo loan, which usually requires a score of 700 or more.
While you can get approved, a 662 score will affect your loan terms. Lenders reserve the best interest rates for applicants with excellent credit, usually 740 and above. Your rate will be higher, costing more over the loan's lifetime. You may also face higher private mortgage insurance (PMI) premiums on a conventional loan if you put down less than 20%.
What's in a Credit Score?
While the exact formulas used by credit bureaus are closely guarded secrets, the most common factors influencing your score are well-known.
- Your history of making on-time payments is the most significant component of your score.
- The amount of your available credit that you are currently using, known as your credit utilization ratio, also plays a large role.
- The age of your oldest credit account, your newest account, and the average age of all your accounts are all considered.
- Lenders like to see that you can responsibly manage various types of credit, such as credit cards, installment loans, and mortgages.
- Applying for or opening several new credit accounts in a short period can temporarily lower your score.
How to Improve Your 662 Credit Score
No matter your starting point, improving your credit score is an achievable goal that often just requires consistent, positive financial behaviors. For those with a 662 score, a few targeted actions can make a significant difference in moving from a 'fair' to a 'good' rating, unlocking better interest rates and financial products.
- Monitor your credit reports. A 662 score can be held down by simple inaccuracies, and disputing these errors can provide a quick boost. Regularly checking also helps you track your progress and spot any signs of identity theft early.
- Set up automatic bill payments. Payment history is the most important factor in your credit score. Ensuring all your bills are paid on time is a foundational step to elevate your score out of the 'fair' range.
- Reduce your credit utilization ratio. High credit card balances can weigh down your score. Keeping your utilization below 30% is one of the fastest ways to see a meaningful improvement from a 662 score.
- Become an authorized user. Being added to an account with a long, positive payment history can help your score. This strategy allows you to benefit from the primary account holder's good credit habits.
To help you use your credit cards more effectively as you build your score, the Kudos browser extension can help you maximize rewards on every purchase.
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