Who Has a 690 Credit Score?

While age isn't a direct factor in credit calculations, scores generally improve as people get older. According to Experian data from Q3 2023, here is the breakdown of average FICO scores by generation:

• Generation Z (ages 18-26): 680
• Millennials (ages 27-42): 690
• Generation X (ages 43-58): 709
• Baby Boomers (ages 59-77): 745
• The Silent Generation (ages 78+): 760

Credit Cards With a 690 Credit Score

A credit score of 690 places you firmly in the "good" credit range, opening up a wide array of credit card options. While you'll likely qualify for many cards, including some with rewards, you may not yet be eligible for the most exclusive, premium cards that offer the best perks and lowest interest rates. Lenders will view your score favorably, but they will also scrutinize other aspects of your credit history to determine your final approval and credit limit.

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Kudos offers smart tools like the Dream Wallet, which analyzes your spending habits, and the Explore Tool, which uses a quiz to understand your financial goals. These features match you with the best options from a database of nearly 3,000 cards and provide insights into how applying for a new card could impact your credit.

Auto Loans and a 690 Credit Score

A 690 credit score places you firmly in the "prime" borrower category, giving you a strong chance of approval for an auto loan. While you won't qualify for the rock-bottom interest rates reserved for super-prime borrowers, you can still expect to receive competitive offers from most lenders.

According to automotive finance data, here are the average rates based on different credit score tiers:

• 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 690 Credit Score

With a 690 credit score, you are in a solid position to qualify for several major mortgage types. According to credit score requirements, this score generally exceeds the minimum for conventional, FHA, VA, and USDA loans. This opens up a good range of options, though you may find that most jumbo loans are just out of reach, as they often require a score of 700 or higher.

While you will likely be approved, a 690 score will affect your loan terms. You won't secure the best interest rates, which are typically reserved for borrowers with scores above 740. This can translate to paying thousands more over the life of the loan. You may also face higher private mortgage insurance (PMI) premiums on a conventional loan if your down payment is less than 20%.

What's in a Credit Score?

Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but it generally boils down to a handful of key elements. The most common factors include:

• Your payment history, which tracks whether you pay your bills on time, is the most significant factor.
• Credit utilization, or the amount of credit you're using compared to your total available credit, also plays a major role.
• The length of your credit history demonstrates your experience with managing credit over time.
• Having a healthy mix of different types of credit, such as credit cards and installment loans, can positively impact your score.
• Finally, recent credit inquiries, which occur when you apply for new credit, are also taken into account.

How to Improve Your 690 Credit Score

While a 690 credit score is considered good, there is always room for improvement that can unlock better financial opportunities. It takes consistent effort, but it is entirely possible to increase your credit score with the right strategies.

• Establish automatic bill payments. Since payment history is the most significant factor in your score, automating payments ensures you never miss a due date and consistently build a positive record.
• Reduce your credit utilization ratio. Lenders prefer to see balances kept well below the credit limit, so aiming for under 30% utilization shows responsible management and can boost your score.
• Become an authorized user. Piggybacking on an account with a long, positive payment history can help improve your score by adding that positive data to your own credit file.
• Monitor your credit reports. Regularly checking your reports allows you to spot and dispute any inaccuracies that could be unfairly dragging down your score from good to fair.

To help maximize your credit card rewards while you build your credit, the Kudos browser extension can recommend the best card for every purchase.