Who Has a 692 Credit Score?

A 692 credit score is right in line with the average for millennials. While age itself isn't a factor in credit scoring, scores tend to improve as people get older, largely due to factors like a longer credit history. According to 2023 Experian data, 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
• Silent Generation (ages 78+): 760

Credit Cards With a 692 Credit Score

With a 692 credit score, you're in a pretty good position when it comes to applying for new credit cards. While you'll likely be approved for a wide range of options, you may not yet qualify for the most elite cards that offer premium perks and the lowest interest rates. Lenders generally view this score as an indicator of a responsible borrower, but improving it further can open doors to even better terms and rewards in the future.

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To find the best card for your specific situation, a tool like Kudos’ AI-powered Explore Tool can cut through the noise. It uses a personalized quiz to understand your financial needs and preferences, then matches you with suitable options from a database of nearly 3,000 cards.

Auto Loans and a 692 Credit Score

A 692 credit score places you in the 'prime' borrower category, giving you a strong chance of being approved for an auto loan. While you can expect to receive competitive interest rates, they will likely be higher than those offered to applicants with super-prime credit.

According to a 2025 rate analysis, here are the average interest rates for new and used auto loans by credit score bracket:

• 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 692 Credit Score

With a 692 credit score, you are in a good position to qualify for several major mortgage types. This score is comfortably above the minimum requirements for conventional loans (typically 620+), FHA loans (580+), VA loans (620+), and USDA loans (640+). Your options are broad, though you may not qualify for most jumbo loans, which often require a score of 700 or higher.

While you are eligible for these loans, a 692 score will not secure the best possible terms. Lenders reserve the lowest interest rates for applicants with scores of 740 or higher. Your rate will be competitive but higher than the market's best, potentially costing you more over the loan's lifetime. Similarly, your private mortgage insurance (PMI) premiums on a conventional loan may be higher than for someone with excellent credit.

What's in a Credit Score?

Understanding your credit score can feel like trying to solve a complex puzzle, as it's a blend of several key financial habits. The most common factors that determine your score include:

• Your payment history tracks whether you have paid past credit accounts on time.
• Credit utilization is the percentage of your available credit that you are currently using.
• The length of your credit history considers the age of your oldest account and the average age of all your accounts.
• Credit mix refers to the variety of credit products you have, such as credit cards, retail accounts, and loans.
• New credit inquiries and recently opened accounts can also temporarily impact your score.

How to Improve Your 692 Credit Score

A 692 credit score is a solid starting point, and it's always possible to improve your creditworthiness with consistent effort. By taking a few strategic steps, you can boost your score from good to great, unlocking better loan terms and financial products.

• Monitor your credit reports. Regularly checking your reports helps you find and dispute inaccuracies that might be holding your score back. Correcting even a small error can provide the push needed to move your 692 score into a higher tier.
• Reduce your credit utilization ratio. Aim to use less than 30% of your available credit, as a lower ratio shows lenders you manage debt responsibly. This is one of the most significant factors in your score and can lead to quick improvements.
• Become an authorized user. You can leverage someone else's positive credit history by being added to their account. Their on-time payments and low credit utilization can be added to your report, helping to lift your score.
• Diversify your credit mix. Lenders prefer to see that you can handle various types of credit, like credit cards and installment loans. Adding a new type of credit can demonstrate financial versatility and strengthen your credit profile over time.

For additional help maximizing your credit card rewards as you build your score, you can use tools like the Kudos browser extension.