Who Has a 694 Credit Score?

A 694 credit score is very close to the average for Millennials. While age isn't a direct factor in credit scoring, there is a clear trend of scores increasing with each generation. According to 2023 Experian data, here is the average FICO score breakdown by age group:

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

Credit Cards With a 694 Credit Score

A 694 credit score places you in the "good" credit range, which is a solid position to be in when applying for a new credit card. While you'll likely have many options available, you may not qualify for the most elite cards that come with premium perks and the lowest interest rates. Lenders will generally view your score favorably, but they might offer you a slightly higher APR or a more modest credit limit compared to applicants with excellent credit.

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A service like Kudos can help you find the right card by using AI-powered tools to generate personalized recommendations based on your financial goals and spending habits. These tools allow you to compare various cards and even provide insights on how a new card might impact your credit, ensuring you choose one that fits your financial situation.

Auto Loans and a 694 Credit Score

A 694 credit score places you in the "prime" borrower category, meaning you'll likely be approved for an auto loan. While you can expect decent terms, you won't secure the lowest interest rates, which are reserved for borrowers with super-prime scores.

Here is a breakdown of average auto loan rates by credit score based on Experian's Q2 2025 data:

• 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 694 Credit Score

With a 694 credit score, you are in a good position to qualify for several types of home loans. This score generally meets the minimum credit score requirements for conventional, FHA, VA, and USDA loans. While you have multiple options, you may find it difficult to secure a jumbo loan, as lenders for these larger mortgages often look for a score of 700 or higher.

However, your 694 score will directly impact your loan terms. You likely won't receive the lowest interest rates, which are typically reserved for applicants with scores above 740. This can result in paying significantly more in interest over the life of the loan. You may also face higher private mortgage insurance (PMI) premiums if you opt for a conventional loan with a small down payment.

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 factors.

• Your payment history tracks whether you've paid past credit accounts on time.

• Credit utilization is the percentage of your available credit that you're currently using.

• The length of your credit history considers the age of your oldest account, newest 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, installment loans, and mortgages.

• New credit accounts for how many new accounts you've recently opened and the number of hard inquiries on your report.

How to Improve Your 694 Credit Score

While a 694 credit score is considered good, improving your score is always possible through consistent, positive financial behaviors. With a little time and effort, you can use proven methods to boost your creditworthiness and achieve an even better financial standing.

• Monitor your credit reports. Regularly checking your reports from all three bureaus helps you spot and dispute inaccuracies that could be unfairly holding back your score. For a 694 score, removing a single error could provide the lift needed to enter a higher credit tier.
• Set up automatic bill payments. Payment history is the most significant factor in your credit score, so automating payments is the easiest way to ensure you never miss one. This protects your good score from accidental late payments and builds a flawless record over time.
• Lower your credit utilization ratio. High credit utilization could be what's keeping your 694 score from climbing higher, as lenders prefer to see this ratio below 30%. Paying down balances before your statement date shows you manage debt responsibly and can lead to a quick score increase.
• Become an authorized user. Being added to a family member's credit card that has a long, positive payment history can add that positive data to your own credit file. This can help improve your score by increasing the average age of your accounts and lowering your overall utilization.

You can also use a tool like Kudos to help you maximize your credit card rewards while building your credit.