Credit Score 664: Understanding Its Impact and How to Improve It

  • Posted on: 06 Jul 2023
    Credit Score 664

  • Having a good credit score is crucial for financial stability and accessing various opportunities in life. Your credit score serves as a measure of your creditworthiness, influencing your ability to secure loans, obtain favorable interest rates, and even qualify for rental agreements or certain job positions. In this article, we will explore the significance of a credit score of 664, understand its impact, and provide practical tips on how to improve it.

    Table of Contents

    What is a Credit Score?
    Understanding Credit Score Ranges
    • Excellent Credit Scores
    • Good Credit Scores
    • Fair Credit Scores
    • Poor Credit Scores
    Credit Score 664: What Does It Mean?
    Factors Affecting Your Credit Score
    • Payment History
    • Credit Utilization
    • Length of Credit History
    • Credit Mix
    • New Credit Inquiries
    Importance of a Credit Score of 664
    How to Improve a Credit Score of 664?
    • Pay Bills on Time
    • Reduce Credit Utilization
    • Maintain a Healthy Credit Mix
    • Regularly Check Your Credit Report
    • Avoid Opening Too Many New Accounts
    • Consider Credit-Building Tools

    What is a Credit Score?

    A credit score is a numerical representation of your creditworthiness. It is calculated based on various factors derived from your credit history, such as your payment history, credit utilization, length of credit history, credit mix, and new credit inquiries. Lenders and financial institutions use credit scores to assess the risk of lending to an individual and determine the terms and conditions of the credit they offer.

    Understanding Credit Score Ranges

    Credit scores are typically categorized into different ranges, indicating the level of creditworthiness. Let's explore these ranges briefly:

    Excellent Credit Scores

    Credit scores range from 800 to 850 are considered excellent. Individuals with excellent credit scores have a strong credit history, making them highly desirable to lenders. They enjoy the best interest rates, favorable terms, and increased borrowing capacity.

    Good Credit Scores

    Credit scores between 670 and 799 fall into the good range. People with good credit scores are generally reliable borrowers, and they are likely to qualify for loans and credit cards with reasonable interest rates.

    Fair Credit Scores

    A fair credit score falls within the range of 580 to 669. While individuals with fair credit may still obtain credit, they may face more limited options and higher interest rates. It's important to work on improving a fair credit score to enhance financial opportunities.

    Poor Credit Scores

    Credit scores below 580 are considered poor. Individuals with poor credit scores may encounter difficulties in obtaining credit or loans. They are often subjected to high-interest rates or may need to seek alternative lending options.

    Credit Score 664: What Does It Mean?

    A credit score of 664 falls within the range of fair credit scores. While it is not considered excellent or even good, it is still a decent score that provides some financial opportunities. With a credit score of 664, you may qualify for certain loans and credit cards, although you may encounter higher interest rates and more limited options compared to individuals with higher credit scores.

    How Many Factors Affecting Your Credit Score?

    Understanding the factors that influence your credit score is essential for improving it. Here are the key factors that affect your credit score:

    Payment History

    Your payment history has the most significant impact on your credit score. Lenders want to see a consistent track record of on-time payments. Late payments, defaults, or accounts sent to collections can significantly lower your credit score.

    Credit Utilization

    Credit utilization refers to the percentage of your available credit that you are currently using. It is recommended to keep your credit utilization below 30%. High credit utilization suggests financial strain and can negatively impact your credit score.

    Length of Credit History

    The length of your credit history also affects your credit score. A longer credit history demonstrates stability and responsible credit management. If you have a limited credit history, it may be beneficial to maintain older accounts and avoid opening too many new ones.

    Credit Mix

    Having a diverse credit mix, including credit cards, loans, and mortgages, can positively impact your credit score. It shows that you can handle various types of credit responsibly. However, be cautious about opening new credit accounts if it's unnecessary.

    New Credit Inquiries

    When you apply for new credit, it results in a hard inquiry on your credit report. Too many hard inquiries within a short period can lower your credit score. It's advisable to limit new credit applications unless necessary.

    Importance of a Credit Score of 664

    While a credit score of 664 may not be excellent, it still holds significance in your financial life. It opens doors to certain credit options and demonstrates a reasonable level of creditworthiness. However, it is crucial to work on improving your credit score to access better interest rates, favorable loan terms, and broader financial opportunities.

    How to Improve a Credit Score of 664?

    If you have a credit score of 664 and want to improve it, here are some practical steps you can take:

    • Pay Bills on Time: Consistently paying your bills on time is crucial for improving your credit score. Set up payment reminders or automatic payments to ensure you never miss a due date.

    • Reduce Credit Utilization: Lowering your credit utilization can have a significant positive impact on your credit score. Aim to keep your credit card balances below 30% of their respective limits.

    • Maintain a Healthy Credit Mix: Having a mix of different types of credit can benefit your credit score. Maintain a healthy balance of credit cards, loans, and other forms of credit, but be cautious about opening unnecessary accounts.

    • Regularly Check Your Credit Report: Monitoring your credit report allows you to identify errors, inaccuracies, or fraudulent activities that could harm your credit score. Request a free copy of your credit report annually and review it carefully.

    • Avoid Opening Too Many New Accounts: While it's important to have a diverse credit mix, opening multiple new accounts within a short period can negatively impact your credit score. Only apply for new credit when necessary.

    • Consider Credit-Building Tools: If you are struggling to improve your credit score, consider utilizing credit-building tools such as secured credit cards or becoming an authorized user on someone else's credit card. These tools can help establish a positive credit history and boost your score over time.


    Your credit score of 664 indicates a fair level of creditworthiness. While it may not be ideal, it still provides opportunities for accessing credit. By understanding the factors that affect your credit score and taking proactive steps to improve it, you can work towards a better financial future. Remember to make timely payments, maintain a healthy credit utilization ratio, diversify your credit mix, and regularly monitor your credit report for accuracy. With consistent effort and responsible financial habits, you can gradually raise your credit score and unlock more favorable financing options.

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    FAQs About Credit Score 664

    What is considered a good credit score?
    A good credit score typically falls within the range of 670 to 799. Higher scores are even more desirable.

    How long does it take to improve a credit score?
    The time it takes to improve a credit score depends on various factors, such as your current score and the actions you take. It can take several months to a year or more to see significant improvements.

    Can I get a loan with a credit score of 664?
    Yes, with a credit score of 664, you may qualify for certain loans. However, the terms and interest rates offered to you may not be as favorable as those offered to individuals with higher credit scores.

    Will closing old accounts improve my credit score?
    Closing old accounts can potentially harm your credit score, especially if you have a long credit history. It's generally advisable to keep old accounts open, as they contribute positively to your credit history.

    How often should I check my credit score?
    It is recommended to check your credit score at least once a year. Additionally, you should review your credit report regularly to ensure its accuracy and identify any potential issues.


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