That's not true. Most loan products remain within reach at 628. You'll just pay more for them.
This guide breaks down exactly what you can qualify for with a 628 score across credit cards, auto loans, personal loans, and mortgages — plus what it actually takes to improve your standing before you apply.
Key Takeaways
- A 628 score falls in the Fair range (580–669): below average, but not Poor
- Credit cards, auto loans, personal loans, and FHA or conventional mortgages are still available
- Expect higher interest rates, larger down payments, or a cosigner
- Paying down balances and building on-time history can lower your borrowing costs
What Does a 628 Credit Score Really Mean?
FICO scores run from 300 to 850, split into five bands:
| Range | Category |
|---|---|
| 300-579 | Poor |
| 580-669 | Fair |
| 670-739 | Good |
| 740-799 | Very Good |
| 800-850 | Exceptional |
At 628, you sit in Fair credit: closer to Good than Poor, but still below the national average FICO score of 713.
The Five Factors Behind Your Score
Lenders build your FICO score from five weighted factors:
- Payment history (35%): late payments hit hardest
- Amounts owed/utilization (30%): how much of your available credit you're using
- Length of credit history (15%): older accounts help
- Credit mix (10%): variety of loan types
- New credit (10%): recent applications and accounts
A 628 usually points to a few late payments, high card balances, or a thin file—not bankruptcies or collections. Consistent on-time payments and lower utilization can move this score into Good range.
Loan-by-Loan: What Can You Actually Get Approved For?
Credit Cards
Premium travel and cash-back rewards cards typically require good to excellent credit, so approval is unlikely at 628. But you're not locked out entirely.
Realistic options include:
- Store or retail cards — often easier approval, but watch the high APRs
- Cards specifically marketed for fair credit — usually come with modest limits and annual fees
- Secured credit cards — require a refundable deposit (often matching your credit limit, like $200 down for a $200 limit)
As long as the issuer reports to at least one bureau, on-time payments on a secured card build history over time. Federal Reserve research found that keeping a secured card open for two years was associated with a 24-point score increase.
Closing one due to default was linked to a 60-point drop. The tool works, but only with consistent use.
Auto Loans
Auto loans are secured by the vehicle itself, which makes approval much more likely than with unsecured credit. The tradeoff is your interest rate.
At 628, you fall into the "near-prime" tier. Here's how that compares:
| Credit Tier | Score Range | New Auto APR | Used Auto APR |
|---|---|---|---|
| Super Prime | 781+ | 4.55% | 6.30% |
| Prime | 661-780 | 6.23% | 8.77% |
| Near Prime | 601-660 | 9.67% | 14.03% |
| Subprime | 501-600 | 13.44% | 19.42% |
| Deep Subprime | 300-500 | 16.01% | 21.77% |
Source: Experian, Q1 2026 data
A 20% down payment or a cosigner with stronger credit can shave points off your rate and reduce your monthly payment. Both reduce the lender's risk—often the difference on a near-prime approval and rate.
Personal Loans
Personal loans are available at 628, but with real constraints:
- Smaller loan amounts — often capped in the low thousands
- Higher origination fees — up to roughly 10% of the loan
- Shorter repayment terms — commonly 24-60 months
Fair-credit borrowers averaged around 23.87% APR on recent prequalification data, according to NerdWallet. Your income and existing debt load matter just as much as your score. A lender weighing a 628 applicant with low debt looks very different from one with a maxed-out card portfolio.
Before applying anywhere: prequalify with multiple lenders. Most use a soft credit check that won't ding your score, letting you compare real offers side by side.
Getting a Mortgage with a 628 Credit Score
Good news first: 620 is the typical minimum score for a conventional mortgage under Fannie Mae guidelines, so a 628 clears that bar. But clearing the minimum isn't the same as getting the best deal.
Conventional Loan Caveats
At a borderline score like 628, expect:
- Stricter debt-to-income ratio limits
- Larger down payment expectations
- Closer scrutiny of income stability and cash reserves
The FHA Alternative
FHA loans are often a better fit for fair-credit borrowers:
- 580+ credit score minimum for maximum financing
- 3.5% down payment — far lower than most conventional minimums
- Government-backed, with more flexible credit treatment
- Requires upfront and annual mortgage insurance premiums regardless of down payment size
That insurance is the tradeoff: an upfront premium plus an annual premium in your monthly payment, which conventional loans with 20% down usually avoid.
Income type also shapes your options. Self-employed borrowers with a 628 score often qualify through alternate documentation:
- Bank-statement programs using 12–24 months of deposits
- Business cash-flow review when tax returns understate real income
At this score tier, the right program depends on your full picture: income type, reserves, property, and debt load, not the score alone.
A mortgage advisory service like ClearPoint Mortgage Advisors can match you to conventional, FHA, VA, USDA, or jumbo options before you apply, so you are not guessing which lender will say yes.
How to Improve a 628 Score Before You Apply
You don't need years to raise a 628 score. Start here:
- Pull your credit reports from all three bureaus at AnnualCreditReport.com. Free weekly access is now standard.
- Pay down revolving balances until utilization is under 30%. Experian data puts average U.S. utilization near 29%, and lower still helps more.
- Open a secured credit card or credit-builder loan to establish consistent on-time payment history
Credit-builder loans work by locking a small amount (often $300-$1,000) in escrow while you make installment payments that get reported to the bureaus. A CFPB study found borrowers without existing debt saw scores rise 60 points more than those already carrying balances. Pay down what you owe first, then add a new tradeline if you still need payment history.
Frequently Asked Questions
What can I get approved for with a 628 credit score?
Credit cards, auto loans, personal loans, and FHA or conventional mortgages are generally attainable. Expect higher rates and stricter terms compared to good-credit borrowers.
How long does it take to go from a 600 to 700 credit score?
Timelines vary by individual credit history, but consistent on-time payments and lower utilization can show measurable improvement within 6-12 months. Larger gains often take 1-2 years.
Is 628 considered a bad credit score?
No. A 628 is "Fair," not "poor" or "bad." It's a reasonable starting point that still qualifies for most major loan types.
Can I get a mortgage with a 628 credit score?
Yes. FHA loans allow scores as low as 580, and conventional loans typically require a 620 minimum. Both are within reach at 628, though with added conditions.
What's the difference between a secured and unsecured credit card at this score?
Secured cards require a refundable deposit but offer easier approval odds. Unsecured cards at fair credit tend to carry lower limits and higher fees.
Will shopping around for loan rates hurt my credit score?
Not significantly. Multiple inquiries for the same loan type (mortgage, auto, or student loan) within a 14-45 day window typically count as a single inquiry for scoring purposes.
