What a 620 credit score gets you
Mortgage
Options available
FHA and conventional options may be available, subject to lender requirements. You meet Fannie Mae's floor even if the automated system refers the file to manual underwriting, though only for a fixed rate: adjustable-rate loans need 640 there. Lenders may still set higher minimums, so a no from one is not a no from all.
Car loan
Possible
Car financing may be available, subject to lender requirements. If your VantageScore 4.0 is in the 601-660 tier, Experian’s Q2 2026 averages were 9.71% new and 13.93% used. A FICO 620 does not establish that VantageScore; compare actual APR, amount and term.
Credit cards
Possible
Card issuers set their own requirements and rates. The CFPB's February 2024 study of offers from the first half of 2023 found substantial APR differences between large issuers and smaller banks or credit unions within the same credit-score group. Compare actual card terms rather than inferring an APR from your score alone.
Renting
Possible
No official minimum score exists, and the CFPB has questioned how well credit history predicts paying rent at all. Landlords still screen, so a documented record of rent paid on time is worth bringing.
These are broad credit-score categories, not approval odds. Lenders also assess income, debt, credit history and their own requirements.
What 620 costs you in interest
On the mortgage staircase below, 620 stands on the bottom step: 620-639 is the most expensive band myFICO publishes, and the step down to 640 is one of the bigger ones on the chart. The car-loan staircase does not reach 620 at all, so the car figures come from Experian's averages by VantageScore tier.
$350,000 mortgage, 30-year fixed
At 620: 8.08%, $2,588 a month, $581,580 in interest over the loan.
| Score band | Rate | Monthly | Total interest | vs. best |
|---|---|---|---|---|
| 780–850 | 7.29% | $2,397 | $512,963 | – |
| 760–779 | 7.39% | $2,421 | $521,539 | +$8,576 |
| 740–759 | 7.47% | $2,440 | $528,423 | +$15,460 |
| 720–739 | 7.58% | $2,466 | $537,923 | +$24,960 |
| 700–719 | 7.63% | $2,478 | $542,254 | +$29,290 |
| 680–699 | 7.75% | $2,507 | $552,679 | +$39,716 |
| 660–679 | 7.79% | $2,517 | $556,165 | +$43,201 |
| 640–659 Next | 7.9% | $2,544 | $565,775 | +$52,812 |
| 620–639 You | 8.08% | $2,588 | $581,580 | +$68,617 |
If your VantageScore 4.0 is 620
Nonprime · 601–660. A FICO 620 does not establish this VantageScore.
$422.09/mo · $5,326 total interest
$464.64/mo · $7,878 total interest
Illustration: $20,000 financed over 60 months at the quarterly average APR. Experian averages cover different loan terms; these are payment scenarios, not quotes for a 60-month loan. Compare your amount and another VantageScore →
$35,000 new car, 60 months, by VantageScore tier
| Score band | Rate | Monthly | Total interest | vs. best |
|---|---|---|---|---|
| 781–850 | 4.41% | $651 | $4,064 | – |
| 661–780 | 6.15% | $679 | $5,746 | +$1,681 |
| 601–660 | 9.71% | $739 | $9,320 | +$5,255 |
| 501–600 | 13.52% | $806 | $13,342 | +$9,278 |
| 300–500 | 16.11% | $853 | $16,191 | +$12,126 |
On VantageScore, 620 falls in Nonprime, the tier that runs from 601 to 660. Its average sits well below Subprime's and well above Prime's, which begins at 661. With the published FICO car bands still twenty points away, these averages are the best public guide to what a car lender will quote.
On a conventional mortgage the rate is only part of the price. Fannie Mae adds a one-time fee by score band, usually built into the rate, and every score up to 639 pays the highest one. FHA does not use Fannie Mae's grid, which is a good reason to get an FHA quote next to the conventional one.
National averages by FICO band from myFICO (data: Curinos), as of October 29, 2026. The rate you are offered depends on the lender, your down payment, income and debts. Where these rates come from.
What would a different score cost?
Same loan. Two scores. See the difference.
VantageScore 4.0 scenarios · Experian Q2 2026. A FICO 620 does not establish a VantageScore of 620.
At 661 compared with 620
| Score | Reference rate | Monthly payment | Total interest |
|---|---|---|---|
| 620 | 9.71% | $422.09 | $5,325.56 |
| 661 | 6.15% | $388.05 | $3,283.15 |
At 661, the estimate is $34.04 less per month and $2,042.41 less interest over the full term.
Car APR averages by VantageScore 4.0 tier, Experian Q2 2026. Both scores use the same quarterly dataset. Terms and amounts are illustrative; the averages are not specific to a 60-month loan. Methodology.
What this estimate includes
Estimates use national average bands, not an offer or approval prediction. Your lender may use a different score. Mortgage payments exclude taxes, insurance, mortgage insurance and fees. Full-term interest assumes no refinancing, early payoff or extra payments.
How to get from 620 to 640
At 620 the floor is behind you and the job changes. You are no longer trying to qualify; you are trying to stop paying the bottom-band price. If your cards carry high balances, twenty points can come from those alone. If they do not, expect a slower climb.
- Know all three scores. Fannie Mae lenders typically order a classic FICO score from each bureau and work from a representative score, not your best one. With two borrowers, ask the lender which representative score it uses for pricing and which it uses for eligibility.
- Get card balances reported low the month before the lender pulls. Amounts owed are 30% of a FICO score. If your issuer reports the statement balance, paying it down before closing can lower the reported balance. Still pay at least the minimum by the due date.
- Shop for the mortgage in a tight window. The FTC notes that several mortgage inquiries in a short period often count as one, so comparing lenders over a couple of weeks does not multiply the damage.
- Leave everything else alone until closing. No new cards, no car loan, no closed accounts.
If 640 will not come in time, ask a lender what options are available at 620. Compare the complete offer and the effect of a different down payment; eligibility and pricing depend on more than the score.
What a Fair score means (580 to 669)
The doors open: FHA mortgages, most car lenders, starter cards. The prices are the problem. 14.9% of Americans with a FICO score are in this range, according to Experian's 2025 data. What the fair range means in practice.
Questions about a 620 score
Can I buy a house with a 620 credit score?
Yes. 620 meets Fannie Mae's minimum for manually underwritten fixed-rate loans and clears FHA's 580 line for 3.5% down. Lenders may set higher minimums of their own, so compare more than one.
Is 620 the minimum credit score for a conventional loan?
Not for every loan anymore. Since November 2025 Fannie Mae has no minimum score for loans run through its automated system, Desktop Underwriter. 620 is still the minimum for manually underwritten fixed-rate loans, and 640 for adjustable-rate ones.
Sources (12)
- myFICO Loan Savings Calculator (rates by FICO band, data: Curinos), updated daily
- Fannie Mae Selling Guide B3-5.1-01, General Requirements for Credit Scores
- Fannie Mae Selling Guide Announcement SEL-2025-09 (minimum score removed for DU loans), November 5, 2025
- Fannie Mae Loan-Level Price Adjustment Matrix, September 30, 2026
- HUD Handbook 4000.1 (FHA minimum credit scores) and Mortgagee Letter 2026-11, October 8, 2026
- Experian: State of the Automotive Finance Market, Q2 2026, August 2026
- VantageScore: The complete guide to your VantageScore, June 2025
- CFPB: Large banks charge higher credit card interest rates than small banks and credit unions, February 2024
- CFPB: Tenant background checks market report, November 2022
- FTC: Credit scores
- myFICO: What is a FICO Score? (score ranges and what goes into them)
- Experian: What is the average credit score in the U.S.? (share of consumers in each FICO range), 2025 data, published March 2026
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