Who Has a 614 Credit Score?

While age isn't a direct factor in calculating your credit score, there's a clear trend of scores improving as people get older. This is often due to factors like a longer credit history and more experience managing debt. According to 2023 Experian data, here's how average credit scores break down 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
• The Silent Generation (ages 78+): 760

Credit Cards With a 614 Credit Score

With a credit score of 614, you're generally considered to be in the 'fair' credit range, which can be a mixed bag when applying for new credit. Lenders may view your application as carrying a higher risk, which often translates into less favorable terms like higher interest rates or lower credit limits. While you can still get approved for a credit card, your options might be more limited to products designed for building credit, such as secured cards.

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Kudos offers AI-powered tools like the Explore Tool and Dream Wallet to help you navigate the crowded credit card market. These tools analyze your personal preferences or actual spending habits to match you with the best options from a database of nearly 3,000 cards, providing insights into how each choice could impact your credit.

Auto Loans and a 614 Credit Score

A 614 credit score places you in the non-prime borrower category, which means you can still qualify for an auto loan. However, you should expect to face higher interest rates compared to borrowers with prime or super-prime scores, making your loan more expensive over time.

• Super-prime (781-850): The average auto loan interest rates are 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 614 Credit Score

A 614 credit score places you below the typical 620 minimum for a conventional loan, but you still have options. You are a strong candidate for an FHA loan, which accepts scores of 580 with a 3.5% down payment. Depending on the lender, you may also qualify for a USDA or VA loan, though approval is not guaranteed.

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Your score will directly impact your loan terms. Lenders view lower scores as higher risk, resulting in higher interest rates and mortgage insurance premiums. According to credit score requirements, borrowers with scores in the low 600s can expect significantly higher rates than those with excellent credit, increasing your overall borrowing cost.

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 614 Credit Score

Your credit score plays a crucial role in your financial life, but it's not set in stone; with consistent effort, it is always possible to improve your creditworthiness using proven methods.

• Monitor your credit reports. A 614 score could be dragged down by errors or inaccuracies you're not aware of. Regularly checking your reports allows you to spot and dispute these mistakes, which can provide a direct boost to your score.
• Set up automatic bill payments. Your payment history is the single most important factor in your credit score calculation. Automating payments ensures you build a positive record of on-time payments, which is essential for moving your score up from the fair range.
• Lower your credit utilization. Lenders see high balances as a risk, and keeping your utilization ratio below 30% is critical. For a 614 score, paying down balances is one of the fastest ways to see a meaningful improvement.
• Apply for a secured credit card. It can be tough to get approved for new credit with a 614 score, which makes it hard to build a positive history. A secured card is an accessible tool that reports your payments to the credit bureaus, helping you demonstrate responsible credit use.

To help you find the right cards and maximize your rewards while you rebuild, consider using a tool like Kudos.