The range of scores is 580 to 850. A credit score of 678 is considered Fair, as shown below.

Credit Card and Loan Options for People with a 678 Credit Score

It may be a little difficult for people with a 678 credit score to get access to unsecured loans such as credit cards and personal loans. A few lenders may consider such applicants, however the terms offered may not be very good - such as lower loan amounts, extremely high interest rates, shorter tenures, and so on.

Is it possible to receive a credit card with a credit score of 678?

It may be possible to get access to a credit card with a 678 credit score, however it is strongly advised to improve one’s credit score above 750 before applying for any form of unsecured financing, including credit cards.

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With a credit score of 678, can you acquire a personal loan?

Most personal loan lenders only consider applicants whose credit score is 750 or higher.

While it may be possible to get Payday loans or other forms of high-interest personal loans, this should be avoided because they might lead to long-term debt troubles and a further drop in credit score.

With a credit score of 678, am I eligible for a home loan?

Most lenders like SMFG Grihashakti only consider applicants with a credit score of 700 or higher. Thus, those with a credit score of 678 are advised to try and improve their credit scores first by paying off existing debts and refraining from applying for any new form of credit for a few months.

Must Read : Smart Tips to Improve your CIBIL score

Is it possible to receive an auto loan with a credit score of 678?

With a 678 credit score, most auto lenders will lend to you. However, if you want to make sure you get the best interest rates, you'll need to keep working on boosting your credit score.

A credit score of 678 is good with a score in this range, you may find it difficult to obtain credit without paying high fees and interest rates, keeping in mind that there are many options

If your credit score is Good or Excellent, obtaining approval for loans and other credit products with acceptable terms and rates may be easier. Always keep in mind that establishing credit is a multi-step process. Apart from credit scores, lenders also consider other parameters such as income, nature of employment, work experience, and so on before sanctioning a loan.

Please note that at Grihashakti, we offer home loans, loan against property and commercial property loans to eligible applicants with credit scores of 700 or higher. We do not offer other products mentioned in this blog, such as auto loans, personal loans, credit cards, etc. This article is for your information only.

Must Read : Minimum CIBIL Score Required for Home Loan