636 Credit Score - Good or Bad? (2018 Update)

636 Credit Score

If you plan on applying for a new credit card or loan, there is one important piece of information that determines if your application is approved or denied:

Your Credit Score.

So many people check their credit score, only to end up with a 3 digit number that they have no understanding of.

Helping you understand it.

My goal here is to help you understand what your score means for you, how it's calculated, and if it needs some improvement.

636 Credit Score - Is it Good or Bad?


636 is a Poor Credit Score!

Any credit score in the 550-649 range is generally considered “Poor”.

  • Excellent Credit: 750 - 850
  • Good Credit: 700 - 749
  • Fair Credit: 650 - 699
  • Poor Credit: 550 - 649 ← You Are Here
  • Very Poor: 549 and below

A "Poor" credit score is typically considered high risk, or "subprime". Without a co-signer, it will likely be difficult to obtain a loan or credit line. You may be able to obtain credit, but the rates will likely be much higher when compared to someone with a "Good" credit score (above 700).

Any score below 700 could use some improvement. If you want some of the best rates and terms lenders have to offer, you need to work on raising your credit score to at least 725, which is well within the “good” range.

Related: How I improved my credit score by 111 points


You Probably Got a "FAKE" Credit Score 578

Did you know that 90% of top lenders use your FICO® Scores to determine loan interest rates, terms & approvals?

Yet most credit monitoring services (including Credit Karma) give you what's called a VantageScore ("FAKO" Score), not your true FICO Score.

Having said that, I highly recommend getting All 3 FICO® Credit Scores from my favorite credit monitoring service:  Experian IdentityWorks.

With IdentityWorks Premium, you will have your actual FICO® Scores.

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My Review: Why I Love IdentityWorks


How Does a 636 Credit Score Rate?

Most credit scores including FICO and VantageScore range from 300-850, the higher the better. Within that range, there are different categories, ranging from bad to excellent. Here's a general idea of the ranges and their "ratings". Your range will be indicated below.

Credit Cards with a 636 Credit Score

You should be able to get a credit card with almost any credit score.

The question is: what type of card will you qualify for?

With Poor Credit: You can still get a credit card. However, you may be limited to a secured credit card that requires a security deposit.

This deposit is often equal to or greater than the amount you can charge, and the credit-card company can take your deposit if you don’t pay your bill. If you do qualify for an unsecured card that doesn’t require a deposit, your credit limit will probably be very low.

Here's a screenshot from NerdWallet's Best Credit Cards For Bad (Poor) Credit:

The good news:

It's likely you will be eligible for decent credit cards with a 636 credit score.

The bad news:

They will most likely need to be secured credit cards which typically have a very low spending limit, and a deposit is required.

Auto Loans with a 636 Credit Score

Looking for an auto loan with a 636 credit score?

You're in luck!

Many of those with a credit score above 500, can get an auto loan.

The question is: How high is the interest rate going to be?

According to the MyFICO Loan Savings Calculator, with a 636 credit score, your auto loan interest rate should be in the 8-13% range.

The good news:

It's likely you will be eligible for an auto loan with a 636 credit score.

The bad news:

Your interest rate will be much higher than someone with a score of 720+.

As you can see in the image above, a 8-13% interest rate vs. 3-4%, will cost you a lot more over the life of the loan.

Mortgages (Home Loans) with a 636 Credit Score

Looking for a Mortgage (home loan) with a 636 credit score?

If your credit score is at least 580, it's likely that you will be approved for some type of mortgage.

If your score is below 580, but above 500, it's possible you may be able to get an FHA loan.

This infographic from from TheMortgageReports sums it up pretty well:

The MyFICO Loan Savings Calculator does a great job illustrating how your credit score can impact the interest you pay on a loan.

The difference in interest paid is astonishing for a poor score vs an excellent score!

The good news:

It's likely you will be eligible for a mortgage (home loan) with a 636 credit score.

The bad news:

Your interest rate will be higher than someone with a score of 720+.

Bottom Line: You Will Pay More in Interest

Higher interest, higher interest... Do I sound like a broken record yet?

The fact is, if you are applying for any type of credit or loan, having a score below 720 will cost you big money in interest.

You Need To Improve!

With a fair credit score, you are probably not going to be offered the best interest rates on credit cards and loans.

The good news is you aren't far away from the "Good Credit Score" threshold, which starts at 700.

If you work on boosting your credit score to 700+, you will be offered much more attractive interest rates and loan terms.

Suggested reading: How I improved my credit score by 111 pts.

What does "Poor Credit" mean to you?

Consumers with credit scores below 650 are generally considered high risk borrowers - subprime in other words. A score in this range makes it difficult to get approved for low interest loans or low cost insurance. Bottom line - without a co-signer, many lenders could deny your credit application based on your score.

New credit accounts such as auto loans or mortgages are still available to you, but you will probably end up with much higher interest rates on these loans with a "Poor" credit score than if you had a "Good" score.

Don't Fret, you can do it

Don't worry though, with some time and effort you can improve your credit score. If you could raise your score to 700+ points, your credit could then be labeled as "Good" which would enable you to obtain much more attractive loan and credit card offers, which could save you thousands of dollars in interest.

Short Credit History?

If your score is low due to a very short credit history, you may need a co-signer if you're looking to obtain a loan. Once you have a good payment history on your credit report (on time, every month) for at least a couple years, you will be well on the path to "Good" credit. Responsible credit card management will be a huge help as well.

To Much Credit Card Debt?

If your Poor credit is a result of too much credit card debt, then it's up to you to remedy the situation. Ideally you want to keep your credit card debt below 25% of your total credit line.


How Is A Credit Score Calculated?

While exact details of how your 636 credit score was calculated is an industry secret, we do know that credit scores are formulated using many different pieces of data from your credit report. This data is grouped into five categories as shown below. The percentage to the right of each one indicates how important it is in determining your credit score.

  1. Payment History - 35% - This is typically the first thing a potential lender will want to know. Have you paid your past accounts on time? Have you missed any payments?
  2. Total Amounts Owed - 30% - How much you owe on each of your credit accounts. Higher amounts does not necessarily mean you are high risk, other factors are considered as well.
  3. Length of Credit History - 15% - Generally a longer credit history will yield higher credit scores. But that's not always the case, it also depends on how often you use your credit, and how responsibly you manage your debt.
  4. Types of Credit in Use - 10% - Credit score providers will consider the mix of credit accounts you have, such as credit cards, retail accounts, auto loans, mortgages etc.
  5. New Credit - 10% - Lenders want to know if you've recently been applying for many credit accounts in a short period of time. That can often represent a greater risk to the lender.

Different Credit Score Range Scales

There are many credit scores available to lenders, most use FICO scores, but even those can vary in how they are calculated depending on the version being used. Lenders can also create their own credit score ranges, or use industry specific credit scoring models such as those geared towards mortgages or auto loans.

Here's a quick look at the various credit scoring models and the range they use:

  • FICO Score: 300-850
  • VantageScore 3.0: 300–850
  • VantageScore (versions 1.0 and 2.0): 501–990
  • PLUS Score: 330-830
  • TransRisk Score: 100-900
  • Equifax Credit Score: 280–850

As you can see, having a 636 TransRisk score isn't nearly the same as a 636 FICO score. For that reason, it's also important to know which scoring model is being used to determine how "good" or "bad" your credit really is.

Some of the questions you probably have are: Is 636 a good FICO Score? Is 636 a bad FICO Credit Score? Is a FICO Score of 636 good or bad? What does a FICO Score of 636 mean? What does a 636 FICO Score mean?

Knowledge Is Power - Especially With Your Credit

Did you know if you've received just 1 credit score of 695, you've only seen 16% of your credit data!

You actually have 3 credit scores based on 3 different credit reports. That's 6 different items which are very important for you to have.

Not having access to 100% of your credit data leaves you vulnerable to credit reporting errors, credit fraud, and identity theft.

Make sure you have access to all of your credit scores and reports, I recommend my favorite premium service: IdentityWorks. With IdentityWorks, you get all 3 credit scores & reports, and daily monitoring of your 3 credit reports, with alerts of key changes to your credit files.

Check out my IdentityWorks Review and learn why I love it.

Review: Why I Love Experian IdentityWorks

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