622 Credit Score: Is It Good or Bad?

Nov 08, 2022 · 10 min read

At a Glance

As of April 2021, the number of Americans with credit scores within the fair range is 12.5%. A 622 credit score falls in the “Fair” credit range and is below the average credit score in the US. More importantly, your credit score determines whether you will qualify for credit cards or loans and what will be the interest rate even if you qualify.

A credit score of 622 is not a terrible one at all, but it is not the expected average either. Therefore, some lenders see consumers with a 622 credit score as having unfavourable credit and may decline your credit applications, while others may sanction your loan, chances are, they will charge relatively high-interest rate and fees. Research shows that around 27% of consumers with credit scores that fall under the fair range are likely to become seriously delinquent in the future.

Is 622 Credit Score Good or Bad?

In a nutshell, no. A credit score of 622 is not bad, but it isn’t very good either. FICO and VantageScore (the companies that produce the leading credit scoring models) have placed 622 in the low credit score range.

Studying your credit report can help you identify the reasons behind your low credit score. If you correct these behaviours that led to lower your score, you can start laying the groundwork for a better credit score.

What Impacts your 622 Credit Score?

Credit scores are usually based on your debt-management history, which is recorded in your credit file. The score reflects how you have handled your credit and bill payments in the past. Good credit habits increase your credit score, while poor or erratic habits will bring down your score. Some of the factors that affect your 622 credit score are:

  • Public information
  • Credit Utilization Ratio
  • Late or missed payments
  • Length of credit history
  • Total debt and credit mix
  • Recent credit activity on your account

Public Information


If bankruptcies or other public records appear on your credit report, it can severely impact your credit score.

Credit Utilization Ratio


To determine your Credit Utilization Ratio, add up the balances on your revolving credit accounts and divide them by the total credit limit. For example, if your credit card has a limit of $10,000 and you owe $2,000, your Credit Utilization Ratio is 20%. You should keep your Credit Utilization Ratio within 30% to avoid lowering your credit scores. Credit usage is responsible for about 30% of your credit score.

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Late or Missed payments


Delinquent accounts or late or missed payments can harm your credit score. Making it a habit of paying your bills on time will help your credit score. It has the biggest influence on your credit score, accounting for 35% of your credit score.

Length of Credit History


Along with other things, the length of your credit history is also a detriment to your credit score. The number of years you have been a credit user can influence up to 15% of your FICO score. NTC (New to Credit) users must be patient and careful to avoid destructive credit behaviours.

Total Debt and Credit mix


If you have multiple credit accounts, revolving and installment credit, then the FICO credit score will usually work in your favour. On the other hand, if you have only one kind of credit account and your credit score is 622, it might help if you broaden your credit portfolio. The debt and credit mix make up 10% of your total FICO score.

Recent Credit activity


If you are someone who keeps applying for new loans and credit cards, your credit score might take a hit. Some companies trigger a check known as a hard inquiry when you apply for loans or credit cards. What happens during the hard inquiry is that the lender obtains your credit score to determine if you can get the credit line or not. Hard inquiries might drop your credit score by a few points, but it rebounds within a few months if you keep up with your credit card bills. New credit activity can account for up to 10% of your FICO scores.

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What does a Credit Score of 622 mean for your Life and Finances?

While a credit score of 622 is not necessarily bad, there is room for improvement. Having a credit score of 622 will impact your life and finances in multiple ways. If you have a 622 credit score, some ways your life and finances will get affected are:

  • You might face difficulty applying for a personal loan
  • You might not get the best deals on credit cards
  • Difficulty getting mobile connections, water connection
  • You might have a difficult time finding a good apartment

Can you get a Credit Card with a 622 Credit Score?

Yes, you can get the Azpire Credit Builder Card to build your credit score from 622. While it is not very difficult to get a credit card with a credit score of 622, there is a good chance that the lender will charge you very high interest, and others might reject your application. The Zolve Azpire Card, a secured credit card, is available to all, even if you fall under NTC (New to Credit). One of the best ways to rebuild your credit score is to apply for this secured credit card.

How to Improve your 622 Credit Score?

Your low credit score will gradually rise from 622 to a good (670-739) rating with good credit habits and dedication. Some of the ways that might help you increase your 622 credit score are:

  • Paying your bills on time
  • Avoiding high credit utilization
  • Debt management plan
  • Credit builder loan
  • Use a secured credit card
  • Establish a credit mix

Paying your bills on time


Paying your bills on time is the key to raising your 622 credit score. This is the best course of action if your credit score is 622 and you're looking for ways to raise it.

Avoid high credit utilization rate


Regardless of how many accounts you have, strive to maintain your credit utilization below 30% to prevent your credit score from declining.

Debt management plan


A debt management plan can be helpful if you're having problems paying your credit card payments. To come up with a manageable repayment schedule, you must deal with a non-profit credit counselling organization. If you feel like this is too excessive, speak with a credit counsellor to raise your 622 credit score.

Credit builder loan


These small loans are provided by some credit unions and are intended to help NTC users establish credit. If you continue to make the required payments, these loans aid in the development of your credit.

Apply for a secured credit card


This typically has a low credit limit, perhaps just a few hundred thousand dollars, and requires a deposit equal to the full credit limit. The lender records your use of this card and your timely, regular payments to the three major credit bureaus. Your credit files contain information about your credit conduct, which is reflected in your FICO score.

Look no further if you want to improve your 622 credit score by applying for a secured credit card.

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What is it?The Zolve Azpire card helps you build credit using your own money. It is a credit builder card that helps you start building your credit score from the first transaction. It is available to all, even if your credit score is 622.

We record every swipe of your Zolve Azpire card, and by the month’s end, we add up all the transactions for the month and report it to the bureaus so that your credit score gets built for a better financial future.

Establish a credit mix


Users with numerous credit accounts and a variety of loans, including installment loans like mortgages, auto loans, and home equity loans, are favoured by the FICO scoring algorithm.

If you have a credit score of 622, you will face some challenges when you apply for loans or credit cards. Therefore, it is important that you take note of this and strive to improve your credit score. Your access to more credit alternatives, loans, waived fees and terms, and lower interest rates may increase if you raise your 622 credit score to the good (670-739) range.

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