Is a 695 Credit Score Good?
First things first: Let’s look at where you stack up comparatively.
| If you have a … | Then… |
| 720 or above | You have great credit and will qualify for loans and interest rates reserved for borrowers with elite credit. |
| 700 – 719 | You have good credit and are considered low risk, but you might not qualify for the best loans and your interest rates might drop if you raised your score a few more points. |
| 660 – 699 | You have fair to good credit. If you currently have a 695 credit score, this is where you stand. You may qualify for a solid loan, but only if the rest of your application looks strong. You’re unlikely to get the best rates or most favorable terms, and there’s still a chance you could be denied for certain loans. |
| 620 – 659 | Your credit is considered weak to borderline. To qualify for a decent loan, the rest of your credit file will need to be spotless. Even then, you’re likely to face higher interest rates and less favorable loan terms, if you’re approved at all. |
| Below 620 | Your credit is in poor shape. If you qualify for a loan, the terms will likely include the highest interest rates. The lower your score, the more costly borrowing becomes. |
As you can see, a 695 credit score puts you near the top of the fair-to-good range, but just shy of unlocking the best loan terms and interest rates. So let’s look at a few steps you can take to boost your score to 720.
Step 1: Remove High-Priority Errors from Your Credit Report
One of the fastest ways to improve a 695 credit score is by removing damaging, high-priority errors from your credit report, so before you do anything else, check your credit report for errors. Not every mistake is worth disputing, but certain errors can drag your score down more than others.
Here are some mistakes you should dispute:
Late payments that shouldn’t be there: Payment history makes up 35% of your credit score, so if you made your payment on time and it’s being reported late, send your creditor and the credit bureau evidence that you paid on time.
Accounts that don’t belong to you: Sometimes accounts get mixed up if you share a similar name or Social Security number with someone else. If it’s not yours, it shouldn’t be on your report.
Debts that were discharged in bankruptcy: After bankruptcy, some creditors still report your account as active or delinquent. That’s inaccurate, and it damages your score. Make sure any account included in your bankruptcy is reporting a $0 balance.
Duplicate accounts: If an account is showing up more than once, it can look like you have more debt than you really do. That can affect your utilization ratio (we’ll get to that in a moment).
Once you’ve identified the high-priority errors, file disputes with the credit bureaus. Focus on factual inaccuracies, those are the easiest to get removed and the most likely to make a difference fast.
This bears repeating: Focus on factual inaccuracies. Do not spend your time disputing items that are legitimately on your credit report, even if they are hurting your score. Doing so could cause your credit report to be flagged, making it harder for you to dispute accurate information.
Step 2: Keep Your Credit Utilization Below 30 Percent (or Lower)
If your 695 credit score isn’t budging, your credit utilization might be the reason. Your credit utilization ratio is the percentage of available credit you’re using, and it makes up about 30 percent of your score. For instance, if you have a $1,000 limit and a $500 balance, your utilization rate is 50 percent, and this could hurt your score.
A high utilization rate communicates that you might be having trouble paying your bills on time and are using credit cards for day-to-day activities. The general rule, then, is to keep it below 30 percent. But if you want to level up from a 695 credit score to a 720, aim for 10 percent.
Ask for a credit limit increase on your existing cards. Even if you keep spending the same amount, a higher limit lowers your utilization ratio, instantly boosting your score without any extra effort.
Step 3: Open Three Credit Cards (Yes, After Bankruptcy)
To go from a 695 credit score to the 720 club, you’ll need to show consistent, responsible use of credit cards, so now is the time to open them. This surprises people, but it’s one of the most important strategies after bankruptcy. Credit scoring models need to have evidence that you can pay your bills on time. If you you’re your hands clean of credit after your bankruptcy, they won’t have this evidence. Beyond that, credit-scoring bureaus place more emphasis on recent behavior than on past behavior.
Better safe than sorry, they will think, and they will assign you with a low credit score.
In other words, if you haven’t opened any new credit after your bankruptcy, now is the time to do so. But keep this in mind: Your credit score might take a hit when you first open the new accounts. That’s okay. Pay them on time and keep your balance below 30 percent. In a few months, your credit score will increase.
You should also open all three accounts at the same time. Why? Credit-scoring bureaus like it when your accounts are old. If you open your credit cards today, they can all start aging together. Check out this list of credit cards for people with poor credit.
Step 4: Add One Installment Account
Lenders want to see that you can handle more than just credit cards. A strong credit profile includes both revolving credit (like credit cards) and installment accounts, which are fixed monthly payments over a set period, such as car loans, student loans, or the Credit Rebuilder Program.
Not everyone has access to a car loan or wants to take one on. But you don’t need a car loan to show you’re responsible with installment credit. A simple account that reports on-time payments to the credit bureaus can do the job and help raise your score over time.
Adding an Installment Account to Your Credit Report to Increase Your 695 Credit Score
Bottom line: Having too many accounts can raise red flags, but having too few can limit your score. Credit-scoring models reward borrowers who show they can successfully manage a diverse mix of accounts, especially when installment payments are part of the picture.
Why These Steps Matter More After Bankruptcy
If you’ve filed for bankruptcy, you’re already familiar with the stigma—and the myths.
Maybe you’ve been told that bankruptcy ruins your credit for 10 years. Or that you’ll never qualify for credit again. But here’s the truth: credit scoring models weigh your most recent activity more than your past.
In other words, what you do in the months and years after bankruptcy matters far more than the bankruptcy itself. That’s why these four steps are so powerful for turning your 695 credit score into a 720 credit score.
