More About a 640 Credit Score
If your score falls within the range of scores from 580 to 669, it is considered Fair.
A couple basics about your credit score.
Credit scores such as the FICO® Score are based on your debt-management history, as recorded in your credit file. The scores are basically a summation of the way you've handled credit and bill payment. Public Information:
If bankruptcies or other public records appear on your credit report, they can have severe negative impacts on your credit score. Credit usage rate:
To determine your credit utilization ratio, add up the balances on your revolving credit accounts (such as credit cards) and divide the result by your total credit limit. Length of credit history:
Credit scores generally benefit from longer credit histories. There's not much new credit users can do about that, except avoid bad habits and work to establish a track record of timely payments and good credit decisions. Recent applications:
When you apply for a loan or credit card, you trigger a process known as a hard inquiry, in which the lender requests your credit score (and often your credit report as well).