What credit score do I need to refinance a personal loan at a lower rate?

Why score improvement matters for refinancing: Your current loan rate reflects your credit score at the time you applied. If your score has improved since then, you now qualify for a lower rate tier. This is the most common and straightforward case for refinancing.

Typical rate improvements by score increase:

Score improved from 620 to 680: Rate potentially drops from 28%-32% APR to 18%-22% APR. Savings on a $15,000 balance over 3 years: $4,000-$6,000.

Score improved from 680 to 720: Rate potentially drops from 18%-22% APR to 12%-16% APR. Savings on same balance: $2,000-$3,000.

Score improved from 720 to 760: Rate potentially drops from 12%-15% APR to 8%-11% APR. Savings: $1,500-$2,500.

Minimum score for refinancing options: Below 580: Very few mainstream refinance options. 580-619: Avant, OneMain - rates may not improve much from your current loan. 620-659: More lenders available; 5-10 point improvement in rate possible. 660-699: Good improvement potential; multiple lenders compete. 700+: Broad market access; most major lenders compete for your business.

Check your score before applying: Soft-pull pre-qualification tools show estimated rates without affecting your score. Use these first to determine whether a meaningful rate improvement is available at your current score before formally applying.

If your score has not improved yet: Focus on improving it before refinancing. Pay down credit card balances (lowers utilization), dispute any errors on your credit report, and continue making on-time payments on your current loan. Check your score every 60-90 days.