Wednesday, May 26, 2010

My credit score is 598 how bad is that? really!?

Here is a breakdown by percentage.



Credit score Percentage



499 and below 2 percent



500-549 5 percent



550-599 8 percent



600-649 12 percent



650-699 15 percent



700-749 18 percent



750-799 27 percent



800 and above 13 percent



You are therefore in the bottom 15 percent.



My credit score is 598 how bad is that? really!?

It%26#039;s not very good at all.



What is considered a GOOD credit score?



The range of FICO credit scores is from about 300 to 850. They exhibit a left-skewed distribution, with a median around 725. A score above 720 is considered to be %26quot;good credit.%26quot;



For other credit reporting agencies the range is as follows:



A score of 650, or above, is a sign of very good credit. It is a very good credit score. People, with scores of 650 or higher, have a good chance of obtaining quality loans, at the best interest rates.



Scores of 620 to 650 indicate good credit. However, it also points to potential trouble areas creditors want to examine and review. In these cases, a lender may require additional documentation, before approving a loan.



Scores below 620 do not prevent obtaining a loan. However, the process is lengthier, and more involved. Creditors consider scores, under this threshold, as an indicator of greater credit risk.



A score below 600 is considered to be poor.



My credit score is 598 how bad is that? really!?

598 is considered %26quot;poor%26quot; credit. Means, if you can get credit at all, you will pay a premium interest rate.



My credit score is 598 how bad is that? really!?

Not good. 600 and above is better but you want to be in the 700%26#039;s to have a good credit score.



My credit score is 598 how bad is that? really!?

its bad but not that bad. it depends on what is on your credit. i have an average credit rating of 590 and i got financing on a 2007 car. but i also have a sky high interest rate. if you dont have any bad debt, i suggest getting a small $300 credit card or finance a cheap car but make sure you make the payments. with a credit score like yours, you can get things done, but you will pay high interest costs.



My credit score is 598 how bad is that? really!?

While you have heard that this is not a good credit score... which is true. If you are improving it, keep working at it and you will be able to get it up in the 700%26#039;s.



Are you working towards that?



My credit score is 598 how bad is that? really!?

There is no standard model on what is considered to be a good or bad FICO score. This question really depends on your lender and how they rate individual scores. However, we can make some generalizations about FICO scores that range up to 850 and what score may be considered to be good, fair and bad.



600 and below - This range is considered a high credit risk. While you can still obtain loans and credit cards in this range, they will most likely be secured credit cards and loans at the highest interest rate.



My credit score is 598 how bad is that? really!?

%26quot;Generally speaking 760+ you are considered what credit card companies call 閳ユ藩uper Prime閳?and the least risk customers. 660 and below is 閳ユ藩ub Prime閳?and yield the highest risk. Anywhere in between can be 閳ユ窡ow Prime閳?and 閳ユ阀rime閳? Where you fall within this ranking system usually dictates how favorable your application for credit is viewed.%26quot;



So, essentially 598 is borderline terrible. Many factors determine your credit score:



%26quot;Unfortunately, the Byzantine algorithm created to calculate this all powerful FICO score is a closely guarded secret. However, there are some general guidelines that indicate the factors that drive your score.



35% - Your history of payments on debt and credit.



30% - Your debt load or debt-to-credit ratio.



15% - Your credit history.



20% - Determined based on type of cards, number of applications for credit, and your consistent (or changing) behavior.%26quot;



My credit score is 598 how bad is that? really!?

Well, it is not good.



The Average in the US is 680 so you fall well below that.



With that score you are considered %26quot;High Risk%26quot; and will usually not qualify for any type of credit or a loan.



My credit score is 598 how bad is that? really!?

To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score%26lt;!--you%26#039;ll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.



http://badcredits.awardspace.com/credits...



In order to improve your credit score, it%26#039;s important to know where you stand currently. Despite all the media attention given to free credit reports--%26gt;you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.

2 comments:

  1. If I just paid $600.00 in collections off credit report 3-27-12, how long will it take for it to hit my credit to raise my report to buy a new car?

    ReplyDelete

 


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