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Tip of the Day Don't Use Your Credit Card for Cash Advances

Don't Use Your Credit Card for Cash Advances - We all have times where we get into a jam and need a little bit of additional money, but don't use...

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500 Credit Score

A 500 credit score is considered the low end for respectable credit. Click here to get your Credit ScoreIn today’s credit marketplace, a 500 credit score may not be enough to get a good deal for a loan or a credit card, but it does not completely eliminate an individual from contention. It will, however, make things a lot more difficult and costly.

A excellent credit score is reserved for someone with a credit score over 700. These individuals will receive the best interest rates on loans and will be able to take out more money on credit than those with lesser scores. People with scores in the 600s are still considered to be solid credit prospects and will likely receive good rates; once the credit score starts dropping into the low 500s, however, most lenders will start getting skittish.

An individual with a 500 credit score may have arrived there through one of two different ways: the first being they have a limited (or no) credit history to be judged on, the other being through a number of errors that have impacted their credit rating. A number of errors, including missing credit card payments, defaulting on loans or other major errors can knock a person’s rating to a 500 credit score or below.

If someone has a 500 credit score, they had better know about it and be prepared to take steps to rectify it—especially if faulty information has helped knock down their credit rating. Thanks to federal legislation, consumers can now get all three credit bureau reports by visiting a single Web site. All three major credit reporting agencies, Equifax, TransUnion and Experian, are now required by law to give consumers access to their credit reports for free once a year. By going to annualcreditreport.com, consumers can see what their credit report holds. All three credit bureau reports can be different, so receiving all three is important to make sure your credit has not been adversely affected in a way that was picked up by one credit agency and missed by others. If there is false information, it should be immediately reported to the credit agencies, as this will help a 500 credit score move higher.

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