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Bunch your Deductions into One Year - Every year it gets harder to do your taxes and receive a return, but part of good planning is to make sure that...

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600 Credit Score

Is a FICO credit score of 600 a good score? Click here to check your FICO score. The best way to answer this question is to take a look at how the scores typically break down. Most often, your lender will be the primary decision maker on what score they will accept, but if you have a credit score of 600, you might want to investigate ways to improve it. It is a good idea to speak with your lender, who would be best able to answer that question; however, we can make some generalizations when speaking about FICO scores that range up o 850:

  • 750 or above - This is considered to be an excellent credit score. At 770 and above you can generally obtain the best lending rates.
  • Between 700 and 750 - With 725 being the average score in the United States, this range is usually considered to be between very good and excellent credit, and can be looked at as the medium.

Once you go below a 700 score, however, it becomes difficult to categorize credit as good or bad.

  • Between 650 and 700 - Considered very good credit, although some institutions may consider a score of 650 to be excellent credit. Again, this is specific to the industry and the target market the institution is after.
  • Between 600 and 650 - A good credit score. Sometimes the minimum for "good credit" is bumped up to 620, because this is generally considered the cutoff point for a prime rate loan. Lenders generally view people with scores between 600 and 620 to be a much higher credit risk.
  • Below 600 - Lenders see you as a high credit risk. While you can still obtain loans and credit cards in this range, they will often be secured credit cards and loans at the highest interest rate. If you have a score below 600 you are generalized as someone with having credit problems and probably have open credit problems that need to be addressed.
  • Below 550 - Any FICO score below 550 is considered to be awful credit (multiple bankruptcies, loan defaults, past-due accounts, judgments against, etc.)

 

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