Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 500 FICO® Score is significantly below the average credit score.
A score of 500 is considered below average for VantageScore and FICO. It can be difficult to be approved for certain types of credit if your credit scores are below average. And if you are approved, you might pay extra fees, face higher interest rates for loans or have to put down a security deposit.
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® Score, 711, falls within the Good range.
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
FICO considers a credit score to be poor if it falls below 580. According to FICO, a person with a FICO score in that range is viewed as a credit risk.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 550 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 590 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Credit Cards & Loans with a 450 Credit Score
In particular, you're unlikely to qualify for a mortgage with a 450 credit score because FHA-backed home loans require a minimum score of 500. But your odds are a bit higher with other types of loans. Your best bet is to place a refundable deposit on a secured credit card.
It's important to note that any personal loan you get with a 500 credit score is likely to have a very high APR and an expensive origination fee. If possible, you might want to try to borrow money a less costly way, such as from friends and family.
A 500 credit score is in the bad credit score range. Your credit score determines whether you qualify for financial products, like credit cards and car loans, and what interest rate you might pay. In 2019, 4% of Americans had a score lower than 500, according to credit scoring company FICO.
Events such as missed payments, foreclosure and bankruptcy all lead to a poor credit score. A FICO score or other credit score of 500 or below is considered very poor. The good news is, no matter the reason for your low number, there are things you can do now to raise your credit score.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
A FICO® Score of 620 places you within a population of consumers whose credit may be seen as Fair. Your 620 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Pay on time.
One of the best things you can do to improve your credit score is to pay your debts on time and in full whenever possible. Payment history makes up a significant chunk of your credit score, so it's important to avoid late payments.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 570 FICO® Score is significantly below the average credit score.
With a 560 credit score, you'll have very limited loan options and will have a hard time getting approved for unsecured credit cards.
Having a credit score over 800 isn't just good. According to the FICO credit scoring system, it's exceptional. Although both the FICO and VantageScore credit scoring systems go all the way up to 850, you actually don't need to hit 850 to reap the same benefits as those with a perfect credit score.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 575 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 587 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.