Poor (300-579): 300 is the lowest credit score a person can have, and it's impossible to drop below that number. Fair (580-669): Lenders and banks will look at a Fair score more favorably, but their best offers may still be out of reach.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 480 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.
FICO credit scores, the industry standard for sizing up credit risk, range from 300 to a perfect 850—with 670 to 739 labeled “good,” 740-799 “very good” and 800 to 850 “exceptional.” A 700 score places you right in the middle of the good range, but still slightly below the average credit score of 711.
A credit score of 600 or below is generally considered to be a bad credit score. And if your credit is low, you may qualify for a loan but the terms and rates may not be favorable. Credit scores between 601 and 669 are considered fair credit scores.
A credit score of 582 is considered "Fair" and is lower than the average credit score in the US. Your credit score is more significant because it influences whether you are approved for credit cards or loans and what the interest rate will be even if you are.
Making timely payments and avoiding “maxing out” the card will promote improvements in your credit scores. Pay your bills on time. There's no better way to improve your credit score. Among consumers with FICO® credit scores of 512, the average utilization rate is 113.1%.
A credit score of 625 is regarded as fair credit and is below the US average. As it determines whether you qualify for credit cards or loans and what the interest rate will be even if you do, your credit score is more important. Although a 625 credit score is not poor, it is also not good either.
If you have a credit score of 500, you are considered to have a below average credit rating. The average American consumer has a FICO credit score of 714, and anything below 580 is generally considered to be a poor credit score.
But your credit score won't start at zero, because there's no such thing as a zero credit score. The lowest score you can have is a 300, but if you make responsible financial decisions from the beginning, your starting credit score is more likely to be between 500 and 700.
A perfect score generally requires years of exemplary financial behavior, like making on-time payments, keeping a low credit utilization ratio, and maintaining a long history of credit accounts. A wide credit mix and only a few hard credit checks also play a role in boosting your credit score.
Defining What Your Business Credit Score Means
80 indicates on time payments. 50 – 79 (Fair): A 70 indicates that you are paying 15 days late. A score of 50 indicates you are 30 days late. 0 – 49 (Bad): 40 or less means your payments are coming 60 days or more past the due date.
You can improve your credit score by opening accounts that report to the credit bureaus, maintaining low balances, paying your bills on time and limiting how often you apply for new accounts.
We won't sugar-coat it. With an 450 credit score, you're unlikely to get approved for a traditional credit card. Credit cards are unsecured forms of debt, so banks tend to be a bit more cautious compared to loans backed by specific assets, like mortgages and auto loans.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 490 FICO® Score is significantly below the average credit score.
A 499 credit score is bad. It is widely considered very poor and can cause financial pain. Because of a bad 499 credit score, you will likely have trouble qualifying for a credit card, personal loan, auto loan, or mortgage.
Unfortunately, a 512 credit score is low. It is classified as 'poor' or 'very poor' by the majority of credit scoring companies. With a credit score of 512, it will be almost impossible to get a mortgage, car loan, or an unsecured credit card.
What percentage of the population has a credit score over 900? Only about 1% of people have a credit score of 850. A 900 credit score can be thought of as fairly unrealistic.
How Long Does It Take to Fix Credit? The good news is that when your score is low, each positive change you make is likely to have a significant impact. 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.
As mentioned, an 493 credit score is generally considered to be a poor credit rating. Depending on your other qualifications, such as income and employment, you may be able to qualify for certain types of loans (more on that in a bit).
A 750 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO® Scores in the Very Good range.
Credit Rating: 550 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.