My credit score is 637. is this bad?
i recently paid off a LARGE amount of my credit balance THIS WEEK it's probably not updated yet as i checked on my credit history my total credit limit is 3600 and i only used up 43% of it. I plan to pay half of the balance in 2 weeks. it states that my credit history category is "NOT PRIME" and Risk grade is "D" I have one negative account from last year. a 30 day late payment. :( im currently 25 years old
Im 18 why is my CREDIT SCORE this bad!?
You first need to understand the basics of how your credit score is calculated. Everything in your report is plugged into a very complicated proprietary formula. The forumla returns a score somewhere between 350 and 800 (or thereabouts). Some of the things that are required for a good score are things like having no late payments, having no defaults, etc.....then there are things like having a good mix of different types of credit (secured loans, unsecured loans, credit cards, mortgages, etc), and having a long history. Since you only have one loan, and you haven't started paying on it yet, your credit score will not be super high. What you should do is go to www.annualcreditreport.com and get your credit report from all three credit bureaus. Look them over, and ensure that there isn't something else on your report. If there isn't, and the only thing there is your student loan, then don't worry too much. Once you start paying it back, you'll see your score begin to go up.
Is a credit score of like 580 really bad?
depending on what kind of credit your looking for, under 600 is bad, 600-650 is ok, 650-750 good, 750+ excellent
Is a credit score of 581 really bad?
It certainly isn't great, but who cares? You only need a FICO score if you are planning to go into debt. I'm in debt; I have been in a hell of a lot MORE debt than I am now; I SWEAR it is NO FUN to be in debt (even a little). Therefore, I hope you will consider living w/o ever borrowing. We quit doing it in 2002. It is so hilarious to pay cash for a car or computer & have the airhead clerk look at you like you're a mobster. One even had to ask her mgr if they were allowed to accept "that much" ($700) in cash. The link below has podcasts & whatnot of the guy whose plan we followed. We only bought a $20 book, so don't think I'm trying to get you to sign up for some dumb "debt mgmt" company or any of that crap. This guy is simple & genuine. He gets criticized for being a 1 trick pony, but there is no "trick" & his plan works.
Why is my credit score still so low?
My credit score has been in the low 500’s for many years now. When I was in my late teens I acquired a huge amount of debt. I don’t mean a lot of high credit lines, I mean a bunch of unpaid apartment balances, utility bills, medical bills and credit cards. By the time I was 21 I couldn’t get credit from anywhere. So I waited patiently and the years went by. My husband and I just bought a new house almost 8 months ago, and have made every single payment on time. My husband had to co-sign for me to get a car last year, so we are both on that as well and have never made a late payment. I got a credit card on my own a couple of months ago and that comes directly out of our checking account, so that’s on time as well. But when I had someone run my credit the other day they told me my scores were: Equifax 520, TransUnion 529 and Experian 579. It seems that by now my scores would be in the 600’s.