Your credit score is bad if it’s below 620. You may even want to set the bar at 640 because you generally need a score that high to get a credit card that requires fair credit, for example. In other words, it’s a lot easier to find out whether you have bad credit than to fix bad credit. Just check your credit score for free, and if it’s anywhere from 300 to 619 (639, to be conservative), your credit is considered bad. And it may go without saying, but the lower your score is, the worse your credit standing is.
That’s not the only test to determine whether you have a bad score, though. If you're looking for a more qualitative assessment, consider whether ANY of the following statements applies to you:
I’m currently late on a payment (credit card, loan or medical bill).
The balance(s) on my credit card(s) is/are near the limit.
I have declared bankruptcy in the past three years.
I’ve been 60+ days late making a payment (credit card, loan or medical bill) in the past nine months.
If you feel that your credit score is lower than it should be, we recommend checking your major credit reports for mistakes. You can review your latest TransUnion credit report, updated daily, for free on WalletHub. You’ll also receive a personalized credit analysis, which includes grades for each part of your score to help you pinpoint problems and advice on how to fix them.
Furthermore, everyone is legally entitled to one free copy of their credit report from each of the three major credit bureaus every 12 months. You can exercise this right by calling (877) 322-8228 or visiting AnnualCreditReport.com. And if you find mistakes on any of your reports, you can file a dispute to get them fixed.