600 Credit Score: Is It Good & What Does It Get You?
A credit score of 600 isn’t “good.” It’s not even “fair.” Rather, a 600 credit score is actually considered “bad,” according to the standard 300 to 850 credit-score scale.
Such a score will make it difficult to get approved for a decent loan or line of credit and could even prevent you from renting an apartment or landing certain jobs. It also figures to cost you thousands of dollars each year compared to someone with a score that’s just 60 points higher, which is the start of good credit.
Below, you can learn more about the types of things that bad credit prevents you from doing as well as the most common age, income level and credit history for someone with a score of 600. But first, make sure to check your latest credit score on WalletHub. Credit scores can change a lot over a short period of time, and WalletHub is the only site that offers free credit scores that are updated on a daily basis. Who knows? Maybe your score is even higher than you think.See Your Latest Credit Score
|Type of Credit||Do You Qualify?|
|Any Credit Card||NO|
|No-Annual-Fee Credit Card||YES|
|Big Initial Credit Card Bonus||NO|
|Credit Card with 0% Financing||YES|
|No-Foreign-Fee Credit Card||YES|
|Favorite Store’s Credit Card||YES|
|Airline/Hotel Credit Card||NO|
|Best Mortgage Rates||NO|
|Auto Loan with 0% Intro Rate||NO|
|Lowest Auto Insurance Premiums||NO|
Tip: The best way to begin rebuilding bad credit is to place a down payment on a secured credit card. The deposit reduces the issuer’s risk, making it possible to get approved no matter how low your score might be. You can try a credit card for people with fair credit first, but if you don’t get approved, go the secured-card route. Repeatedly getting rejected will result in multiple hard inquiries on your credit report and only make rebuilding harder.
Who Has A 600 Credit Score?
|Age Group||600+ Credit Score|
|Income Bracket||600+ Credit Score|
|$30,000 - $49,999||64%|
|$50,000 - $74,999||93%|
|$75,000 - $99,999||95%|
Based on WalletHub data, as of Oct. 18, 2016.
Inside A Credit Score Of 600 – Sample Scorecard:
- Payment History: D = Less than 98% on-time payments
- Credit Utilization: C = 10% - 29% utilization
- Debt Load: B = 0.36 - 0.42 debt-to-income ratio
- Account Age: B = Average tradeline is 7 - 9 years old
- Account Diversity: C = 2 account types or fewer than 5 total accounts
- Hard Credit Inquiries: A = Fewer than 3 in past 24 months
- Collections Accounts & Public Records: B = 1 collections account / public record
The best approach to improving a credit score of around 600 is to check the Credit Analysis page of your free WalletHub account. This will tell you what problem areas to focus on and how to correct them. For example, if your grades are similar to those above, you might want to learn more about paying bills on time and improving your credit utilization.
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