Credit reporting agencies assign credit scores based on how you’ve used credit in the past. A credit score of 600 is not considered good or healthy.
A credit score of 600 is not considered good or healthy. According to credit bureaus, a 600 score is considered a “bad” score.
When you raise your score to 670 or above, that’s considered a “good” score. A score of 740 is “very good,” and scores over 800 are “excellent.”
Those are scores on the FICO credit bureau system. Another credit bureau, called VantageScore, provides different rankings. With a VantageScore, 600 is ranked as “poor,” while 700 is considered “good.”
The FICO credit ranking system is more frequently used by lenders and credit card issuers.
A low credit score can impact a lot of things, from where you live to the car you drive to the interest rates on your credit cards. Raising your credit score can make a big difference. It also might be easier than you think.
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With a postgraduate degree in commerce from The University of Sydney, Pranay has his finger on the pulse of the finance industry. Breaking down complex financial concepts is his forte.