How bad is a credit score of 574?

Answer 1

To be completely straightforward with you, 574 is a terrible credit score. And it means you definitely have some major derogs on your account or some seriously delinquent accounts. As mentioned by others here, get a free credit report to see exactly what's wrong, and do your best to fix it NATURALLY. Do not use credit counseling or any other quick-fix programs.

Link to a free credit report:

http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm

If you aren't planning on buying a home or securing any major financing in the near-term, don't worry about it. Just start cracking away at the bad stuff and it'll be back to an acceptable level.

If nothing else, this is a wake up call for you to be a more responsible person in regards to your finances.

Find out more at http://www.thetruthaboutmortgage.com

Answer 2

574 Credit Score

Answer 3

It's not great - just avoid "credit counseling"... banks see that as a huge red flag. New collections, pay. Don't worry about touching medical collections, they don't count. School loans do - missing a payment there is the kiss of death. Don't go paying off old collections that are more than a few years old, because it'll bring them current and actually make your score worse - let sleeping dogs lie. If you have no credit cards - get some and start using them in moderation, paying them off each month and your score will go up. You need to prove you can handle the credit. If you've got too many, don't run around closing them all like a nut - just stay current and prompt with payments. Your score will go up.

Answer 4

In the United States, a credit score is a numeric representation of an individual's financial credit worthiness as calculated by a statistical model.
A FICO score generally ranges from 300 to 850. It exhibits a left-skewed distribution with a US median around 725. 660 is generally regarded as potentially subprime and represents an important break point for credit worthiness.
I think in your case would be worthwhile to obtain free credit report and try to improve score. For example a lot of credit cards will reduce score even if you do not use them.

Answer 5

Having a great credit score is not as important as paying off your debt. If you pay off the debt, the score will increase. Do not try debt relief programs either as you can do this yourself.

First thing of course would be to cut up the credit cards and make a commitment to NEVER charge again. Then follow the following plan.

List all your debts by amount you owe from smallest to largest. Then begin by paying the most amount you can each month to the smallest debt with the idea of paying it off quick. Then, only pay the minimum payment on the larger debts. Continue doing this every month until you have the smallest one paid off. Everytime you pay off a debt, call the company and tell them to close the account ... that you paid off the debt and that you do not want to leave the account open. They will try to talk you into leaving the account open. Don't do this as it is too convenient and you will be tempted and will sink into debt again. You then start paying the most you can on the next smallest debt in line and go on from there until you have each paid off. Every time you get any extra money, whether it be $5, $10 or more, apply it against your debt even if you have already sent in a payment. You can send in payments more than once a month. Also do things to make money like garage sales, sell on eBay, get a second job, anything to help you get money to apply toward that debt. It's not about obtaining the best credit score, it's about eliminating the debt.

You can get more help on how to accomplish this by reading and listening to Dave Ramsey. He has a talk show which you can hear on line through his archives, or live by entering your zip code and find out what time of day his show airs. Plus he has forums from his site to get help from other people who are in debt just like you. Dave has been there (with debt) and knows what it is like and is now helping people to get out of it. There are people that have followed this method with over $100,000 in debt and have gotten it paid off without going through bankruptcy and without getting some debt help company to do it for them. Dave's website link is below.

I hope this information helps you and you get the relief you need.

http://www.daveramsey.com

Answer 6

It is really bad. above 700 is good. 600-699 is average

Answer 7

Below average.

Answer 8

Very average.

Answer 9

that is debatable there are actually several possible answers to this question..

Answer 10

real bad