I have a credit score of 556 what does that mean in the large scheme of things what is the best and worst score etcetc...?
2006-10-03 09:58:18 · 8 answers · asked by hroptr2 1 in Business & Finance ➔ Credit
.......................OK LISTEN UP......
What that means is that you have bad credit which can be due to several things; including collections, late payments, too many inquiries, using a debt consolidation service (yes this can cause it too), or all or many of the factors previously discussed combined.
The remedy is to start paying off your debt while not getting into more debt. Your FICO could easily go to a 650 in 6 months assuming you payoff your debt without new debt....
2006-10-03 10:12:51 · answer #1 · answered by christiansareawesome 4 · 0⤊ 0⤋
556 is in the "poor" range. Get over 600 and its "fair"
The average US score is somewhere between 660 and 680.
Over 700 and you're getting into the range where being denied for credit reasons is very odd.
Scores generally range from 350-850.
2006-10-03 10:04:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This means that you need to pull out a hammer because you've got A LOT OF WORK to do.
You need to be at least a 620+ to be deemed a viable credit risk.
The best score is 850.
The worst score is 300.
The average score is 680.
2006-10-03 22:04:19 · answer #3 · answered by DaMan 5 · 1⤊ 0⤋
Your score is very bad. But, where did you get it. Most places that you can get your score from give you fake scores, not real FICO scores. These scores can be +/- 100 points from your real FICO. To find out your FICO score you should pull it from www.myfico.com.
If you have bad stuff on your report, you need to clean it up. Read how at creditboards.com and start taking control of your finances again. Pay every bill online the day before it's due and eventually your score will come up.
Good luck!
2006-10-03 10:05:10 · answer #4 · answered by personal_finance_101 3 · 0⤊ 0⤋
In the scheme you have poor credit. I am a loan officer and I could get you a loan, but you would have to put 5-10 percent down..
2006-10-03 10:06:16 · answer #5 · answered by shamogreen 2 · 0⤊ 0⤋
What are you looking a buying?
If you have had past credit issues without no recent downward activity, in about 2 years, you could actually look pretty good. Anything on your credit about $250.00 or less, pay-off.
Keep your current debts paid on time, you need to show a positive history.
2006-10-03 13:53:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Read some useful credit tips on this site to help you
2006-10-03 10:03:06 · answer #7 · answered by Anonymous · 0⤊ 1⤋
its OK..not good..nor bad, cr score above 660 is good
2006-10-04 00:27:27 · answer #8 · answered by men t 2 · 0⤊ 0⤋