is 513 a bad credit score?

Answer 1

It isn't a great score, but I have seen many that were worse by far. But they took action and fixed their credit, organized their bills, and modified their lifestyles. Now they are living large.

But seriously, if you are not happy with that score, it is within your power to change it. There are several ways to go about it, and you will undoubtedly read many people's opinions about how to go about it. But when it comes right down to it, you have to discipline yourself to do what you know you need to do.

If you have any questions regarding your credit concerns, you may contact me at [e-mail]

Answer 2

Yes, it's a bad score. Generally, below about 620 is when lenders really start charging significantly higher interest rates because you're considered a high risk.

However, it's really important to understand why your score is low. Get a copy of your credit report from all three major credit reporting agencies, and take the time to go through each one. They'll provide you with the top few reasons for your low score. Assuming no more bad credit moves on your part, the simple passage of time is going to be the biggest part of improving your score. But there will be a few other things you can do - well worth your time to research a bit. Good luck to you.

Answer 3

Is not a good one but you can raise your score !

Try this option and good luck !!!!!

PIGGYBACKING: Despite its' virtually
unlimited potential, piggybacking is
not used by nearly as many consumers as
it should be. It's easy, effective,
and extremely fast. Unfortunately,
it's mostly used among parents and
siblings while those who can really
benefit stay in the dark.

How it works. Almost every credit
card or credit account will allow the
primary account holder to add on (at a
later date) what's known as an
"Authorized User" or "Secondary Account
Holder". In most cases, when this is
done, the entire account history
(retroactively) gets posted to the
authorized users credit report
regardless of their current age or
credit history!

For example. If it's a credit card
with a $10,000 limit which has been
paid as agreed for the last 10 years,
then that complete history will be
posted to the authorized users' credit
report. I once saw a clients' credit
report who used this technique with his
mother. He was only 24 at the time and
he had a $15,000 Gold credit card on
his report with history going back 11
years! I laughed as I thought to
myself that this kid would have had to
be approved when he was 13 years old
for this account to be his!

As you can see, this strategy is
usually only used by parents and their
children and in most cases with no
regard to the benefits the children are
reaping credit wise! In fact, in
recent years, due to its'
effectiveness, this technique has led
individuals with excellent credit
scores to "rent out" authorized user
accounts on one or even multiple credit
cards in return for a fee! I once
recall seeing an ad in USA TODAY for
just such an opportunity. Like most
good credit loopholes, I'm sure this
methods' days are numbered much like
what may be the case with...




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Answer 4

it is not a good one. But it is certainly repairable. Its a good starting point. At least you went through the trouble of finding out your score. You have a head start on most people with a 513. Good luck to you. You may want to send an email to that answerer that is willing to give more advice.

Answer 5

Just a little known law in the lenders act if you JUST make an attempt to pay by paying minimum payment of 1% or more of the actual payment it will show the courts you have not lost interest in the responsibility of the loan. and in no way will they allow you to be harassed for not at least trying to pay. you will say that you are always around and willing to do anything to save the deal that way money lenders can just asses what ever the difference on your final ( Balloon payment ) at the end of your loans period. If i were you i would find a credit councillor and check to see if what i have said will really work, you may be surprised, good luck

Answer 6

It is better than mine was before I underwent a credit restoration. I started out with a 498 and now six months later I am at 634. I used a company out of Oregon (even though I am in Texas) and they worked wonders. Here is their web address:
http://www.nwbusinessadvisors.com

Try them. They are good.

Answer 7

yes

Answer 8

yes it is a bad score, sorry.

Answer 9

Don't worry...mine is ALOT worse!

Answer 10

you can bring it up! Dont be to discouraged.