A score of 512 is considered to be low as the national average is 690 t0 695. Since you are so young it is probably due to you not having enough credit or too much credit. It could be low because you have been late on some of the credit you do have. Payment history counts for about 30% of your total score, so make sure you pay timely on all your credit. It is hard to have a good score without three to five lines of credit, so if you have paid timely on what you have and have less than five accounts, open some more, but never use more than 50% of your credit line and under 33% is much better; as staying well below your credit line will raise your score faster, along with good and timely payments. You can get a couple of secured credit cards and maybe a car loan and this will add to your credit file. It takes time to build credit, but only a short amount of time to ruin it, so handle your credit the same as you would want to be paid back if you were owed the money istead of the department store or credit card company. If you modify your question and reask it by stating what credit you have now and how you have paid it, since having it, several of us could assist you better. But you need to work on it as your current score is considered to be very marginal.
2007-08-23 06:09:07
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answer #1
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answered by H. A 4
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512 is very low for anyone.
At only 20 years old you have only been in the credit bureaus for 2-years.
Most people your age have scores at least 100-points higher.
You need to get copies of your credit reports and find out why your score is so low.
Credit scores are made up of the following;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
2007-08-23 04:57:45
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answer #2
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answered by ? 7
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Yes that is low, you can follow the steps I posted below to help bring your score up.
First, make sure all the information on your credit report is accurate.
Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.
Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
2007-08-23 08:20:30
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answer #3
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answered by Anonymous
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Your credit score ranking is one hundred facets bigger then mine and I acquired a mortgage, however, my curiosity fee is nineteen% I shouldn't have a co-signer, however hold in brain that a 12 months in the past, whilst I acquired my mortgage, creditors have been a lot looser with giving out loans. Honestly, if a trader needs your small business they're going to paintings with all varieties of banks looking to get you financed. If you'll get financed for round 10-12%, take it if you'll find the money for the phrases. As some distance as fudging your hire, it is hit and miss if they're going to investigate. If you have been getting a loan then they investigate into your history a lot tougher. Also, placed down up to you suppose relaxed with, it wont have a large have an impact on on in the event you get financed or no longer, simply to your per thirty days fee quantity. Finally, if you realize for definite your going to refinance with 6 months or so besides, simply get the auto. If you may have adequate credit score at a credit score union your curiosity fee will have to be round 6 to nine percentage, so it doesnt topic an excessive amount of what the trader financing phrases shall be in the event you refinance in any case.
2016-09-05 11:20:06
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answer #4
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answered by Anonymous
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Yes but you have a whole lifetime to build your credit and be responsible. I somehow got a ton of credit at 18 years old and it went to hell at 20. (Started a business which failed). I'm 30 years old and it's finally getting good again. I've been able to finance cars and stuff but I've paid higher than normal interest rates (takes 7 years to wipe bad credit).
2007-08-23 19:22:53
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answer #5
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answered by Richard S. 3
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The average FICO is 725. That makes your score barely a D.
You improve your score by paying your bills on time. If you have credit cards, pay the balance in full every month. They will automatically increase your limits every year or so.
If you do carry balances on credit cards, make sure it's less than 30% of your available credit limit. Anything over 50% will trash your score.
2007-08-23 05:35:20
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answer #6
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answered by bdancer222 7
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512 is on the lower end of average. When trying to get a loan all they look at is the score, not how old you are. So, while it may be a decent score for a 20 year old it's not very good in the loaner's eye's. No matter your age.
2007-08-23 04:46:41
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answer #7
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answered by tamarack58 5
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It's only low because your young..start working on your credit.
2007-08-23 05:09:02
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answer #8
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answered by Crazy cat lady >^ ^< 4
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