2007-08-23 15:25:09 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
yes it's bad. anything under 620 is considered SUBPRIME in the mortgage industry. 680 - 700 is good, 701-720 really good, 721-759 excellent, 760-850 is perfect.
there are ways to fixing your credit.
check my profile for details
2007-08-23 15:32:57 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I'll be honest, 560 is a sucky credit score. But, if it makes you feel any better, last time I checked, mine was 435. I had a very, very bad two years. I did the oh so common thing- turn 18, apply for every credit card you can, then decide to quit your job and can't pay your bills.
I learned a VERY hard lesson the VERY hard way. I'll be paying for it for the next ten years. (Luckily, I didn't have to file bankruptcy) But, now that everything is in order, my credit score is going up slowly, but surely. I'm not checking it again until January (I keep an eye on my credit, but don't check the score...)
Good luck!
2007-08-23 22:53:15 · answer #2 · answered by Rachel Y 3 · 0⤊ 0⤋
Yup. 560 IS bad. I always know I'm talking about OR i keep my mouth shut! ...er, or keep the keyboard quiet.
"...Good FICO ScoreFICO score of 700 and higher means Excellent or Very Good credit. Certain lenders offer better rates and/or discounts if you are over 720, 740, etc. Pity, their greedy loan officers might never share them with you.
FICO score from 680 to 699 means Good. Pretty much you can get a normal loan. Translating in layman terms you won't be robbed too bad.
FICO score from 620 to 679 is OK. You won't be denied but the terms are not going to be too generous. Still you are officially a nice person. But you better check the increase credit score page.
Low FICO ScoreFICO score from 580 to 619 ... . Banks, brokers love you. Want to know why? That is where bad credit starts. But it is not that bad yet. They are still able to get you a loan but on their terms. Fat commissions for them, much more expensive loan for you. Chances are you will take it since you have little choice. And you'll think they your best friends. See improve my credit score page.
Bad FICO ScoreFICO score from 500 to 580 is where the real trouble starts. Your credit is bad, period. You'll get your loan and you won't like it. " etc .
2007-08-23 22:34:16 · answer #3 · answered by jim bo 6 · 1⤊ 0⤋
That is quite a poor score. Here are the score ranges:
760-850 Excelent
700-759 Very Good
660-699 Good
620-659 Marginal
580-619 Poor
500-579 Very Poor
As you can see 560 falls in the very poor range and would be considered sub prime. You score can be lower than 500 but usually it doesn't get that low unless you are fresh out of a bankruptcy.
http://www.myfico.com/
2007-08-23 22:35:29 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The average credit score in the U.S. is 675, according to Experian (a credit rating service). So by that criteria, your credit score isn't great. A "good" credit score is in the mid-700 range, according to Quicken loans. Your credit score is determined based on five criteria - your payment history (about 35% of your credit score), the amounts you owe (about 30% of your credit score), the length of your credit history (about 15% of your credit score), how much new credit you have (about 10% of your credit score), and the types of credit you have (about 10% of your credit score).
If you have outstanding debt that is past due, contact the company you owe and make payment arrangements to start paying them back. Be sure to make payment arrangements that you can actually meet - once you've agreed to a payment plan, it's important to stick to it.
Try to avoid using credit cards if you can't pay off the full balance each month.
Even small things will impact your credit score positively, and although it may take some time to get your credit score up, it will happen if you're careful and diligent.
Good luck to you!
2007-08-23 22:41:11 · answer #5 · answered by Vicki D 3 · 1⤊ 0⤋
what the other guy said. It is bad, but you can fix it. Sometimes it takes a while, it took me about a year and a half of paying on time, more than the minimum due and paying my debts off. It can be tough to build it up and easy to tear it down. Little things affect it, like applying for credit. It fluctuates from month to month as well. Read Total Money Makeover by Dave Ramsey... the guy KNOWS his stuff.
2007-08-23 22:38:14 · answer #6 · answered by tljessup 3 · 0⤊ 0⤋
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your scoreyou still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
2007-08-24 13:58:41 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Average FICO score is 725. That makes yours a D-.
2007-08-23 22:36:15 · answer #8 · answered by bdancer222 7 · 0⤊ 0⤋
Let's say it's not going to get you a mortgage to purchase a home or to refinance an existing mortgage. Unless, you go and see Guido!
2007-08-23 23:52:55 · answer #9 · answered by Anonymous · 0⤊ 0⤋
We were giving people 100% financing on homes with 580's not too long ago.
2007-08-24 01:22:57 · answer #10 · answered by Richard S. 3 · 0⤊ 0⤋