- October 27, 2011 at 3:54 am #60368
i had a credit card that i havnt used or paid fees in months and i went to freecreditreport.com and my score was 581….is that good or bad?October 27, 2011 at 4:15 am #261438
That’s bad.October 27, 2011 at 4:43 am #261439
in today’s economy, it’s average (neither good nor bad)October 27, 2011 at 4:58 am #261440
That’s not so good, Not so bad either but definitely needs to improve.October 27, 2011 at 5:01 am #261441
Bad…but not horrible…you’re close to average credit….October 27, 2011 at 5:19 am #261442
It is so – so. Definitely states that there have been previous problems or maybe delinquencies somewhere maybe in the past or recently due to the score being under 600.October 27, 2011 at 5:40 am #261443
Each credit bureau has a different rating scale, but it’s not “good.” There is room for improvement, but it could also be that you don’t have bad credit; you just don’t have much established credit yet (if you are young).
Go to the FICO website to see what makes up your credit rating, so you can see how you can improve it.October 27, 2011 at 6:09 am #261444
The lender we just talked to wanted a score of 580, so I think you would be okay depending on the past 12 months history of payments.October 27, 2011 at 6:47 am #261445
That is not good. I work at a bank and anything under 640 is considered bad. If you can help it, only use your credit card sometimes and make sure you pay it off every month. It will help your score if you do that.October 27, 2011 at 6:49 am #261446
Hi well a 581 is no As 1 credit but thats pretty damn good but the best way to really improve your credit is to not only pay off your card but buy things that dont cost much for maybe like 30 or 50 dollars and always pay more than the balance that is due i do no for a fact that it increases your credit really quick.October 27, 2011 at 7:00 am #261447
581 puts you in the fair range. Keep not using the card. Start making at least minimum payments and your score will improve in a few monthsOctober 27, 2011 at 7:05 am #261448
That is a bad credit score…generally, credit scores below 620 are considered subprime, meaning you won’t qualify for most loans and if you do, it’ll be at a higher interest rate.
It’s not terrible, but you definitely have to work to do before your credit is in good standing. You must have some serious delinquencies on your credit report for it to be that low.
The good news is you can improve it for free, over time if you read up on credit scoring. Check out my source.
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