How bad is a 580 credit score?

Your score falls within the range of scores, from 580 to 669, considered Fair. A 580 FICO^® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

What does it mean if my credit score is fair?

Fair credit scores mean you are seen as sub-prime by lenders, which means you are likely going to get less favorable terms than someone with a higher credit score. That can mean higher interest rates and even outright rejection.

Is Fair credit OK?

With a fair credit score, your score lands you right between a poor credit score and a good score. And while it’s better than poor, it’s not good, and can cost you in higher interest rates and poorer terms for loans and credit cards you are approved for or not getting approved for loans or credit cards altogether.

Is a 700 credit score good or fair?

good score

A 700 credit score is considered a good score on the most common credit score range, which runs from 300 to 850. How does your score compare with others? You’re within the good credit score range, which runs from 690 to 719. Your 700 score is better than 37.2% of consumers, according to credit scoring company FICO.

Is 560 a fair credit score?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 560 FICO^® Score is significantly below the average credit score.

Is a 559 credit score Good?

Is 559 a Good Credit Score? A 559 FICO® Score is considered “Poor”. It means you’ve had past payment problems, including collection accounts, judgments, bankruptcy or worse. With a “Poor” score, it’s harder to obtain credit cards, loans, and favorable interest rates.