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600 Credit Score: Is it Good or Bad?

Unfortunately, many US consumers have a credit score of around 600. Lenders consider this credit score as being in the poor range. Finding any kind of loan with a credit rating in this range can be daunting. In the end, not all loan providers will work with individuals who have 600 credit ratings and below. Particularly, to obtain a bank loan, you usually need to have a credit rating of 720 or more, 600 seldom cuts it.

While finding credit with a 600 credit score is difficult, it’s not impossible, just be prepared to have to shop for it, and when you find it, you are going to have to pay for it with higher interest rates.

When searching for credit, you have to be careful when lenders check your credit. Hard hits to your credit could reduce your credit score even lower.

There are many auto and conventional loan lenders who operate online and cater to those who have bad credit.

If you have had a bank account for several years and use only that account for direct deposit and spending purposes, trying to obtain a loan from your bank may be a good choice for a first attempt at a loan as your bank will take into account more than just your credit score when trying to figure if it could handle the risk of giving you a loan. If you can show a history of proper financial fortitude in that you rarely, if ever, overdraft, and have a good amount of savings.

One rarely used option available to would-be borrowers at a bank is a savings-backed loan. In this option, an example would be that you need $3,000 for some purpose, but you have $3,500 in savings, but you do not want to expend all of your savings, you can have the bank place a pledge on some of that money, it becomes inaccessible to you, and grant you a loan of $3,000. This will allow you to have a lower interest rate than with a traditional unsecured loan, your payments will be reported to the credit agencies, and you get your money back once the loan has been paid back.

One option that may help those with poor credit scores receive loans is to have a co-signer. A co-signer is a person, typically with a better credit score, who guarantees your loan. If you cannot make your payments, the lender will call your co-signer telling them that you are in danger of defaulting on the loan. Since their credit will suffer if this happens, your co-signer will press you to make your payments.

A co-signer is not a person you should depend on to pay your loans for you. They are doing you a favor by co-signing your loan as their presence on your loan will allow you to reap the benefit of lower interest rates. You should do your best to make all of your payments.

If you can wait a while before absolutely needing that loan, an option to help raise your credit score is called a secured credit card. With a secured credit card, you front a set sum, usually a minimum of $300 that becomes your credit limit. Many people use these cards to buy incidentals or fuel for their car and pay them off each month.

It’s not a fast solution to building credit, there isn’t one. But it does show credit usage and is reported to the credit bureaus, building your credit score along with it.

No matter what direction you choose, make sure your lender reports your prompt payments to the various credit bureaus and refinance once your credit score rises enough to be approved by a traditional lender. Just because you got a loan with a high-interest rate does not mean you have to continue paying that high-interest rate loan with the same lender.

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He worked as an attorney practicing insurance defense and commercial litigation. He covers lenders, bank accounts, mortgage rates, refinance rates, and borrowing and savings tips. You can reach Chris Miller at