600 Credit Score- Is this low?

A Credit Score of 600 is considered to be low, but it is not the lowest score by any standard. Credit scores can range anywhere from 300-800. Most people, at least 29% of the population have credit scores between 600-700, So you are not alone.

There are many reasons why people go into debt and have low credit scores, such as bad spending, a health crisis, late payment reporting ect. If you are looking to purchase a new home or rent an apartment or even purchase a new car and you have a 600 credit score it is highly recommended that you raise your credit score to achieve a lower interest rate. Lenders determine the amount of money they will extend to you for credit by your credit score.

Although your credit score can be slightly higher from the three different credit bureaus: Equifax, Experian and Trans Union,  implementing steps to improve it can only be beneficial to you in the long term.

Here are 5 easy steps to improve your credit scores:

1. The quickest way to improve a 600 credit score is to pay your current bills on time to avoid late payment charges. Just doing this step only can improve your score in as short a time as 60 to 90 days.

2. Pay off current credit cards but keep the accounts open. Closing credit card accounts can actually lower your credit score

3. Do not over extend yourself on your lines of credit. Only buy what you can afford to pay off in 30 days.

4. Request a free annual credit report, then dispute any discrepancies and monitor your credit report regularly.

5. Pay off your current debt and stay in control of your spending. Budget yourself and set up a long term plan of getting yourself  out of debt.

By making these simple adjustments you can greatly improve a 600 credit score but It will take time and determination on your part. Implementing these steps will end up saving you a lot of money in the long term and your financial outlook will increase dramatically.