Credit score is a statistical number that evaluates an individual’s creditworthiness. You have active collections accounts, and probably have at least one judgment, repossession, or bankruptcy in your file. Credit scores calculated using the FICO or VantageScore 3.0 scoring models range from 300 to 850. Lenders, insurance companies, and some employers will place a lot of weight on the health of your credit when determining your worthiness. 13 Best Cash-Back Credit Cards – Reviews & Comparison, 9 Best Low APR Interest Credit Cards – Reviews & Comparison, 18 Best Travel Rewards Credit Cards – Reviews & Comparison, 15 Best Hotel Rewards Credit Cards – Reviews & Comparison, 11 Best Gas Credit Cards – Reviews & Comparison, 12 Best Credit Cards for College Students – Reviews & Comparison, 22 Best Small Business Credit Cards – Reviews & Comparison, 10 Best Secured Credit Cards to Rebuild Credit – Reviews & Comparison. However, if you understand what hurts your credit score, you can make an effort to fix bad habits and improve your credit rating. You’ll also have no trouble getting an insurance policy for just about any need, but you should expect your premiums to be somewhat higher than for those with excellent or even very good credit. Thanks for your patience. When you sign up for a free account with Experian Boost, they will start using these on-time payments. Credit is essential if you want to build a financial future for yourself. The content on MoneyCrashers.com is for informational and educational purposes only and should not be construed as professional financial advice. When this happens, credit scores may be different across each bureau Being at this level also shows that you have managed your credit history very well; having had a few bumps in the long run but being a generally reliable borrower. When determining your score, the FICO and VantageScore scoring models look at how recently you missed a payment or were late, how many accounts you were late on, and how many total payments on each account were missing or late. The following score bands are defined for the score: • EXCELLENT: 767 – 999 How Credit Scores Are Calculated and What It Means for You, 5 Ways to Improve Your Credit Score After a Foreclosure, Understanding How Student Loan Debt Affects Your Credit Score, 13 Places to Buy Cheap Discount Sports Tickets Online & Off, 7 Best TV Shows to Watch to Learn About Money, Finance & Business, 14 Best Small-Business Checking Accounts of 2021. Insurance agencies will still underwrite insurance policies for you, but the products will be limited and they are going to cost significantly more than the same products for customers with better scores. Those reports don’t include your credit score. The bad news about your FICO ® Score of 500 is that it's well below the average credit score of 704. For FICO, a good credit score is 670 or higher; a score above 800 is considered exceptional. Mercury CC is one of my most stable. The widely used FICO credit score ranges from a low of 300 to a high of 850. Sure, turning a 300 credit score into a good credit score isn’t easy, considering you need a score of 700+ for that. A credit score of 721-880 is considered fair. A low score doesn’t necessarily mean lenders won’t give you a loan or card. It is one reason your credit score could drop a little after you pay off debt, particularly if you close the account. Standard & Poor's Ratings The Standard & Poor's company rates how likely debt will be repaid from the entity in question. 2 1 0. The different models may have different credit score ranges as well. Pro tip: Typically payment history on your utility bills is not factored into your credit score. 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