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600 Credit Score: Is It Good or Bad?

600 Fair
Updated April 5, 2024
Written by Rachel Alulis

Having a credit score of 600 puts you below the national average score of 715 and categorizes you within the fair category. However, this doesn't completely close the doors to borrowing money. There are a variety of loans and credit cards you can qualify for with a 600 credit score - albeit with a higher interest rate and less favorable terms.

Any score from 580 to 669 falls in the fair category. Lenders view borrowers in this bracket as higher risk, so they charge more for borrowing. Being in the fair category indicates some previous credit challenges or perhaps a minimal credit history, yet it is a marked improvement from having poor or bad credit.

We will delve into the implications of a 600 credit score and discuss strategies for building credit to unlock access to more advantageous financial opportunities in the future. 

 

What kind of credit score is 600?

A credit score of 600 falls into what's considered the fair category. 18% of Americans have scores within this bracket. Lenders look at your credit score to determine your lending risk or, in simpler terms, your reliability in repaying borrowed money. Being in the fair score range means lenders see you as a higher risk compared to those with good to excellent credit, though not as risky as individuals with poor scores.

A fair credit score indicates you've encountered some financial difficulties in the past, such as late or missed payments, high debt amounts, or collections accounts. Or perhaps you have an insufficient credit history. These issues contribute to the overall lower score, signaling to lenders that there have been challenges in managing credit responsibly. This makes it tougher to secure loans or credit cards with favorable terms, as lenders are cautious about the potential risks.

To access credit with a fair score, you'll need to demonstrate strong financial qualifications, such as a good income, steady employment, and few debt obligations. These factors can help offset the perceived risk and improve your chances of approval. However, if you are approved, expect loans or credit cards to come with elevated interest rates and added fees. These higher costs reflect the increased risk lenders associate with fair credit scores, making it more expensive to borrow money. Improving your credit score over time can help you qualify for better terms and lower costs in the future.

The best thing you can do is raise your credit rating to unlock more favorable financial opportunities. Consistently paying bills on time, reducing outstanding debt, and minimizing new credit inquiries are crucial steps towards building a healthier credit profile. Over time, these efforts can improve your creditworthiness, enabling you to qualify for loans and credit cards with better terms and lower interest rates.

 

Can I get a credit card with a 600 credit score?

Obtaining a credit card with a 600 credit score is doable, yet expect to face limitations. You will be able to get a card, but you won't have a whole ton to choose from.

Credit card issuers offer subprime credit cards for the fair score range. These cards give you access to credit and will let you increase your score with responsible use, but they may not be very appealing. They typically include hefty fees, increased APRs, and limited rewards, if any at all. Additionally, credit limits may be quite low. You can find some cards for this score range with rewards and higher limits, but they are few and far between. In general, it's a good idea to use this card as a stepping stone to better offers.

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You might be better off choosing a secured credit card. Secured cards typically have fewer fees and lower APRs. They function like traditional credit cards but require a refundable security deposit, which sets your credit limit and acts as collateral. If you miss a bill, the issuer can withdraw money from your deposit. This reduces their risk and so makes secured cards easier to qualify for. Secured cards are particularly beneficial if your credit needs improvement. They can help you enhance your score and develop good credit habits, paving the way for you to transition to a traditional credit card with better terms and benefits. 

Another option is becoming an authorized user on someone else’s credit card. This allows you to use their card and benefit from their positive payment history without submitting your own application. As an authorized user, you can improve your credit score if the primary cardholder maintains good credit practices, such as timely payments and low credit utilization. This strategy can be particularly effective for building or repairing your credit history.

While a 600 credit score limits your options, you can still obtain credit cards that help build your credit. Opting for a secured card or becoming an authorized user are strategic choices that can lead to better financial opportunities in the future. 

If you have your heart set on an unsecured credit card, look for cards that let you prequalify. Prequalifying for a credit card does not guarantee approval, but it lets you see if you meet the basic criteria without affecting your credit score. You can also compare offers and select the card with the fewest fees and lowest APR. This way, you can get the best deal possible.

Can I get a personal loan with a 600 credit score?

Obtaining a personal loan with a credit score of 600 is possible, though you may not get the most favorable terms. Expect to encounter loans with high interest rates, extra charges, and strict repayment schedules. However, several options are available to you, and exploring them can help you find the best fit for your financial needs.

Secured Loans: Secured loans require collateral, such as a car, home, or savings account, to back the loan. This collateral reduces the lender's risk, making it easier for borrowers with fair credit to get approved. While you risk losing the collateral if you default on the loan, secured loans typically offer lower interest rates and more favorable terms compared to unsecured loans. They can be a good option if you have valuable assets and are confident in your ability to repay the loan.

Joint Loan: Applying for a joint loan with a co-borrower or co-signer who has a higher credit score can improve your chances of approval and result in better loan terms. The co-applicant shares responsibility for the loan, which reassures the lender. If you stop making payments, the lender can come after them for the money. However, it's crucial to have a mutual understanding and agreement with your co-applicant about repayment responsibilities to avoid any financial or personal complications.

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Online Lenders: Online lenders and loan marketplaces cater to borrowers with credit scores ranging from fair to poor. These lenders often have more flexible requirements and faster approval processes compared to traditional banks. Online lenders consider your income, job stability, and existing debt obligations in addition to your credit rating. The catch is many will offer loans with higher interest rates and additional fees to compensate for your low score and the risk they're taking. One trick is to compare offers from at least three online lenders. Take a look at the loan amounts, repayment terms, interest rates, and fees to find the most affordable loan available.

Credit Unions: Credit unions are member-owned financial institutions that often provide more personalized service and lower rates than traditional banks. They are more willing to work with members who have lower credit scores, offering personal loans with more reasonable terms. Many federal credit unions offer Payday Alternative Loans (PALs) as a response to payday loans. These personal loans have longer repayment terms and interest rates capped at 28%, making them more affordable. Typically, you have to join a credit union in order to apply for their loans. Becoming a member usually isn't too hard and can be a good option if you have a fair credit score, as they may be more understanding of your financial situation.

Cash Advance Apps: Cash advance or paycheck advance apps provide small, short-term loans based on your income and employment history. These apps don't check your credit score, making them accessible to individuals with lower credit ratings. Instead, you link your bank account and set up direct deposit. The app will review your income and possibly your timesheet (each app has slightly different criteria) to determine how much to advance you. Most advances are due with your next paycheck, but many apps let you reschedule payment at least once for free. There are no interest charges but the fees vary. Some apps ask for a flat fee, others a subscription fee or optional tip. Most will charge a fast funding fee if you need the cash instantly. While the fees are minimal, they can add up, especially if you become reliant on the apps or tip too much.

Before you borrow, make sure that you have a payment plan in place. Not paying on time can hurt your credit score, lead to a cycle of debt, and may result in the loss of an asset if you go with a secured loan. On the other hand, paying your dues on time can help improve your score so that you can access even better financial products in the future.

While a credit score of 600 can present challenges in obtaining a personal loan, exploring various options like secured loans, joint loans, online lenders, credit unions, and cash advance apps can improve your chances of finding a suitable loan. It's essential to compare offers, understand the terms, and choose the option that best aligns with your financial situation and ability to repay. Try to prequalify with multiple lenders and compare offers so that you get the best one for you. By carefully considering your choices, you can secure the funds you need while working towards improving your credit score for future financial opportunities.

Take your 600 credit score with a grain of salt

There's no universally agreed-upon definition of what constitutes fair credit, and no singular statistic can accurately assess a consumer's likelihood of repaying what they owe. With this in mind, it’s no surprise that lenders have different credit score requirements and don’t always prioritize your score. Certain lenders place more importance on factors like employment or residential stability over your credit score. They might consider a steady job and a stable home as indicators of financial responsibility, sometimes giving these aspects more weight than the numerical score itself.

Understanding that your credit score, which is calculated from the information on your credit reports, can change is important. Being categorized under fair credit isn't a permanent state. It's entirely possible to improve this score with concerted effort. Regularly checking your credit reports for errors, making timely payments, reducing outstanding debt, and avoiding new credit inquiries can gradually boost your score. Additionally, responsible use of credit, such as maintaining low balances on credit cards and paying off debts early, can demonstrate financial responsibility to creditors.

Improving a fair credit score requires patience and discipline, but the benefits are significant. A higher credit score can open doors to better loan terms, lower interest rates, and more favorable financial opportunities. By taking proactive steps to manage your credit wisely, you can transition from a fair credit rating to a good or even excellent rating, enhancing your overall financial health.

 

How can I grow my 600 credit score?


Improving your credit score is one of the best actions you can take to enhance your financial well-being. A higher credit score makes borrowing money easier and cheaper. Good credit also saves you money on interest, simplifies the process of renting an apartment, and increases your eligibility for more jobs.

With a 600 credit score, you may face challenges, but by taking it step-by-step, you can improve your score. The five main factors used to calculate your credit score are:

  • Payment history: Consistently paying your bills on time.
  • Credit utilization: Keeping your credit card balances low relative to your credit limits.
  • Length of credit history: Maintaining older accounts to show a longer credit history.
  • Credit mix: Having a variety of credit types (e.g., credit cards, mortgages, installment loans).
  • New credit: Avoiding excessive applications for new credit in a short period.

Understanding why your score is currently low is the first step. Analyze your credit report to identify areas for improvement, then focus on addressing these factors methodically. By maintaining good financial habits and addressing issues, you can gradually raise your credit score and unlock better financial opportunities.

Monitor your credit

Begin by reviewing your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. Since each bureau might have slightly different information, it's crucial to check all three. You can obtain a free copy of your report from each bureau annually at annualcreditreport.com. Thoroughly examine your report for any errors or inaccuracies. If you identify incorrect or outdated information, dispute it with the respective bureau. Correcting these negative marks can give your score an immediate boost.

Next, scrutinize your credit report to determine why your score is low. Look for any late or missed payments, accounts in collections, or high credit utilization. Additionally, check if you have recently applied for numerous credit cards or loans, as these actions can also negatively impact your score.

Additionally, be vigilant for signs of identity theft. Unauthorized accounts or unfamiliar activities on your credit report could indicate that someone has stolen your identity and is harming your credit. If you suspect identity theft, report it immediately to the credit bureaus and take steps to protect your personal information.

By pinpointing the reasons for your low score, whether they stem from personal financial habits or potential fraud, you can implement targeted measures to improve it.

Do damage control

Now that you know what errors have brought your score down, the next step is to try to rectify them. Negative marks can remain on your credit report for up to seven years, but their impact lessens over time. Since your score is in the fair range, you're likely facing only a few negative entries.

Start by contacting your creditors or collection agencies. They may be willing to remove a negative mark if you settle an overdue account in its entirety or agree not to report further late payments if you bring your account up to date. Creditors are often motivated by the prospect of payment, so negotiating with them can be worth the effort. Explain your situation and propose a payment plan or a lump sum settlement. If they agree to remove the negative mark upon payment, ensure you have this agreement in writing before making any payments.

Another tactic is to request a goodwill adjustment. If you have a generally good payment history but have missed a payment or two due to unforeseen circumstances, reach out to your creditor and explain the situation. Politely ask if they can remove the negative entry as a goodwill gesture. Many creditors are willing to make such adjustments, especially if you’ve been a reliable customer otherwise.

Get credit and use it

The best way to boost your credit score is to use credit responsibly and demonstrate to lenders that you are a reliable borrower. The only way to achieve this is by borrowing money and repaying it as agreed. Credit cards are the easiest way to improve your score, so we'll start there.

If you don’t have a credit card, apply for one. Choose either a secured credit card or a subprime credit card, depending on your financial situation. Use it to make a few small purchases each month, but only buy what you can afford to pay for in cash. At the end of the month, pay your bill on time and in full. To avoid missing due dates, consider setting up autopay or set payment reminders if you prefer. Establishing a positive payment history is the best thing you can do for your score. Even a single late payment can significantly hurt your credit rating.

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Another critical factor is your credit utilization rate. Aim to use less than 30% of your available credit; the lower, the better. This tells lenders that you are not overly reliant on borrowing. You can keep your utilization low by making multiple payments throughout the month.

Responsible credit use shows lenders that you can manage your finances effectively. Over time, these habits will gradually improve your credit score, enabling you to access better financial products and terms.

If you'd rather not use a credit card, you do have other options. One is to report monthly bill payments - rent, utilities, subscriptions - to all three credit bureaus. You will have to work with a company in order to do this. Or you can take out a personal loan. Be sure that you actually need the money and pay each monthly installment on time.

A better option can be a credit builder loan. This is a loan that is designed to improve your score. You do not receive the money initially. Instead, it is held in a secured account and you make manageable monthly payments. The lender reports your payments to the three credit bureaus helping you establish a positive payment history. When the loan is paid off in full, you get the money.

By practicing good credit habits and using credit-building tools your score will rise, little by little. With a higher score, you'll be able to access better financial products.

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Next steps for your 600 credit score

Having a 600 credit score places you in a less-than-desirable position when seeking loans or credit, though it doesn’t outright prevent it. Be prepared for potential offers to include higher interest rates and additional costs, measures that lenders take for their protection. The good news is your score isn’t set in stone.

To boost your score into the good category, start by paying your bills punctually. On-time payments are the most significant factor in your credit score. Set up autopay or payment reminders to ensure you never miss a due date. Reducing your overall indebtedness is another crucial step. Pay down existing balances, focusing on high-interest debt first. This not only lowers your debt but also reduces your credit utilization ratio, which should ideally be below 30%.

Keeping your credit utilization low demonstrates financial responsibility. Make small charges on your credit cards and pay them off promptly. Avoid closing old accounts, as the length of your credit history impacts your score. If you have multiple accounts, making multiple payments throughout the month can help keep your utilization low.

Improving your credit score takes time and consistent effort. By adopting these habits, you can gradually elevate your score, qualifying you for better financial opportunities and more favorable loan terms in the future.

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38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
* EarnIn is not available for Connecticut residents
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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