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603 Credit Score: Is It Good or Bad?

603 Fair
Updated April 5, 2024
Written by Rachel Alulis

If your credit score hovers at 603, you're under the national average of 715, placing you in the subprime credit range. Nevertheless, this score doesn’t entirely prevent you from securing loans or qualifying for certain credit cards. The issue is the loans and cards you will be approved for come with higher interest rates, additional fees, and less favorable terms than those offered to consumers with good to excellent credit.

A 603 credit score is considered fair. Any score from 580-669 falls into the fair category. A fair score indicates either past financial mistakes or a limited credit history but is notably better than having poor or bad credit.

We'll examine the nuances of a 603 credit score and discuss measures you can take to elevate your score, thereby granting you access to superior financial products in the future.

 

What kind of credit score is 603?

A score of 603 is categorized as fair credit, a status shared by 18% of the U.S. population. Lenders use your score to measure your borrowing risk—how likely you are to repay borrowed money. Those with fair credit are considered to be at a higher risk of defaulting than those with good or excellent credit but are less risky than individuals with poor scores.

A fair credit score conveys to creditors that you've previously had challenges managing credit effectively, but these challenges or mistakes are further in the past. This could include a history of late payments, excessive debt, or collections accounts. It could also mean that you lack a credit history. A short or limited credit history is also a problem as it does not give lenders much data to assess you by.

As a result, securing loans or credit cards with favorable terms can be a daunting task. Those with fair credit scores often face obstacles in obtaining credit under the most beneficial terms. To qualify for credit, you will need a decent income, stable employment, and low debt levels. Loans and credit cards may be approved but typically come with higher interest rates, additional fees, and less favorable repayment terms reflecting the lender's increased risk. This makes borrowing more expensive over time and can limit your ability to access large amounts of credit.

Therefore, it's crucial for individuals with fair credit to work on improving their credit scores. Once you raise your rating, you'll be able to unlock better financial opportunities and more favorable borrowing conditions in the future. Improving your score is relatively simple. Regularly monitoring your credit report, making timely payments, and reducing outstanding debt are key steps toward achieving this goal. Follow these basic rules and your score will improve.

 

Can I get a credit card with a 603 credit score?

Obtaining a credit card with a 603 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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A wiser choice might be to go for a secured credit card. Secured cards have lower fees and APRs than their unsecured subprime counterparts, making them a more cost-effective option. They operate the same as regular credit cards but require a refundable security deposit. The deposit not only sets your spending limit but also lessens the issuer's risk by serving as collateral. If you fail to pay a bill, the issuer can take the money from your deposit. When you close your account with all the bills paid, you get the entire deposit back.

Secured credit cards are ideal for those looking to build or rebuild credit. They are easily accessible due to the security deposit lessening the risk to the issuer. As you build a history of responsible credit use, you may become eligible for a traditional, unsecured credit card with more favorable terms and perks, such as lower interest rates and rewards programs. Using a secured card can be a strategic step towards improving your credit score and gaining access to better financial opportunities in the future.

Another option to consider is becoming an authorized user on someone else’s credit card. This arrangement allows you to benefit from their timely payments and solid credit history without needing to apply for a card yourself. As an authorized user, the primary account holder’s good credit habits can positively impact your credit score. However, it's essential to ensure that the primary account holder consistently maintains a good payment record, as any negative activity on their part could also affect your credit rating.

Prequalifying for a credit card is a step worth considering for those with fair credit. Prequalification involves a soft credit inquiry, which does not affect your credit score, to determine your likelihood of being approved for a particular credit card. Many issuers offer online prequalification tools that provide an initial assessment of your eligibility. By prequalifying, you can get an idea of which cards you might be approved for, allowing you to apply strategically and avoid multiple hard inquiries that can further lower your score. Prequalification can thus streamline the application process and increase your chances of obtaining a card that fits your financial situation.

Can I get a personal loan with a 603 credit score?

You can get a personal loan with a credit score of 603, but be aware of the potential drawbacks. Loans for fair credit scores often come with higher interest rates, numerous fees, and inflexible repayment options. Nevertheless, you do have options and should consider all of them to ensure you choose the best loan for your situation.

Secured Loans: Secured loans are an option to consider for those with fair credit. These loans require collateral, such as a car, house, or savings account, which reduces the lender's risk and often results in lower interest rates compared to unsecured loans. However, if you default on a secured loan, the lender can seize the collateral. It's essential to weigh the risk and ensure you can meet the repayment terms before committing to a secured loan.

Joint Loans: Joint loans are another possible option. By applying with a co-signer or co-borrower who has very good or excellent credit, you may qualify for better loan terms. The co-applicant shares the responsibility for the loan, which lessens the risk for the lender. This means they are more likely to approve you with better terms. The concern here is if you default, both your and your co-applicant's credit scores will be negatively affected.

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Credit Union: Credit unions are often more flexible than traditional banks and might offer better terms to members with fair credit. These not-for-profit institutions typically have lower interest rates and fees. For instance, Payday Alternative Loans (PALs), offered by federal credit unions, have a cap of 28%. Membership in a credit union usually requires meeting certain criteria, such as living in a specific area or working in a particular industry, but the benefits can be substantial for those who qualify.

Online Lenders: Online lenders have revolutionized access to personal loans, especially for those with less-than-perfect credit. These lenders use advanced algorithms to assess risk, often providing quicker approvals and more personalized loan terms. While they can offer competitive rates, it’s crucial to research and choose reputable lenders to avoid predatory practices.

Loan Marketplaces: Online marketplaces often offer loans to those with fair or poor scores. These marketplaces connect borrowers with lenders who look beyond your credit score, placing greater emphasis on your income, employment status, and overall debt situation. You will receive offers and then compare them to find the most advantageous deal. Apply directly with the lender who offers the best loan with the lowest costs.

Cash Advance Apps: Cash advance apps provide a short-term solution for those in need of quick cash. These apps allow you to borrow a small amount of money against your next paycheck. There is no credit check, no interest, and few fees. Cash advance apps either charge a flat rate per advance, a subscription fee, or ask for a tip. Many have an optional fast funding fee in case you need your money instantly and can't wait one to three business days. The money is usually automatically withdrawn from your bank account on your next payday. Many apps do let you reschedule at least one payment for free. These apps are a good alternative to payday loans but should not be relied on.

Keep in mind that short-term loans are typically more costly and harder to repay than installment loans, which are spread out over two to seven years. Whether you choose a short-term loan, an installment loan, or a secured loan, having a payment plan is crucial. Making timely payments will improve your credit score, while missed payments or loan defaults will not only damage your score but can also lead to a cycle of debt.

While a credit score of 603 can present challenges, various options are available to secure a personal loan. Secured loans, joint loans, online lenders, credit unions, and cash advance apps each offer different advantages and potential drawbacks. Carefully comparing these options and the specific lenders you find can help you identify the best solution for your financial needs. As always, try to prequalify so that you can compare offers before committing to any one loan.

Take your 603 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 603 credit score?

Improving your credit score is always a good idea. A higher score means easier, more cost-effective borrowing, smoother apartment hunting, and increased eligibility for certain employment opportunities. Having a 603 credit score means there's substantial work ahead, but it's important to approach this task one step at a time.

The five factors that determine your credit score are:

  • Payment history: This is the most significant factor, making up about 35% of your score. Consistently making on-time payments is crucial.
  • Credit utilization: This measures the amount of credit you're using compared to your total available credit. Keeping your utilization below 30% is recommended.
  • Age of credit: The length of your credit history accounts for 15% of your score. Older accounts contribute positively to your score, so keeping long-standing accounts open is beneficial.
  • Credit account mix: Having a variety of credit types, such as credit cards, mortgages, and auto loans, makes up 10% of your score. A diverse credit portfolio is viewed positively.
  • Recent credit inquiries: Frequent applications for new credit can negatively impact your score, accounting for 10%. Limiting new credit applications is advisable.

While these five factors are essential to know, it’s important to identify the specific issues dragging your score down. For example, if late payments are a problem, set up reminders or automatic payments. If high credit utilization is an issue, work on paying down balances and increasing your credit limits. Tailoring your strategy to address your unique credit challenges can lead to more effective improvements in your score.

Monitor your credit

Begin the credit repair process by reviewing your credit reports from Equifax, Experian, and TransUnion. You’ll want to look at all three credit reports as the bureaus may have slightly different information. Secure a free copy of your report from each bureau annually via annualcreditreport.com. Then, check for any discrepancies. Disputing false or outdated items with the credit bureau is a quick and easy way to boost your score.

Next, look through your report to deduce the causes of your low score. Identify instances of late or missed payments, accounts that have been sent to collections, a high credit utilization ratio, or a recent flurry of credit card or loan applications. Such activities can significantly hurt your score.

As you review your report, be vigilant for signs of identity theft. Unauthorized accounts or unfamiliar activities 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 secure your personal information.

By systematically addressing each negative item on your report, you can steadily improve your credit score. Consistency and patience are key; while improvements might not happen overnight, diligent effort will eventually lead to a better credit profile.

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

Building credit requires using credit. Lenders need to see that you can repay what you borrow as agreed. The easiest way to demonstrate this is to use a credit card modestly and then repay what you owe on time.

If you don’t already have a credit card, apply for one. It does not matter if you choose a secured or unsecured credit card as long as the issuer reports your usage and payment history to all three credit bureaus. Use it for one or two minor purchases throughout the month. Do not buy anything on credit that you can’t pay for with cash. Then, settle the bill in full and on time every month. Activate autopay or set up payment reminders so you never miss a due date. A consistent history of timely payments is the best thing you can do for your score.

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The second biggest factor is credit utilization. Only use 30% of your available limit—less is even better. This demonstrates that you don’t need credit. Make multiple payments throughout the month to help keep your utilization low. Establishing responsible credit habits demonstrates to lenders that they can trust you with their money and will gradually improve your score. As your score improves, you’ll be eligible for more favorable financial products.

If a credit card isn't an option, there are other ways to build credit. You can take out a credit builder loan for one. With a credit builder loan, you don't get the money right away, instead, it is held in a secured account. You make monthly payments on the loan and the issuer reports your payments to the credit bureaus, helping you establish a positive payment history. Once the loan is paid off you receive the money.

Another option is to take out a modest personal loan and repay that on time. The caution here is it's not a good idea to take on debt you don't need.

You can also use a service to report monthly payments you're already making. Certain companies report rent, utilities, subscriptions, and other monthly bills. This lets you get credit for bills you're already paying on time. Your score will benefit, and you don't have to borrow money.

No matter which route or routes you choose, building credit takes time and patience. By using these methods and ensuring you pay all your bills on time, you can steadily improve your score.

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Next steps for your 603 credit score

Having a 603 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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34. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
35. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
36. Tipping or not tipping has no impact on your eligibility for SpotMe®.
37. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
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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This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.