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604 Credit Score: Is It Good or Bad?

604 Fair
Updated April 5, 2024
Written by Rachel Alulis

With a 604 credit score, you're below the national average credit score of 715, falling into what's typically known as the subprime category. Yet, this doesn't mean you're ineligible for all borrowing opportunities. Indeed, a variety of lenders provide loans and credit card options for borrowers with a 604 credit score. The catch is these credit products will have higher interest rates, extra fees, and less favorable terms than those offered to consumers with good to excellent credit ratings.

A 604 credit score falls in the fair range, ranging from 580 to 669. A fair credit score suggests credit missteps in the past or possibly limited credit history. It is still a significant step above poor or bad credit.

Let’s explore the significance of a 604 credit score and outline ways to enhance your credit. The more you boost your score, the better the financial products you can access down the line.

 

What kind of credit score is 604?

A score of 604 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 604 credit score?

Yes, you can get a credit card with a 604 credit score, but your options will be limited to cards designed for applicants with low scores.

These cards are considered subprime credit cards. They give you a chance to access credit no matter your score. The catch is they are typically pretty basic. It's hard to find perks and rewards with these cards, but not out of the question. If you look hard enough, you can find some subprime cards with rewards. Most of them, though, have numerous fees and high APRs. Be aware of how much the card costs and make sure you can afford it before you apply. The good news is, that these cards can help you build credit. Once you move your score into the good range, you can qualify for cards with more perks and fewer fees.

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Another option to consider is a secured credit card, which might be a more advantageous route. Secured credit cards generally entail lower fees and APRs compared to their unsecured counterparts. These cards require a refundable deposit that determines your credit limit and serves as collateral, thereby reducing the risk for the issuer. For example, if you provide a $500 deposit, your credit limit will typically be $500. This deposit minimizes makes it easier for you to get approved even with a fair credit score.

Secured credit cards can be particularly beneficial if you're looking to build or improve your credit. They offer a pathway to enhancing your credit rating and establishing sound credit practices, eventually enabling you to qualify for a conventional credit card with more attractive terms and rewards. By consistently using your secured card responsibly—making timely payments and keeping your balance low—you can gradually improve your credit score. Over time, this positive credit behavior will be reflected in your credit report, potentially leading to offers for unsecured credit cards with better benefits.

A third option to consider is to become an authorized user on another person’s card. This arrangement allows you to benefit from their timely payments and solid credit history, all without the need to go through the application process yourself. Being an authorized user means that the primary account holder’s good credit habits can positively influence your credit score. However, it’s crucial to ensure that the primary account holder maintains a good payment record, as any negative activity on their part could also affect your credit rating.

If you're determined to get an unsecured credit card, look for ones that offer prequalification. Prequalifying for a credit card doesn't guarantee approval, but it allows you to see if you meet the basic criteria without impacting your credit score. Issuers will only do a soft pull and look at your basic financial information. You can then compare offers and choose the card with the fewest fees and lowest APR, ensuring you get the best deal possible.

Can I get a personal loan with a 604 credit score?

Getting a personal loan with a credit score of 604 can happen, but be prepared for some compromises. The loans you'll find will likely feature elevated interest rates, additional costs, and stricter terms for repayment. This is the cost of borrowing with less than good credit. Luckily you do have options available to you.

Secured Loans: Secured loans are another option to consider. These loans require an asset to be put up as collateral. This asset could be a vehicle, property, or savings account. Putting up collateral reduces the lender's risk so they may offer better interest rates and terms compared to unsecured loans, even with a lower credit score. The risk with secured loans is that if you fail to repay the money as agreed, you could end up losing your collateral.

Joint Loans: Joint loans can also be a viable solution. Applying with a co-borrower or co-signer who has a higher credit score can help you qualify for better rates and terms. The lender evaluates both applicants' credit histories and financial situations, so having a financially strong co-applicant can significantly boost your chances of approval. Keep in mind that both parties are equally responsible for the loan. Any missed payments will affect both credit scores.

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Online Lenders: A number of online lenders and loan marketplaces are geared towards servicing individuals with fair to poor credit scores. These providers are interested in more than just your credit rating. They take a holistic view of your financial health and also consider your income levels, employment status, and debt-to-income ratio. This approach can increase your chances of approval if you have other strong financial indicators. Be careful, though, since many lenders who don't put much weight on your score may add in extra fees or higher interest rates to compensate for the risk they are taking. What you should do to make sure that you find a good option is to shop around. Try to prequalify with at least three different lenders. Then, compare offers, looking at the amounts, interest rates, fees, and repayment terms. This way, you can find the best offer with the most favorable terms possible.

Credit Unions: Credit unions often provide more personalized service and may offer more favorable loan terms to their members, even those with fair credit scores. They are known for lower fees and interest rates compared to traditional banks. Certain federal credit unions offer Payday Alternative Loans (PALs). These are short-term loans with interest rates capped at 28%, making them an affordable alternative to payday loans. To be able to take out a loan from a credit union, you usually have to be a member. It can be worth joining as credit unions often consider individual circumstances and are more flexible in their lending criteria.

Cash Advance Apps: Cash advance apps offer another alternative, allowing you to borrow small amounts - $50 to $500 - against your next paycheck. These apps don't check your credit score, nor do they charge interest. They do ask you to link your bank account and set up direct deposit. This lets them monitor what you make and can afford to repay. Advances are typically debited from your bank account within two weeks or from your next paycheck. Many apps let you reschedule payments at least once. The fees they charge are minimal but can add up. Some ask for a subscription fee, others a flat rate per advance, or an optional tip. Almost all charge a fast funding fee if you need the cash instantly. Cash advance apps can be helpful for emergencies when you need a little extra. Just don't become reliant on them or tip too much.

Keep in mind that short-term loans are typically more expensive and more challenging to repay than installment loans, which are spread out over two to seven years. Regardless of whether you opt for a short-term loan, an installment loan, or a secured loan, it is essential to have a payment plan in place. 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 obtaining a personal loan with a credit score of 604 may require compromises, exploring various options like secured loans, joint loans, online lenders, credit unions, and cash advance apps can help you find a suitable solution for your financial needs. Shopping around and understanding the terms of each option is key to securing the best possible loan terms. Try to prequalify with multiple lenders to compare offers and secure the best one for you. By carefully considering your choices, you can obtain the necessary funds while working towards improving your credit score for future financial opportunities.

Take your 604 credit score with a grain of salt

There is no universal definition of fair credit nor a single metric accurately predicting a consumer’s financial reliability. Consequently, lenders have varying score requirements, and it’s not always clear what they consider acceptable or how much weight they give to credit scores. Some lenders look beyond a borrower’s credit score and emphasize factors like employment stability and housing situation. This means that even with fair credit, a solid employment history, and stable housing can enhance your chances of securing credit.

Understanding that your credit score is a three-digit number derived from information on your credit reports is crucial. This score is not static; it can be improved with deliberate effort. Actions such as paying bills on time, reducing outstanding debt, and avoiding new credit inquiries can positively impact your score over time. Additionally, regularly reviewing your credit reports for errors and disputing any inaccuracies can also help boost your score.

Improving your credit score from fair to good or even excellent can open doors to better financial products, lower interest rates, and more favorable loan terms. While fair credit might limit your options currently, proactive steps can lead to significant improvements and greater financial opportunities in the future. Remember, your credit score is a dynamic reflection of your financial behavior and can be enhanced with consistent, positive financial habits.

 

How can I grow my 604 credit score?

Enhancing your credit score is one of the most beneficial actions you can undertake. A higher score simplifies and reduces the cost of borrowing. Moreover, a strong credit profile boosts your chances of being approved for an apartment or even a job. When you’re starting with a credit score of 604, the path to good credit can seem long, but it’s achievable through gradual, consistent steps.

The primary factors influencing your score include:

  • Payment History: Timely payments are crucial. Late or missed payments significantly lower your score.
  • Credit Utilization: This is the ratio of your credit card balances to your credit limits. Keeping it below 30% is ideal.
  • Length of Credit History: The longer your credit history, the better. This includes the age of your oldest account and the average age of all your accounts.
  • Diversity of Credit Accounts: Having a mix of credit types, such as credit cards, installment loans, and mortgages, can positively impact your score.
  • Recent Credit Activities: Applying for new credit accounts frequently can negatively affect your score. It's best to limit hard inquiries on your credit report.

While these factors tell you what affects your score in general, it’s important to understand why your individual score is low. Look at your credit report and identify past mistakes dragging your score down. With this knowledge, you can strategically address these issues and elevate your score. Over time, these efforts will reflect positively on your credit report, gradually increasing your score and opening up better financial opportunities.

Monitor your credit

Initiate the process by examining your credit report from all three national credit bureaus: Equifax, Experian, and TransUnion. Each bureau may have slightly different information, so it’s essential to look at all three credit reports. You are entitled to a free report from each bureau annually via annualcreditreport.com. Carefully review these reports, looking for errors and disputing inaccuracies or outdated data with the respective bureau. Correcting these errors can quickly boost your score.

Next, pinpoint the reasons behind your low score. Check for frequent late or missed payments, any collections accounts, excessive use of your credit limit, or a surge in recent credit applications. All these behaviors negatively impact your credit score. Identifying these factors helps you understand what needs to be addressed.

As you review your report, stay alert for signs of identity theft. Unauthorized accounts or unfamiliar activities on your credit report could indicate that someone has stolen your identity and is damaging your credit. If you suspect identity theft, report it immediately to the credit bureaus and take steps to secure your personal information.

By reviewing your report, you can figure out the root causes of your low score and begin to take steps to address the issues and raise your rating.

Do damage control

Now that you understand the mistakes dragging down your score, it’s time to correct them. Negative information can stay on your credit report for up to seven years, but its impact lessens over time. Since your score is not poor, you likely don’t have too many recent negative marks to address. 

Start by contacting your creditors or collection agencies. See if you can negotiate with them to improve your credit report. For instance, they may agree to delete a negative item if you pay a delinquent account in full or stop reporting late payments if you bring your account current. Both these actions will get accurate negative marks off your report and help boost your score.

Creditors might be willing to assist because they prefer to recover their money rather than continue pursuing a delinquent account. Take the time to call and discuss your situation with them. It's a worthwhile effort. Be honest and polite. The worst they can say is no. If they say yes, then you'll have taken proactive steps to improve your score.

Get credit and use it

Responsible credit management is the best thing you can do to improve your score. Creditors assess your reliability based on your borrowing and repayment behavior. The only way to show that you are a reliable borrower is to borrow a little and then pay back as agreed. Credit cards are the easiest way to demonstrate responsible credit usage.

Consider obtaining a credit card if you don’t have one. Get an unsecured card or a secured credit card that reports payments to all three credit bureaus. Use it for modest purchases each month. Only charge what you can afford to pay off in full when the bill arrives. This way, you’ll always be able to pay your bill on time and in full, avoiding both late fees and interest charges. To further safeguard against missed payments, enable autopay or set up payment reminders. Building a positive payment history is the best thing you can do for your score.

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Your credit utilization ratio is the second most important factor. Aim to use less than 30% of your total available credit—lower is better. This tells lenders that you’re not reliant on credit. If necessary, make several payments within a month to maintain a low utilization ratio.

Beyond credit cards, there are other effective ways to build credit. Personal loans can be beneficial if managed properly. Taking out a small loan and making regular, on-time payments can enhance your credit profile. Be careful, though, taking on debt you do not need.

Credit-builder loans are another option, often offered by credit unions and community banks. These loans are designed specifically to help build credit. The amount you borrow is held in a savings account while you make manageable monthly payments. Once you’ve paid off the loan, you receive the money, along with a boost to your credit score due to the positive payment history.

Bill reporting services can also help build your credit. These services allow you to include your utility, rent, phone, and other bill payments in your credit report. By showing consistent, on-time payments for these bills, you can positively impact your credit score.

By adhering to these credit management practices and exploring these alternative credit-building options, you'll demonstrate your financial discipline to lenders. This will gradually enhance your credit score and open doors to superior financial options in the future.

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Next steps for your 604 credit score

A 604 credit score is not ideal and can make obtaining a loan or credit challenging, but it is not impossible. The offers you do receive will likely come with higher interest rates and additional fees as lenders seek to mitigate their risk. This can make borrowing more expensive and less favorable for you.

The good news is that a fair credit score is not a permanent condition. With dedication and effort, you can raise your score and improve your financial standing. Start by paying your bills on time, as timely payments are a significant factor in your credit score. Even one missed payment can have a substantial negative impact.

Additionally, focus on reducing your overall debt. High levels of debt can drag down your score, so work on paying down balances, especially on high-interest accounts. This not only helps improve your credit utilization ratio but also saves you money on interest payments.

Keeping your credit utilization low is another crucial step. Aim to use less than 30% of your available credit limit, as this demonstrates to lenders that you are managing your credit responsibly. If necessary, make multiple payments throughout the month to maintain a low utilization rate.

By following these steps and maintaining good financial habits, you can gradually boost your credit score from fair to good. This will open up opportunities for better loan terms, lower interest rates, and more favorable credit offers, ultimately improving your overall financial health.

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33. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
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.