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606 Credit Score: Is It Good or Bad?

606 Fair
Updated April 5, 2024
Written by Rachel Alulis

Having a credit score of 606 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 606 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 606 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 606?

A 606 credit score is considered fair, placing it in a category where 18% of Americans find themselves. Lenders use your credit score to gauge the risk associated with lending you money, essentially assessing how likely you are to repay borrowed funds. A fair score indicates a higher risk compared to those with good or excellent credit, but it is still better than having poor or bad credit. 

A fair credit score often suggests a history of credit mishaps. These can include late payments, high debt levels, or accounts in collections. It can also indicate a lack of credit history altogether. Consequently, obtaining loans or credit cards with favorable terms can be challenging. To qualify for credit with a fair score, you will need strong qualifications in other areas, such as steady income, stable employment, and a manageable level of existing debt.

When you do qualify for credit, the terms are often less favorable. You may encounter higher interest rates and additional fees, making borrowing more expensive. Lenders view you as a higher-risk borrower and compensate for that risk by charging more. It may not be fair, but financial institutions are for-profit, and they have to make their money, too. The best thing you can do is move out of the fair range.

Improving your credit score is essential for accessing better financial products. This can be achieved by making timely payments, reducing debt levels, and avoiding new credit inquiries. It will take time, but credit scores are malleable. Over time, these actions can help you move into a higher credit score category, making it easier and more affordable to borrow money in the future.

 

Can I get a credit card with a 606 credit score?

Obtaining a credit card with a 606 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 secured credit card could be a smarter choice for those with fair credit. Secured cards have lower fees and interest rates than their unsecured subprime counterparts. The catch is they require a refundable security deposit upfront. The deposit not only determines your spending limit but also minimizes risk for the credit card provider by acting as collateral should you miss a bill. These cards are designed to help individuals rebuild or establish credit, as they report to the major credit bureaus, allowing responsible usage to positively impact your credit score over time.

For those aiming to better their credit situation, secured cards represent an excellent starting point. They provide an opportunity to bolster your score and foster responsible credit use, paving the way to qualify for a standard credit card with favorable terms and benefits. Over time, with consistent on-time payments and responsible credit use, you can graduate to an unsecured card with better perks.

Alternatively, you could become an authorized user on someone else’s account. This approach grants you access to credit and the chance to benefit from a friend or family member’s positive payment history and low credit usage, all while bypassing the need for your own credit application. As an authorized user, their good credit behavior can reflect positively on your credit report, helping to boost your score. However, it’s crucial to ensure that the primary account holder maintains good credit habits, as their negative actions can also impact your score.

One strategy to increase your chances of approval and improve your credit score over time is to prequalify for a credit card. Prequalification involves a soft credit inquiry, which doesn't affect your score and helps you understand which cards you might qualify for. This step can prevent unnecessary hard inquiries that could further lower your score if you’re denied. After you prequalify, compare card offers and choose the best one for you.

Can I get a personal loan with a 606 credit score?

Obtaining a personal loan with a credit score of 606 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 606 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 606 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 606 credit score?

Boosting your credit score is one of the best things you can do to improve your financial situation. A higher credit score means borrowing becomes not only easier but also more affordable. A positive credit history translates to lower interest costs, access to more credit products, and an easier time renting an apartment or getting a job.

With your credit score at 606, the path to good credit might appear daunting, but achieving a good score is attainable. First, look at the key factors that determine your score:

  • Payment history: This is the most significant factor. Ensure you make all payments on time.
  • Credit utilization ratio: Aim to keep your credit usage below 30% of your available credit.
  • Age of credit accounts: Older accounts positively impact your score, so keep them open and active.
  • Variety in types of credit: Having a mix of credit types (e.g., credit cards, installment loans) shows you can manage different kinds of credit responsibly.
  • Inquiries for new credit: Limit the number of new credit applications, as frequent inquiries can lower your score.

Next, review your credit report to understand why your score is low. Identify any past credit mistakes, such as late payments or high balances, and take effective steps to address them. By focusing on these key areas and making consistent, responsible financial decisions, you can gradually improve your credit score, enhancing your financial opportunities and stability.

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

Improving your credit score hinges on responsible credit use. Lenders gauge your dependability as a borrower by how well you manage credit obligations. The most straightforward method to show you can be trusted with credit is to consistently borrow and repay as per the terms agreed upon. Credit cards make this easy to do.

If you haven't yet, apply for a credit card. Either a secured or unsecured card will help you as long as the issuer reports your payment history. Use it for small, manageable purchases each month—expenses you could easily cover with cash. Pay off the entire balance by the end of each billing cycle. Consider setting up autopay or payment reminders to avoid late or missed payments. Establishing and maintaining a history of on-time payments is vital since payment history is the biggest part of calculating your score. Even one late payment can drastically drag down your credit rating.

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The second most significant aspect is your credit utilization rate. Keep your credit usage under 30% of your available credit to demonstrate that you aren’t overly dependent on borrowing. If you can bring it lower, that’s even better. To help manage this, you might opt to make multiple payments throughout the month.

Credit builder tools can also be beneficial. Many financial institutions offer credit builder loans, which are designed to help individuals establish or improve their scores. With these loans, the borrowed amount is held in a secured account while you make monthly payments. Once you’ve paid off the loan, the funds are released to you, and your successful payments are reported to the credit bureaus, boosting your score.

Rent reporting services can also play a role in improving your credit rating. These services report your on-time rent payments to the credit bureaus, which can help build a positive payment history, especially if you do not have many other credit accounts.

Personal loans can be another tool. Make your payments on time each month and your score will go up. The concern here is it's rarely a good idea to take on debt you don't need.

Consistently paying your bills on time and keeping your utilization low proves that you are responsible with credit and will gradually boost your score. As your score increases, you’ll qualify for more advantageous financial products, helping you achieve better financial stability and growth.

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Next steps for your 606 credit score

Having a 606 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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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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