Year help: Would a 580 be considered a bad credit score? - Help.com



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Would a 580 be considered a bad credit score?

I am currently 19 and I have a 580 credit score. I have NO judgments or collections on my credit report. I have 2 credit cards currently reporting on my credit file. I have had one since I was 17 was late on a payment over 1 year ago. The other credit card is only about 2 months old, never late. I also have another credit card not reporting on my file (had this one about 1.8 years) late one time over a year ago. I also have student loans.

My identity was all most stolen; over 30 inquiries in the past year (which I think; maybe why my score is low). Should I add a consumer statement to my credit file explaining the inquiries?

I make a little over 2100/month. I have no bills I have to pay (only cell phone) other than that I just buy what I want. If i were to go to a bank and they were to take a look at my score and report could I get a auto loan for 15k?

This open post was written 1 year, 1 month ago | V/U/S: 131, 3, 4 | Edit Post | Leave a reply | Subscribe to Replies | Report Post


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gimli offline Verified User (3 years, 2 months) Long Term User Shouts: 1 Add Friend #
Marietta, GA, US | 1 year, 1 month ago (16 minutes after post)

The credit inquiries will hurt your score. The other factor to consider is how much of your available credit you have used. (For example, if you have $7500 available credit, and you have a total of $7300 on your credit cards, then you have used up almost all of your available credit, and that will also lower your score.

I wouldn’t give up on the 15K loan at all. Try to get the loan from a credit union, as they are more likely to listen to whatever explanations you have to offer. :)

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John Smith offline Verified User (2 months) Shouts: 0 Add Friend #
An Unknown Location | 2 months ago (11 months, 1 week after post)

580 is the cusp between low credit score and a bad credit score and I am sure that you would be classed as bad credit as they can charge more.

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