What is a 580 credit score?

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    Jordan Moore
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    Team StellarFi
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    Within the FICO® credit score range of 300-850, there are multiple tiers ranging from poor to excellent. a 580 FICO Score falls under the fair range which is between 580-669. This score is neither good nor bad, which means with effort you can get it over 670, which is the lower limit of the “good” FICO score range. A 580 is considered a poor credit score in the VantageScore® range.

    A few ways to improve your credit score are: paying your bills on or before time, keeping your credit utilization rate low (maximum 30%), opening new credit accounts only when necessary, and having a diverse range of credit accounts (like credit cards, auto loans, mortgage, and student loans).

    Lenders may approve credit cards and loans for fair FICO scores as well, but they’ll likely have higher interest rates and may not include the benefits and rewards on credit cards that someone with a good credit score could get.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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