600 Credit Score: What Does It Mean?
A 600 credit score can have a major impact on your overall financial standing. It's important to understand what it means, and how you can work toward improving it.
A credit score is a numerical representation of an individual's creditworthiness, based on factors such as payment history and amounts owed. A 600 credit score falls into the fair range (580-669). This means that lenders may view you as a higher risk than those with higher scores in the good or excellent categories (670-739 and 740+ respectively). Consequently, loan approval with favorable terms may be more difficult to obtain with this score.
Having said that, there are still ways to get approved for loans at reasonable rates. Credit counselors and financial advisors can help you review your options, create a budget and develop strategies to improve your score over time.
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