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is a 582 a bad credit score?*

thats what free credit report.com says my FICO is on the "Monthly Plus Score Tracker"....should i even go by that? its 2 months behind.....anybody know anything useful about credit? it would be much appreciated.

Answers:

1) 582 is pretty low...you should definitely try to bring it up above 600 at the absolute minimum. Go to www.creditnet.com and they will explain FICO scores, what they mean, and how to improve yours.

2) 582 is a poor credit score. you start getting a little betteronce you get around 650

3) Yes, it's bad. Not the worst in the universe, but 620 and under is considered poor. Did you just get one score? You should get the other two also because they could be very different. Mine have varied by 100 points at times, using the same criteria. Each bureau has it's own scorecard and weights factors differently. Today most lenders get a combined score, consisting of the three bureaus scores being re-evaluated by the company's own scorecard.

4) It is a little below the national average. When granting credit, one does not only look at the score. They look to see how current your payments are, how much credit you have, the balance on that credit, and if there are any collections or liens. The best thing for you to do is to stay current with all payments, pay off what outstanding credit you have, and you will see the score go up. Its ok to have plenty of credit, you just want to keep your balances as low as you can

5) It is a good site. It's not the greatest score but you can fix it. Pay your bills on time from now on, pay off some credit cards. Buy something with a in store credit card and pay it off when you get the first statement. Cancel the card. It will help bring the number. Only you know why you have this number but if you want to buy a car or a house and have a low payment it's better to get it up around 850-900. Only buy things you can afford to pay off. Use cash as much as possible. Hope this helps.

6) Here's the deal. I'm going to tell you the truth, because I do this for a living. 582 isn't a good score. That doens't mean it can't get better, but you're going to have a hard time getting approved for things, and if you do, expect to pay insane interest. Also, to add insult to injury, the credit score you see on freecreditreport.com is NOT your FICO score. These scores are nicknamed FAKO because the score is taken from the credit bureaus interpretation of the Fair Issac's scoring system, and these can vary up to +/- 10 points either way. In order to get your true FICO score that's closer to what lenders want to see, you have to go the myFICO website for that. Now, if you're wanting to monitor your credit, freecreditreport.com isn't bad, but there are some others out there like Truecredit.com that gives you access to all 3 reports for $14.95/month, which is a better value for unlimited access to all 3 reports.

7) It's about a D-

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