A credit score of 597 is typically considered subprime or fair, according to Credit.org from Springboard. Within the subprime score range of 550 to 620, approximately 50 percent of borrower accounts become delinquent. Borrowers with a score of 597 may have trouble getting loans, and any credit they are approved for may come with fees and high interest rates.Continue Reading
A credit bureau may calculate a 597 score based on negative factors, such as accounts with multiple late payments or frequent inquiries from lenders reviewing the borrower's history, notes Experian. In contrast, a score of 700 or higher is considered "good" by most credit bureaus, indicating that the borrower makes sufficient and timely payments. Scores are also affected by the number of active credit accounts borrowers have in their history and how long each account has been open. All types of credit are not weighed equally. For example, mortgage and car loans may influence credit score more than credit cards issued by stores.
The Fair Isaac Corporation, or FICO, score is the industry standard for determining credit worthiness. According to myFICO, scores range from 300 to 850, and the three major credit bureaus, TransUnion, Equifax and Experian, all publish their own scores based on different calculations. An individual's score is generated by comparing his spending and borrowing habits to common patterns among consumers with similar financial profiles.Learn more about Credit & Lending
Because lenders assess your credit score to determine how much of a financial risk you are, it is vital to stay on top of your credit score and check your credit reports yearly. You simply need a computer with Internet access and a credit card to check your score. Websites such as Annual Credit Report allow you to review your credit report and purchase your credit score.Full Answer >
According to Experian, a good credit score is a score above 700. This suggests to a lender that there is a history of good credit management. Experian states that most credit scores are between 600 to 750.Full Answer >
Check your credit score for free at the website of a company that offers such services such as Credit Karma. This site allows users to create an account, input some necessary information and immediately get their credit score and credit report. The company claims that knowing such information is a consumer right and that it ensures that customer's private information is protected. The user can return as often as he wants to keep a tab on his credit score.Full Answer >
To improve your credit score, keep your balances low, pay on time, only apply for new credit when it's absolutely necessary, and ask creditors to correct mistakes on your report. These techniques can improve your score in as little as 30 to 60 days, according to Forbes.Full Answer >