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Understanding Your 658 Credit Score and What It Means
A credit score of 658 is often considered a fair score. While it’s not in the poor range, it is below average and can impact your ability to secure loans or get favorable interest rates. This article will explore what a 658 credit score means, its implications, and steps you can take to improve it.
What a 658 Credit Score Means
A credit score of 658 falls into the 'fair' category. This range typically includes scores from 580 to 669. With a score in this range, you may face higher interest rates or more stringent loan conditions.
Factors Influencing Your Credit Score
Several factors influence your credit score, including:
- Payment History: Timely payments boost your score.
- Credit Utilization: High balances can lower your score.
- Length of Credit History: Longer histories are favorable.
- New Credit Inquiries: Frequent inquiries can negatively impact your score.
Potential Implications of a 658 Credit Score
Having a credit score of 658 may mean:
- Higher interest rates on loans.
- Difficulty securing certain types of credit.
- Potential for needing a co-signer.
Steps to Improve Your 658 Credit Score
Improving your credit score is achievable with dedication and time. Here are a few strategies:
Pay Bills on Time
Consistently paying your bills on time is crucial. Late payments can significantly impact your credit score negatively.
Reduce Credit Card Balances
Keep your credit card balances low relative to your credit limits. Aim for a credit utilization ratio of 30% or lower.
Regularly Check Your Credit Report
It's essential to regularly review your credit report for errors or inaccuracies. Knowing where to check credit report is the first step towards ensuring accuracy and completeness.
Limit New Credit Inquiries
Try to limit the number of new credit inquiries, as each one can lower your score.
Useful Resources and Tools
Taking advantage of free resources can help you manage your credit effectively. You can explore what is free credit score and how it can help you monitor your credit progress over time.
Frequently Asked Questions
What is the average credit score?
The average credit score in the United States is typically around 700. This can vary slightly depending on the credit scoring model used.
Can I get a mortgage with a 658 credit score?
Yes, you can get a mortgage with a 658 credit score, but you may face higher interest rates compared to those with higher scores. It's advisable to improve your score before applying.
How long does it take to improve a credit score from 658?
Improving a credit score can take several months to a few years, depending on the actions you take and the factors affecting your score. Consistent positive behavior is key.
What's more, your score of 658 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score ...
A 658 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for credit ...
Comments Section ... You have extremely limited credit history. The fact that it's even that high at all is a good thing. ... I would suggest ...
