Is 597 a good credit score?
Credit: Image Source Image Source Getty Images
Q:

Is 597 a good credit score?

A:

Quick Answer

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.

  Know More

Full Answer

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

Related Questions

  • Q:

    Is 585 a good credit score?

    A:

    A credit score of 585 is not considered to be a good credit score and indicates to lenders that the individual is in the high-risk category. With a FICO credit score of 585, it is difficult for a person to get new lines of credit or loan approvals.

    Full Answer >
    Filed Under:
  • Q:

    Is 650 a good credit score?

    A:

    A credit score of 650 is generally considered in the middle of what is a bad credit score and what is an excellent one. A 650 score can be considered good, but it does leave some room for improvement.

    Full Answer >
    Filed Under:
  • Q:

    Is 640 a good credit score?

    A:

    A 640 FICO score is considered acceptable and typically qualifies a borrower to receive prime rates, according to Credit.org. Compared to borrowers scored under 620, an individual in the 620 to 680 score range is usually approved for credit and has a projected delinquency rate of 15 to 30 percent.

    Full Answer >
    Filed Under:
  • Q:

    What is a good credit score range?

    A:

    Experian considers a credit score higher than 700 as indicative of good credit management. Typical credit scores range between 600 and 750, but the scale runs from 300 to 850.

    Full Answer >
    Filed Under:

Explore