Would a 580 be considered a bad credit score?

I am currently 19 and I have a 580 credit score. I have NO judgments or collections on my credit report. I have 2 credit cards currently reporting on my credit file. I have had one since I was 17 was late on a payment over 1 year ago. The additional credit card is only about 2 months ancient, never late. I also have another credit card not reporting on my file (had this one about 1.8 years) late one time over a year ago. I also have student loans.

My identity was all most stolen; over 30 inquiries in the past year (which I reckon; maybe why my score is low). Should I add a consumer statement to my credit file explaining the inquiries?

I make a small over 2100/month. I have no bills I have to pay (only cell phone) additional than that I just buy what I want. If i were to go to a bank and they were to take a look at my score and report may maybe I get a auto loan for 15k?

Answer by clmason87
Well credit score is a pun business, it doesn’t mean anything without credit history backing it up. Have you held a negative balance on them credit cards the whole time, or have you paid them off at one time? I wouldn’t suggest going to a bank to get an auto loan, ever at all, especially with economic crisis. I have had a similar conundrum, and my bank of 6 years wouldn’t give me a 16K loan, with excellent credit score, but small history. I went to the auto dealership and they got me the loan in about 10 mins, brilliant payments and interest rate. The reason why is they submit your credit score and history and make banks compete over it. GOOD LUCK!

Answer by little_cajuns
580 isn’t that fantastic of a score. Most companies question that your score be at least over 600. With the credit crunch everyone is feeling, that might have changed. A dealer may maybe find you an auto loan with that score, but the interest rate may maybe be high. I would contact the credit reporting agencies, let them know that you didn’t make persons inquiries. They can place a temporary hold on your credit. What is this? Former to companies receiving your credit report, they will need to verify that it is really you. You won’t be able to go online to try to get credit. You can have this removed by sending a letter to the credit bureaus. Or after a period of time, different with each company, it will automatically be removed.

Answer by SteveNY
In this day and age you’ll probably need a score of 700 to get a auto loan. Your lack of credit history, late payments, and student loan will be factors against you.

As an alternative, you can question your parents to co-sign the loan which may help you get approved and help build your credit history along the way. Just make sure to make the payments because their credit history will be unnatural as well.

Regarding all the inquiries into your credit, you need to lock it from life checked. Go to equifax.com, enroll and lock your credit. Excellent luck with your loan.

Answer by OC1999
Generally 580 would be considered a terrible score. Most lenders won’t even reckon about approval for scores under 600 but really want to see scores above 620 as a minimum.

As to the reason. Inquiries account for only 10% of your overall score so 30 may maybe be causing a reduction, but not a huge amount. Just as you can dispute additional items you can dispute the inquiries to have them removed. DO NOT add a consumer statement. Persons are not taken into consideration in your score and if they are manually reviewed can sometimes point out something that is really not an issue.

The additional business to be sure of is that your credit card balances are under 30% of your whole limits. If you are above this, the higher above this the more of a negative effect it has on your score.

Answer by Anjell
Not a fantastic score but you just clarified why it’s so low.

1. Way too many inquiries you don’t want more than 3-4/year
Dispute anything with the credit bureau that’s not yours

2. Don’t be late on credit card payments, it’s not worth it.

3. Don’t apply for anymore cards and keep your existing ones to a minimum balance.

Know better? Place your own answer in the comments!

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Question 1 (Multiple Choice Worth 5 points)

[04.05]Increasing taxes would be apt to

slow the inflation rate.

speed up the inflation rate.

make deflation.

make stagflation.

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Question 2 (Multiple Choice Worth 5 points)

[04.05]You are a member of Congress and your aide reports that unemployment continues to rise. You are due to report to the floor to vote on several bills. To address unemployment, you vote for the proposed bill that aims to

increase spending on grants for small businesses.

increase taxes on large corporations.

regulate unemployment offices.

regulate cell phone towers.

——————————————————————————–

Question 3 (Multiple Choice Worth 5 points)

[04.05]You are a member of Congress and your aide reports that the inflation rate continues to drop and is below the rate associated with a growing economy. Some economists have begun talking about the possibility of deflation. To address this concern, you vote for the bill that aims to

decrease spending on grants for small businesses.

increase taxes on sales of luxury goods.

increase taxes for large corporations.

reduce taxes for business owners.

——————————————————————————–

Question 4 (Multiple Choice Worth 5 points)

[04.05]Decreasing government spending usually

increases the inflation rate.

decreases the inflation rate.

increases the stagflation rate.

decreases the stagflation rate.

——————————————————————————–

Question 5 (Multiple Choice Worth 5 points)

[04.04]Sinking the money off rate is an example of

expansionary fiscal policy.

contractionary fiscal policy.

expansionary monetary policy.

contractionary monetary policy.

——————————————————————————–

Question 6 (Multiple Choice Worth 5 points)

[04.04]Unemployment is on the rise though inflation is reasonably low. Yucky Domestic Product is rising but more slowly than the goal rate. The Centralized Reserve may buy government securities in open market operations in order to

increase the money supply and encourage economic growth.

decrease the money supply and encourage public to save in hard times.

give consumers more money to open their own businesses.

force the banks to stop charitable out loans in an uncertain economy.

——————————————————————————–

Question 7 (Multiple Choice Worth 5 points)

[04.04]Lowering the money off rate can promote full employment because

employees are more likely to apply for multiple jobs.

employees are able to get better offers for hourly wages.

companies are more likely to expand and hire more workers.

companies are less likely to sign up employees for unemployment insurance.

——————————————————————————–

Question 8 (Multiple Choice Worth 5 points)

[04.01]The inflation rate is decreasing and unemployment is rising. The economy is likely in

recession.

extension.

a peak.

a trough.

Answer by LegFuJohnson
Really? We’re doing you econ homework for you?

Maybe you should pay more attention. The lessons you pick up in school carry forward. For example, you posted this in the card games section. Pay attention, you won’t come off looking so helpless.

Answer by maekr77
1. A
2. C
3. D
4. B
5. D
6. A
7. A
8. C

Answer by mozell warth
It’s AMAZINGYou may also want to check out

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Add your own answer in the comments!
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