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So, you’ve got a 600 credit score, huh? No need to worry; you’re certainly not alone. Many folks find themselves in the 600-credit score club, and it’s not a bad place to be. You’re comfortably away from the “bad” credit zone and just a hop, skip and jump away from “good” credit territory.
But what does this mean in terms of what you can get approved for? Well, let’s dive in and figure that out.
The Magic of 600: Understanding Your Credit Score
First things first, let’s get a grip on what a 600 credit score truly means. In the world of credit ratings, a score of 600 is considered “fair.” It’s like the middle child of credit scores—not quite the star student but far from being the class clown.
The credit score scale ranges from 300 to 850. The higher your score, the better your chances of gaining approval for credit products with favorable terms. Simply speaking, a 600 credit score won’t open every door, but it will keep quite a few from slamming shut in your face.
A 600 Credit Score and the Credit Card Conundrum
Let’s start with credit cards since they are often the first thing that comes to mind when we think about credit. A 600 credit score won’t get you a shiny platinum card with a sky-high limit, but you aren’t entirely out of luck. Here are a few cards that you might just get approved for:
Upgrade Cash Rewards Visa®
If you’re in the 580-740 credit score range, the Upgrade Cash Rewards Visa® could be a good fit. This card offers a unique reward incentive that ties cash-back rewards with your payment history. You earn 1.5% cash back on purchases when you make a payment on your card. A word of caution, however, the APR can range from 14.99% to 29.99% based on your creditworthiness.
Capital One QuicksilverOne Cash Rewards
The Capital One QuicksilverOne is another card that might be within your reach. This card offers unlimited 1.5% cash back on all purchases and even a tempting 5% back on hotels and rental cars booked through Capital One Travel. Keep in mind, though, there’s a $39 annual fee and a steep 29.99% variable APR.
Mission Lane Cash Back Visa Credit Card
The Mission Lane Cash Back Visa® Credit Card is another card to consider. This card offers at least 1% unlimited cash back on your purchases and up to 1.5% cash back depending on your individual program terms. The APR is high, ranging from 26.99% to 29.99% variable, so it’s best not to carry a balance.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is yet another card that could be a good fit. This card doesn’t require a security deposit and doesn’t offer a rewards structure, but it could help you focus on building your credit.
Citi Secured Mastercard
The Citi® Secured Mastercard® is a secured card that could be a good fit if your score is on the lower side of the fair credit score range. While you won’t get rewards with this card, it does require a security deposit, which could be refunded after 18 months of good behavior.
Spotlight on Loans: What Can a 600 Credit Score Secure?
Now, let’s shift gears and talk about loans. With a 600 credit score, you might not qualify for the lowest interest rates, but you’re certainly not out of the running for approval. Here are a few loan options you might be able to get your hands on:
Achieve (formerly FreedomPlus)
The Achieve loan is ideal for consolidating high-interest debt. It offers interest rate discounts to borrowers who use their loans for debt consolidation. You can borrow from $5,000 up to $50,000 with repayment terms from two to five years.
Avant
For those with lower credit scores, Avant offers personal loans to borrowers with a credit score as low as 580. You can borrow $2,000 to $35,000 with repayment terms from two to five years, and get your loan funded as soon as the next day.
Best Egg
Best Egg’s loans can be used for a variety of purposes, including credit card refinancing or adoption. You can borrow from $2,000 up to $50,000 with repayment terms from two to five years with Best Egg.
Discover
If you’re looking for more than the average two- to five-year repayment period, Discover may have the loan for you. They offer repayment periods from three to seven years, which can help you get monthly payments that fit your budget.
Happy Money
Happy Money helps you pay off your high-interest credit card debt, which can help you boost your credit score. They consolidate your credit card bills into a single monthly payment. You can borrow between $5,000 and $40,000 with Happy Money.
LendingClub
LendingClub works with you to pay off your creditors directly. Plus, your entire credit profile is evaluated to determine your eligibility for a loan — not just your credit score. You can borrow as little as $1,000 up to $40,000 with a three- or five-year repayment term.
LendingPoint
LendingPoint offers speedy personal loans to borrowers with a fair credit score, offering funding as soon as the next day. You can borrow $2,000 to $36,500 with LendingPoint and you’ll have two to six years to repay the loan.
LightStream
LightStream personal loans can be funded as fast as the same day of approval, with the option to borrow from $5,000 to as high as $100,000. Most LightStream loans come with repayment terms from two to seven years, but home improvement loans carry terms as long as 12 years.
OneMain Financial
OneMain Financial provides loans between $1,500 and $20,000 to borrowers with all kinds of credit scores, making it a worthy option for borrowers with a 600 credit score. The company evaluates your total profile when approving loans, not just your credit score.
PenFed
PenFed is a great option for borrowers looking for small loan amounts. You can borrow as little as $600 up to $50,000, and use the funds for expenses like home improvements or medical bills.
Prosper
Prosper is a peer-to-peer lending platform, which matches borrowers to investors. You can borrow up to $50,000 with Prosper and take two to five years to repay your loan.
SoFi
SoFi offers loan amounts up to $100,000, making it a good choice for homeowners looking to renovate without tapping their home equity. They also allow co-borrowers on their loans, which can help you submit a stronger loan application and possibly get more favorable terms than you’d get on your own.
Upgrade
If you have fair credit but need funds fast, Upgrade could be the right choice. They fund loans within a day, and determine your eligibility for a loan based on multiple aspects of your credit profile, rather than just your credit score.
Upstart
In addition to your credit score, Upstart also looks at your education and job history when approving loans, so you might qualify even with little to no credit history. You can borrow between $1,000 and $50,000 with Upstart, with repayment terms from three to five years.
Store Credit Cards and a 600 Credit Score
Let’s not forget about store credit cards. They can be a good option if you frequently shop at a specific store and want to take advantage of rewards or discounts. Here are a few store cards that might be within your reach:
Target REDcard
The Target REDcard offers 5% off every purchase made at Target and also comes with free shipping on most items. There is no annual fee for this card, and it has a relatively low-interest rate. To qualify, you need to have a minimum credit score of 650.
Walmart Credit Card
The Walmart Credit Card offers 3% cash back on purchases made at Walmart, and 1% cash back on all other purchases. There is no annual fee for this card, and it has a relatively low-interest rate. To qualify, you need to have a minimum credit score of 640.
Amazon Store Card
The Amazon Store Card offers 5% cash back on all purchases made at Amazon.com, and 2% cash back at gas stations, restaurants, and drugstores. There is no annual fee for this card, but the interest rate is higher than that of the Target RED card or Walmart Credit Card. To qualify, you need to have a minimum credit score of 700.
Can a 600 Credit Score Get You a Car?
What about a car? Can a 600 credit score get you behind the wheel? Absolutely! A credit score of 600 is considered to be fair credit and enough for the bare minimum. While you may not qualify for the lowest interest rates, you should be able to secure an auto loan. Just be prepared to shop around and negotiate to get the best deal possible.
Building Your Credit Score from 600 to 700
So, you’ve got a 600 credit score, and you’re wondering how you can give it a boost. Here’s a simple five-step plan:
- Check your credit report for errors and dispute any you find.
- Pay all your bills on time, every time.
- Keep your credit card balances low compared to your credit limits.
- Use a variety of different types of credit, such as credit cards, installment loans, and a mortgage.
- Apply for new credit sparingly. Too many applications can hurt your score.
By following these steps, you should be able to increase your credit score from 600 to 700 in a few months’ time.
Conclusion
Having a 600 credit score isn’t the end of the world. In fact, it can be the beginning of a beautiful journey toward better credit. There are plenty of credit cards, loans, and other financial products that you can get approved for with a 600 credit score. So, chin up, and remember: every financial journey begins with a single step. And with your 600 credit score, you’ve already taken that first step.
