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How bad is a 520 Credit Score?

Increase your score to improve your credit rating

by Maria Laura
16 June, 2022 - Updated on 20 September, 2022
in Credit Card
How bad is a 520 Credit Score?

Credit scores in the 300 to 579 range are considered poor; having a credit score of 520 is below average. Most lenders will not do business with people with this credit score.

Having such a low score indicates that you have had problems with your payments and financial obligations. Therefore, you are considered a high-risk person to hold responsible for a loan or any tax benefits.

Contents

Toggle
  • How to fix a 520 credit score?
    • Start by paying off your credit card debt
    • Make payments automatically
    • Constantly review your credit report
  • Why do I have such a low credit score?
    • You have late or missed payments
    • Constantly applying for loans and credit

How to fix a 520 credit score?

A credit score of 520 is well below the average of 711. However, you still have a chance to improve it. The first step is to obtain the Fico Score; it is the right way to know the details of your credit history and see the events that have lowered your score.

Start by paying off your credit card debt

Not making payments on time is the first drawback of a good credit score; try not to overextend yourself with your credit card and use only the balance you know you can pay in the related term.

Using almost 100% of your available credit will significantly lower your credit score, so making payments above the monthly minimum is better to have a positive balance and make payments easier.

The best solution if you have late payments is to save and make a single payment for the total debt; this will significantly boost your credit score.

Check ➤  How to swipe a credit card correctly

Make payments automatically

For loans and credit cards, you can link them to your checking account so that automatic payments are made for a minimum amount. The process will help you catch up on charges before the due date and avoid damaging your credit score.

The recommendation is to pay a little more than the minimum to finish the debts in less time.

Constantly review your credit report

There are times when the bad score is due to an error in the credit report; it may be that the credit bureaus made the wrong calculation of the score or you have a debt already paid that has not been updated.

It is important that from time to time, you request your report and make a thorough evaluation; this will help you see where you are failing, and if there are errors, you can request a change of information in time.

Why do I have such a low credit score?

For many people, it is a surprise to request their credit report and notice that they have a score of 520, which is notoriously bad, and they understand why they are not approved for credit or benefits in their name. Some of the common situations that generate this inconvenience are:

You have late or missed payments

It is essential to be up-to-date with your bills and be punctual with the payment of credits, loans and credit cards. When you fall behind in costs, the institutions usually notify the credit bureaus.

Constantly applying for loans and credit

One of the most common ways to damage your credit report is to apply for new loans or credit cards constantly. When you make these requests, it triggers what is known as extensive inquiries; this is recorded on your credit report and credit score.

Check ➤  Alternatives for acquiring a CareCredit with a low credit score

You must keep your credit utilization ratio below 30% to maintain a good credit score. To determine your utilization ratio, add the balances on all your credit cards and divide by the sum of your limits.

This rate corresponds to up to 30% of your FICO score; that is, it is notoriously considered improving or not your credit score. To avoid going over the limits, try not to max out your credit cards and make payments on your debts on the corresponding dates.

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      • Sample thank you email after interview
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      • Kohl’s Job Application
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      • Maurices Credit Card Payment
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      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
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    • Credit online shopping
    • Transfer funds with Routing and Account Number
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    • Beat contempt of court for child support
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