How bad is a credit score of 592?

Answer 1

You are roughly in the bottom 80% of the population. You may not even be paying bills that bad bit are consistently late or at high limits for your cards.

You want to get above, at least 650 and would like to see 700's. This is not that hard to do if you manage your money just a tad better.

1. Get your credit cards paid down as much as possible. Your credit score is based on available credit, not how much you owe. So, you want credit cards, just do not have high balances in them. Ten cards with $5K each is better then one card at the limit. You want a ratio of money to possible credit as large as possible.

2. Pay your bills within 30 days of date due. You can pay almost all your bills three weeks late and have perfect credit. Rather then letting any bill go a full month, pay a few slightly late. It preserves your credit. The thirty day mark really hurts!

3. Get anything in collections paid off!

4. Only owe cars you do not need loans for. Cars are the worst investment you can get. Driving a car with ANY loan is even worse! The most wealthy people I know drive junk. The poorest people I know drive cars that they have loans on. It shows a lack of ability to plan for your future.