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658 Credit Score: Is It Good Or Bad (+ Can I Fix It)?

  • A 658 credit score indicates financial obstacles, leading to difficulties in securing loans.
  • Timely payments and monitoring credit reports can help address these setbacks.
  • Contact The Credit Pros for personalized guidance to potentially improve your credit score and secure a better financial future.

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A 658 credit score falls in the fair range, which means you might face challenges when applying for loans or credit. Late payments, high credit utilization, and a lack of credit diversity often hold your score back. Fixing these issues is crucial for improvement and for avoiding higher interest rates.

To boost your score, make timely bill payments, keep your credit utilization under 30%, and regularly check your credit report for errors. Consider becoming an authorized user on a strong account to gain a potential boost. With consistent effort, you could see an increase of 100-150 points in just a few months.

For personalized help, contact The Credit Pros. Call us today, and we’ll review your credit report without any pressure. We’ll work with you to create a plan tailored to your needs and guide you in improving your credit score effectively.

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    Why Is My Credit Score Only 658?

    Your credit score of 658 is considered "fair," landing below the average U.S. score of around 714. This score indicates you are a higher risk to lenders, often categorized as a subprime borrower. Several factors contribute to your score being at this level:

    • Payment History: Late payments can significantly decrease your score. Always make your payments on time to improve it.

    • Credit Utilization: A high percentage of your available credit used can negatively impact your score. Aim to keep your credit utilization below 30%.

    • Credit Mix: Having a diverse range of credit types, such as credit cards and loans, can enhance your score. Consider maintaining both revolving and installment credit.

    • Length of Credit History: A shorter credit history can be a disadvantage. Keep older accounts open to help boost your score.

    • New Credit: Opening many new accounts in a short time can lower your score due to hard inquiries. Be cautious about applying for too much credit at once.

    Improving your credit score from 658 is achievable. We advise checking out our section on the 5 best ways to boost a 658 credit score for actionable tips. Additionally, understanding the major factors that keep your fair credit score low can help you identify specific areas to focus on.

    In short, focus on timely payments, manage your credit utilization, diversify your credit mix, maintain older accounts, and avoid opening multiple new accounts at once to help elevate your score.

    5 Best Ways To Boost A 658 Credit Score?

    To boost your 658 credit score, you can implement these five effective strategies:

    • Pay Your Bills on Time: Your payment history is crucial. Always pay your bills on or before the due date. Set up autopay for at least the minimum due to maintain consistency.

    • Reduce Your Credit Card Balances: Keep your credit utilization below 30%. Aim for even lower levels if possible. Pay down outstanding balances before the billing cycle closes to show a lower amount owed.

    • Check Your Credit Report: Regularly review your credit reports for errors. If you find inaccuracies, dispute them immediately to prevent negative impacts on your score.

    • Limit New Credit Applications: Every credit inquiry can temporarily lower your score. Avoid applying for multiple credit accounts at once and only seek new credit when absolutely necessary.

    • Consider Becoming an Authorized User: If a family member or friend has a strong credit history, ask to be added as an authorized user on their credit card. This can improve your score by reflecting their positive payment habits.

    To finish, focus on timely payments, reduce your credit card balances, check for report errors, limit new applications, and utilize authorized user status. Consistency in these actions will enhance your credit profile over time.

    Major Factors That Keep My Fair Credit Score Low?

    Several major factors keep your fair credit score low. Here’s a breakdown:

    • Repayment History: Your payment history is crucial, accounting for about 35% of your score. Missing payments or paying late significantly harms your score. Always pay your bills on time.

    • Credit Utilization Ratio: This measures how much credit you use compared to your available credit. Ideally, keep it below 30%. High usage signals that you might rely too much on credit, which can hurt your score.

    • Credit Age: The length of your credit history matters, making up around 15% of your score. Closing older accounts shortens your credit age and negatively impacts your score. Keep older accounts open to maintain a longer history.

    • Hard Inquiries: When you apply for new credit, lenders perform hard inquiries on your credit report. Multiple inquiries can lower your credit score. Limit the number of new credit applications.

    • Credit Mix: A healthy mix of credit types (e.g., credit cards, loans) improves your score. If you only have one type of credit, it may signal to lenders that you lack diverse credit experience.

    Addressing these factors can help improve your credit score. For specific steps on boosting your score, check out our section on the 5 best ways to boost a 658 credit score, which provides practical actions you can take.

    In essence, ensure you pay bills on time, maintain a low credit utilization ratio, keep older accounts open, limit new applications, and diversify your credit types to enhance your credit score.

    How Long To Improve My 658 Credit Score 100-150 Points?

    To improve your 658 credit score by 100-150 points, you typically need several months of targeted effort. Many people notice significant changes within 3 to 6 months when they actively apply the right strategies.

    First, check your credit report for errors. You can dispute inaccuracies, which may quickly boost your score. A timely dispute generally takes a few days to a month to resolve.

    Next, focus on lowering your credit utilization ratio. Aim to keep it below 30% of your total credit limit. Paying down credit card balances can show improvements in as little as one month, or even faster if you eliminate debt completely.

    Another important step is to pay all bills on time. Late payments can hurt your score, so set reminders to help you stay on track.

    Also, consider keeping older credit accounts open. The length of your credit history affects your score, so maintaining older accounts will enhance this part of your credit profile.

    To wrap up, focus on disputing errors, reducing credit utilization, making on-time payments, and maintaining older accounts. By adopting these strategies consistently, you can improve your credit score in a meaningful and timely manner.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

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    Can I Realistically Get A Mortgage With A 658 Credit Score?

    Yes, you can realistically get a mortgage with a 658 credit score. While a score of 658 is considered "fair" and categorizes you as a subprime borrower, it doesn’t automatically exclude you from obtaining a mortgage. Lenders will evaluate your overall financial health, including your income, employment history, and debt-to-income ratio.

    You have several loan options available with a 658 credit score. For conventional loans, lenders usually require a minimum score of 620, so you meet that threshold. If you prefer FHA loans, you can qualify with a score of 580 for a 3.5% down payment option, though you might face higher interest rates compared to those with excellent credit scores.

    To enhance your chances, you should strengthen your qualifications. Consider improving your credit score by paying off debts or reducing credit utilization. These steps can lead to better loan terms. Remember, individual lenders have different requirements; if one lender denies your mortgage application, don’t hesitate to try another.

    You should also explore government-backed loans like VA or USDA, which might have more flexible criteria. Presenting your complete financial picture to lenders improves your chances of securing that mortgage.

    On the whole, focus on enhancing your credit profile, researching loan options, and applying with various lenders to maximize your chances of getting approved for a mortgage.

    Can I Get A Personal Loan With A 658 Credit Score?

    Yes, you can get a personal loan with a 658 credit score. Your score falls in the fair range, and many lenders cater to borrowers like you. However, consider these important points:

    • Interest Rates: Expect higher interest rates than those with good or excellent credit. Lenders see you as a moderate risk and might charge more to offset potential losses.

    • Loan Terms: You might face less favorable loan terms, including lower amounts and shorter repayment periods.

    • Lender Variability: Different lenders have different requirements. Some focus on fair credit borrowers, offering more flexible options.

    • Improving Your Chances: Boost your approval odds by demonstrating strong income and a low debt-to-income ratio. Check your credit report for errors that could impact your score.

    • Pre-existing Relationships: If you have a banking relationship, lenders may view your application more favorably.

    Bottom line, while obtaining a personal loan with a 658 credit score is possible, be ready for higher interest rates and less favorable terms. Present your financial situation clearly to improve your chances.

    Can I Buy Or Lease A Car With A 658 Credit Score?

    Yes, you can buy or lease a car with a 658 credit score, but you may face some challenges. A 658 score falls into the fair category, which means you might not receive the best interest rates or terms. Generally, lenders prefer a score of at least 680 for prime rates.

    When leasing, expect higher monthly payments due to your score. Dealerships may ask for a larger down payment or offer less favorable loan terms. Remember, leasing companies also evaluate your income, employment history, and debt obligations during the application process.

    To improve your chances of approval and secure better rates, consider these steps:
    • Check your credit report for errors and dispute inaccuracies.
    • Lower your debt-to-income ratio by paying down existing debts.
    • Save for a larger down payment to reduce monthly payments.

    In a nutshell, you can lease a car with a 658 credit score if you present a strong overall financial picture. By checking your credit report, managing your debts, and saving for a larger down payment, you can improve your chances and minimize costs.

    Credit Card (Secured Or Unsecured) Options With A 658 Credit Score?

    With a 658 credit score, you have various options for credit cards, including secured and unsecured types. Secured credit cards require a deposit as your credit limit, making them easier to obtain. They serve as a great starting point to build or improve your credit. For instance, consider the Discover it® Secured Credit Card, which offers cash back rewards and has no annual fee. This is beneficial for both travel and everyday purchases.

    You can also qualify for unsecured credit cards with a 658 score, though your options may be more limited. Look into basic cards or those designed for rebuilding credit, like the Capital One Platinum Credit Card or the Credit One Bank® Platinum Visa®. These cards may have higher fees or fewer rewards, but they still aid in establishing your credit history.

    To enhance your chances of approval, focus on cards with lower fees and higher approval rates. Research different issuers to find the best fit for your needs. Regularly monitor your credit utilization and make payments on time to improve your score, which will open up more favorable credit options in the future.

    All in all, you should explore secured credit cards for easier approval and consider unsecured options aimed at rebuilding credit. Stay proactive by monitoring your credit and making timely payments to boost your score.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Become An Authorized User With A Fair Credit Score?

    Becoming an authorized user with a fair credit score, like a 658, can be a smart move. When you get added to someone else's credit card, you can benefit from their good credit history. If the primary account holder makes on-time payments and keeps low credit utilization, your credit score may improve. Studies show that individuals with fair credit scores have seen boosts of nearly 11% after becoming authorized users.

    Before you proceed, check if the card issuer reports authorized user activity to credit bureaus like Experian, TransUnion, or Equifax. Not all issuers do this. If your activity isn’t reported, it won’t help your score.

    Your current credit history also plays a role in how much this helps you. If you have little or no credit history, becoming an authorized user can give your credit profile a jump-start. However, if your history has negative marks, the impact might not be as strong.

    Choose the primary account holder carefully. Make sure they manage their credit responsibly to protect your score. If you're unsure, review your credit report or talk to financial advisors before making this decision.

    The gist of it: If you decide to become an authorized user, ensure the primary account holder has a solid credit history and that their activity reports to the bureaus. This could be a helpful step toward improving your credit score and expanding your financial opportunities.

    Which Negative Marks On My Credit Report Affect My 658 Score?

    Negative marks on your credit report that affect your 658 credit score include late payments, collections, charge-offs, repossessions, and bankruptcies. These marks can stay on your report for up to seven years, while Chapter 7 bankruptcy can linger for up to ten years.

    - Late Payments: Late payments typically remain on your report for about 7.5 years, impacting your score more if they are recent.
    - Collections: Accounts that go to collections will show on your report for about seven years, making it harder for you to obtain new credit.
    - Charge-Offs: When a lender writes off your debt, this mark stays for seven years and can severely damage your credit score.
    - Repossession: If a lender repossesses your property due to missed payments, this will appear on your report for seven years.
    - Bankruptcies: Bankruptcies, especially Chapter 7, can remain for up to ten years.

    Over time, the impact of these negative marks diminishes, particularly if you maintain responsible credit habits. Regular on-time payments will help you rebuild your credit score. Additionally, you should dispute any inaccuracies on your credit report to improve your score.

    Remember, you can take charge by making on-time payments, managing your accounts, and challenging inaccuracies on your report. These steps empower you to rebuild your credit score and improve your financial future.

    Should I Negotiate And Pay Off Debts To Improve My Fair Credit Score?

    Yes, you should negotiate and pay off debts to improve your fair credit score. When you settle a debt, you negotiate with your lender to pay less than you owe. While this reduces your overall debt, it usually hurts your credit score. Accounts settled for less are labeled "paid settled" on your credit report. This is less favorable than having an account marked "paid in full."

    If you can pay your debts completely, that’s a better option for your credit score. Lenders view fully paid accounts more favorably, which positively impacts your payment history. Payment history is the most significant factor in determining your credit score.

    You can negotiate directly with your creditors or seek help from nonprofit credit counseling agencies. Avoid for-profit debt settlement companies; they often charge hefty fees and might worsen your credit by advising you to stop payments.

    Assess your situation carefully. If settling helps you prevent missed payments in the future, it may be a viable choice. Remember that debt settlements stay on your credit report for up to seven years, which can impact future borrowing. At the end of the day, focus on paying off debts in full whenever possible to effectively boost your credit score.

    Best Site To Monitor My Credit Report?

    To monitor your credit report effectively, use WalletHub as the best site. It updates your full credit report daily. This keeps you informed about your credit health. Credit Karma is another solid choice, offering access to two free credit reports with daily updates.

    For free services, visit AnnualCreditReport.com. It's the only federally mandated site where you can access your credit report once a year from Equifax, Experian, and TransUnion without hidden fees. This is a reliable starting point if you want a one-time check.

    If you're concerned about identity theft, consider services like Experian. They provide alerts and monitoring for suspicious activity, along with a free credit score. MyFICO is also beneficial, offering comprehensive options for checking your scores from all three bureaus.

    Choose the service that suits your needs best. Look for regular updates, comprehensive reports, and added features like identity theft protection if that interests you.

    Lastly, focus on getting daily updates, comprehensive reports, and identity theft protection to maintain your credit health.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Consider A Credit Builder Loan W/ Fair Credit?

    Yes, you should consider a credit builder loan if you have fair credit. These loans improve your credit score by showing that you can make consistent, on-time payments. They are often available to individuals with fair credit since they usually don’t require a good credit score for approval.

    When you take out a credit builder loan, you make fixed monthly payments, and the lender reports these to the credit bureaus. This positive payment history can boost your credit score over time, as payment history accounts for 35% of your overall score.

    Lenders may have more lenient requirements, often considering your income and employment history rather than just your credit score. This means you can qualify even if your credit isn't perfect. However, ensure you can comfortably make the repayments, as missed payments can harm your credit score.

    Be mindful of any fees associated with the loan, as these can add to your costs. Confirm that the lender reports to all three major credit bureaus to maximize the impact on your score.

    Finally, consider a credit builder loan as a worthwhile tool to improve your credit standing, provided you manage it well and stay consistent with your payments.

    Is A 658 Credit Score Different Between Fico And Vantage

    A 658 credit score differs between FICO and VantageScore systems. In FICO, your score is labeled "fair," while VantageScore categorizes it as "good." This variation stems from how each model evaluates factors such as payment history, credit utilization, and account age.

    Both scoring models can also produce different results due to the data sourced from the three major credit bureaus: Experian, TransUnion, and Equifax. Some lenders may favor one scoring model over the other, which can affect your borrowing options. As a result, a 658 credit score may impact your creditworthiness differently, depending on whether the lender uses FICO or VantageScore.

    If you're interested in improving your score, we provide tips on boosting a 658 credit score and the common issues that might keep it low in other sections of this article.

    Big picture – understanding the difference between FICO and VantageScore can help you navigate your credit landscape and enhance your borrowing power.

    Does A 658 Credit Score Affect My Chances Of Renting An Apartment?

    A 658 credit score can indeed affect your chances of renting an apartment. This score falls in the "fair" credit range, and many landlords prefer applicants with scores of 670 or higher. A lower score indicates you may pose a higher risk as a tenant, prompting landlords to scrutinize your application more closely.

    However, a low credit score doesn't automatically disqualify you. Landlords often consider additional factors such as your income, rental history, and overall financial reliability. If you show a record of on-time payments or provide references from previous landlords, you can strengthen your application.

    Be aware that in a competitive rental market, landlords might impose stricter credit requirements. Conversely, in less competitive areas, they may be more flexible with applicants. Having a lease guarantor can also boost your chances.

    To enhance your application, consider these steps:
    • Improve your credit utilization.
    • Demonstrate responsible credit behavior.
    • Address any inaccuracies on your credit report.

    Overall, focus on showcasing your strengths and take proactive steps to boost your credit score. You can improve your chances of finding the right apartment.

    Can A Credit Repair Company Actually Boost My 'Fair' Score

    Yes, a credit repair company can boost your fair credit score, but there are limitations. These companies help by disputing inaccuracies on your credit report that might lower your score. If you have incorrect information-like a wrongly reported late payment or an account that doesn’t belong to you-a reputable credit repair service can assist you in resolving those issues.

    However, keep in mind that they cannot remove accurate negative information. If your report shows legitimate missed payments or other issues, no company can change that. Their services come at a cost, and while they may save you time, you can also dispute inaccuracies on your own for free.

    When selecting a credit repair company, choose one that is legitimate. Avoid companies that promise guaranteed results or request upfront payments, as these may be scams. You can turn to companies like Debt.com for guidance or links to trustworthy services.

    Adopting clean credit habits, such as making timely payments and reducing debt, is essential. A credit repair company can help you identify issues, but ultimately, taking responsibility for your credit journey is the key to lasting improvements.

    As a final point, consider working with a reputable credit repair company to address inaccuracies only if you prefer assistance. Meanwhile, focus on maintaining positive credit habits to improve your score over time.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

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