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Credit score of 604?! Good or bad?

Hi.. I just got my credit score and it' s 604.. Is that bad or good? Also, I looked at it and my credit is perfect except my american express closed my account because I didn't pay for 45 days.. So thats the only thing bringing it down.. So is it good or bad? Thanks!

Answer Question

Asked by Anonymous at 3:14 PM on May. 1, 2009 in Money & Work

Answers (8)
  • thats an ok one...good not great could be tons better. Fix the bank deal asap or it will get lost in collections! GL

    Answer by Bugsmommy1908 at 3:15 PM on May. 1, 2009

  • Its not horrible but it isnt all that great. It would just depend on who was looking at your score some lenders would be iffy on that number.

    Answer by okmommy08 at 3:24 PM on May. 1, 2009

  • the number isn't the only deciding factor. If the rest of the report is ok, you should be alright. Pay off that american express, because that's a negative and needs to be taken care of. If all other accounts are current, and if you're aren't using more than 50% of available credit, and you've had fewer than 3 other negatives in the past 4 years, it would look pretty good to anyone checking, regardless of the number

    Answer by motherofanaries at 3:37 PM on May. 1, 2009

  • There are a lot of factors in your score including your debt to income ratio, bad accounts and nonpayment (you need to rectify the ae account asap so it can be removed from collections. No point in ruining your credit over $45.) Other factors are how long have you had lines of credit? How many lines of credit do you have open and whats the total amount extended to you etc. Its very hard to get approved for credit in our economy right now but if you work at getting it up you should be fine. You should work at getting it up to over 700 :) GL!

    Answer by usbornebooksdh at 4:28 PM on May. 1, 2009

  • Credit scores range from 450 to 850 so a 604 isn't the best and in the lending market today if you don't have a 620 or better you are probably not going to get any credit extended to you. I know for mortgages 620 is the lowest we can go.

    Answer by Kari126 at 4:44 PM on May. 1, 2009

  • When we went to get pre-approved for a mortgage loan over 2 years ago we were told our credit score had to be over 640 or we wouldn't even be considered. We had no clue what our score was and were very pleased when it came back at 775. I know the higher it is, the better it is for you to obtain a favorable loan at a lower interest rate.

    Answer by PrydferthMenyw at 4:52 PM on May. 1, 2009

  • Is 698 and 704 good? We are getting ready to buy a house and that is our scores. We owe 6k on a credit account but it makes up about 30 percent of our available credit. Our income is 118k a year and we have 50k to put down. We are going to the bank next week are were wondering if we were OK. We have no interest or finance charge in the 6k until next March and we will pay it off then when my husband gets his bonus. Curious what was good credit.

    Answer by Anonymous at 5:42 PM on May. 1, 2009

  • Not good. At this point you shouls aim for a score of 650 to be extended credit.

    Answer by prettylob1 at 9:07 PM on May. 1, 2009

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