Short answer: with a 600 credit score you are in the "fair" FICO range of 580 to 669 (myFICO), and in the "subprime" tier of 580 to 619 that the CFPB uses in its research (CFPB). You can still be offered credit, but the price gap between fair and good credit is large, so it pays to know what moves a score up before you borrow.
Where 600 sits on two scales
| Scale | Band that includes 600 | Band range | Next band up |
|---|---|---|---|
| FICO ratings | Fair | 580 to 669 | Good, 670 to 739 |
| CFPB research tiers | Subprime | 580 to 619 | Near-prime, 620 to 659 |
Sources: myFICO, CFPB. Lenders use their own cutoffs, and they also look at income and debt-to-income (CFPB).
Scores in this tier move both ways
The CFPB followed consumers with subprime scores (580 to 619) for one year, using data from June 2010 to December 2019 (CFPB):
| One year later | Share of subprime consumers |
|---|---|
| Still subprime | 37% |
| Fell to deep subprime (below 580) | 26% |
| Moved up to near-prime (620 to 659) | 28% |
| Moved up to prime (660 to 719) | 8% |
| Moved up to super-prime (720 and up) | 1% |
In total 37% moved up at least one tier and 26% fell to deep subprime. Scores at this level are not fixed; what you do in the next year matters.
What moves a FICO score
| Factor | Weight in FICO Scores |
|---|---|
| Payment history | 35% |
| Amounts owed | 30% |
| Length of credit history | 15% |
| New credit | 10% |
| Credit mix | 10% |
Source: myFICO. The two biggest levers are paying every bill on time and keeping card balances low. The CFPB says experts advise keeping your use of credit at no more than 30 percent of your total credit limit, and that you do not need to carry a balance to get a good score (CFPB).
Worked example: two cards with $5,000 of limits in total and $3,000 of balances is 60% use. Getting to 30% means a total balance of $1,500 or less, so paying down $1,500 (or not adding to the balances) is the target.
What a better rate is worth: $3,000 over 24 months
Example APRs to show the math, not rates any lender has offered. Monthly payment = P x r / (1 - (1 + r)-n), r = APR / 12; see the payment formula guide.
| APR | Monthly payment | Total interest | Saved vs 36% |
|---|---|---|---|
| 36% | $177.14 | $1,251.41 | |
| 28% | $164.67 | $951.97 | $299.44 |
| 20% | $152.69 | $664.50 | $586.92 |
If you do not need the money right away, a few months of on-time payments and lower balances before you apply can be worth more than any single offer. If you do apply, compare offers by APR and total cost (CFPB); our guide on whether applying hurts your credit explains inquiries.
Before you apply
- Get your free reports and dispute errors first (FTC, FTC).
- Ask a federal credit union about its loans, including small payday alternative loans capped at 28% APR (NCUA).
- Never pay a fee to "guarantee" a loan; that is a scam sign. See advance fee loan scams.
- Score below 580? See our guides for a 550 score and a 500 score.
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Disclosure: Modern Lending Solutions is not a lender, loan broker or agent for any lender or loan broker, and does not make credit decisions. Any compensation we receive is paid by participating lenders, only for advertising services. This guide is general information, not financial or legal advice.
Sources
- myFICO: What is a Credit Score? (FICO Score ranges)
- CFPB: Office of Research blog: Credit score transitions during the COVID-19 pandemic (January 25, 2023)
- myFICO: What's in my FICO Scores?
- CFPB: How do I get and keep a good credit score?
- CFPB: What is a debt-to-income ratio?
- CFPB: What is the difference between a loan interest rate and the APR?
- FTC: You now have permanent access to free weekly credit reports (October 2023)
- FTC: Disputing Errors on Your Credit Reports
- MyCreditUnion.gov (NCUA): Payday Alternative Loans