I found out my credit score is 532, what does this mean and how can I fix it?

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13 Comments
  1. Reply
    Dr. Deth
    November 10, 2011 at 11:22 am

    it means you’ve probably paid a lot of bills late. To improve it, pay bills on time – will probably take awhile.

  2. Reply
    John S
    November 10, 2011 at 11:58 am

    the average credit scores are between 660-700. once you get below 620 you are considered a credit risk….especially when you get below 600. be sure and address collection accounts. call the collection companies and try and settle with them. they will usually work with you to settle for less than the full balance BUT be sure that they will consider the account PAID in FULL and then follow up in 2 months to make sure they report the collection as PAID to the credit agencies. otherwise your credit score will not improve.

    check your credit report for any trade lines that might not be yours. if you find any, dispute it with the credit reporting agency that is reporting it.

    from here on in it is important not to be late on any account and try not to apply for any new credit since inquiries into your credit history also lower your score.

  3. Reply
    reality
    November 10, 2011 at 12:54 pm

    You have to get your credit report and read Wat’s wrong there, But your score is very low, so better do something about this. When you get your credit report, you can ask another question, if don’t understand how to read your report. Good Luck!

  4. Reply
    Dana B
    November 10, 2011 at 1:06 pm

    Pay your bills on time, pay down your balances, and most importantly DO NOT apply for any more credit cards (including store cards like Macys & JC Penny’s)

  5. Reply
    Hallie E
    November 10, 2011 at 1:53 pm

    Yes, it means you probably haven’t paid things on time…but you can improve your score. Get up to date on bills, and stay that way. If you don’t have a credit card, you could consider getting one (even one of those aimed at people with poor credit), making very small purchases on it, and then paying those off every month so that you establish good credit. Don’t get a card if you can’t trust yourself though, because ending up in debt is not good.

  6. Reply
    Jason M
    November 10, 2011 at 2:22 pm

    get yourself a low interest credit card and just buy something small, make sure you make your payments on time, 3 months of on time payments raises your score by 40 points

  7. Reply
    Ellie
    November 10, 2011 at 3:02 pm

    The first person is correct you must have paid your bills late. Credit companies report you when you pay late or pay too little. One thing I found to be useful is to take out a credit card and spend lets say $ 20.00 a month. EVERY month for several months pay it off totally each month.

    Also, don’t spend more then what you have. I pay mine on time, OVER the minimum every month. Of course this took me about 5 years to get good at.

    So, whenever you get a bill, write a check and mail it in the same day, so you won’t forget. Or if you have a bank account you can set up automatic payments online.

    Credit score ranges from 500-850. So sadly your score really isn’t great and can affect your negatively if you don’t get it up. Say you buy a house and you get a mortgage, your interest will be significantly higher then someone will a score of 750.

    Good Luck! You can get ur credit score Sky High just takes time!

  8. Reply
    ck
    November 10, 2011 at 3:09 pm

    That’s pretty low. Work on getting it up. Pay all your bills. And a really important factor in credit score is the amount of debt you have to the amount of credit available. So basically, if you have all your cards maxed out, that’s bad. Work on paying them down and maybe opening up another one that will increase your credit, but don’t use it! Also, get a copy of your credit report (www.experian.com) and make sure all the info is accurate. Sometimes they can be wrong, causing your score to be incorrect.

  9. Reply
    Shashay
    November 10, 2011 at 3:47 pm

    Be careful on getting credit reports. I don’t know for a fact if this is true or not, but I heard every time you do a credit report it lowers your rating. Like I said I’m not 100% on this but if you are struggling every little bit counts. I know. Best of Luck!! Watch out for sharks.

  10. Reply
    beauty s
    November 10, 2011 at 3:56 pm

    This is very low, it would be hard for u to get anything.. Start paying your bills on time and it will take time for your score to go up..

    Mine was 499 last year and now its 615

  11. Reply
    privacymatters123
    November 10, 2011 at 4:07 pm

    You should pull your credit score and review your history. 532 is a low score, as the lowest you would like to be is 620, ideally you should aim to be above 650 which is considered a good score. To learn more about your credit report and where you can get all 3 of your reports from you should refer to this article: http://credit.privacymatters.com/credit-articles/credit-report-101.aspx. To learn more about your credit score you should refer to this article: http://credit.privacymatters.com/credit-articles/credit-score-101.aspx

  12. Reply
    Smoovy Loco
    November 10, 2011 at 4:47 pm

    Everyone’s posted some pretty good answers. I’m going to give you something that might help you too.

    To know what your credit score means, and how to fix it, you have to know what makes up your credit score:

    1. Payment history -35%
    2. Total debt owed vs. Credit available 30%
    3. Length of time establishing credit 15%
    4. Types of credit established 10%
    5. Inquiries and New accounts 10%

    Now that you know what makes your score, now you need to know how it got that way.

    On your report, the first thing that you need to check for is things that aren’t familiar to you. Most times incorrect information that’s not yours can be on your report. If this happens, you may want to file a dispute with all 3 credit bureaus to get the incorrect information removed from your report. This link => http://www.creditinfocenter.com/rebuild/debt_validation.shtml

    Explains more in detail on how to do that

    If you have any negative accounts that you do recoginize then
    you have some options. There’s 2 things on your side called the statute of limitations, the 7½ year statute for reporting debt called the Fair Credit Reporting Act(FCRA), and the statute of limitations for collecting debt from the date it first went deliquent, which can vary by state. Click this link => http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

    To find out the statute in your state.

    Once you’re able to find out where you stand, arrange the debts from least to greatest, then find out the statute of limitations for collecting these debts. For more details click this link => http://www.creditinfocenter.com/debt/settle_debts.shtml

    If you’re able to setlle these debts then you need to start establishing good credit to compensate for the bad credit

    Click this link in order to find this out ==>

    http://www.creditinfocenter.com/rebuild/

    http://www.creditinfocenter.com/rebuild/restore_credt.shtml

    http://www.creditinfocenter.com/rebuild/securedcreditcards.shtml

    I know that it’s a lot of links to follow, but luckily they all lead to the same website.

    I guarantee that this information will be useful to you

    Good Luck!

  13. Reply
    zioncanyon
    November 10, 2011 at 4:53 pm

    its poor…bwlow half of all americans…pay your bills on time and onlhy use 25% of your available credit

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