Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 502 FICO® Score is significantly below the average credit score.
Can I get a loan with 502 credit score?
502 Credit Score Loan & Credit Card Options Credit cards and auto loans offer the best approval odds for someone with a 502 credit score. For example, people with credit scores below 580 take out roughly 12% of car loans versus only 6% of mortgages, according to 2017 Equifax data.
How does credit utilization affect your credit score?
Taking too much credit can be detrimental to your credit score. Even though you may make your payments on time, an excessive credit will cause damage on your score. Your credit utilization ratio too affects your credit score. The closer you come to your maximum limit on your card, the more likely you are to cause damage to your score.
What causes a credit score to go up or down?
After just a single inquiry, your credit score should steadily increase and recover in 12 months, provided you make no other credit mistakes. A lower credit limit has the same impact as charging an expensive item. If you have a balance on a credit card with a low credit limit, your credit utilization goes up, and your credit score goes down.
How often does a hard inquiry on your credit score lower your score?
New credit: Virtually every time you apply for credit, the lender runs a hard inquiry on your credit report. According to FICO, each new hard inquiry can lower your credit score by as much as five points.
How does applying for new credit affect your credit score?
Because inquiries make up 10 percent of your credit score, applying for new credit can affect your credit score. Inquiries only affect your credit score for a year, so if that’s the only inquiry you have, your credit score should steadily increase and recovery in 12 months.
