What does a credit score of 547 mean?
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I’m new to credit, and just got my credit score for the first time – 547. What does that mean?
Not a whole lot
To begin with, credit scores are only a very small part of any credit decision. What counts is what actually shows on your credit report.
Your credit score can be low because of bad credit, or (most likely) due to lack of credit history.
It also depends on where you got that score. Not all scores are the same. Is it even a Fico?
Third party credit monitoring services use Fakko scores that can be off by more than 100 points are practically worthless. All three major credit bureaus now sell consumers non-FICO scores (Vantage) that run on different scale. There’s no way to compare these to Fico and they are also worthless. The only score that really counts is FICO. More than 90% of all creditors use Fico for their lending decisions.
What’s more important than the score is what appears on your credit report. If you haven’t done so yet, pull your credit report from all 3 major credit bureaus (Equifax, Experian & Trans Union) and check them thoroughly for errors. If you have defaults debts – that would certainly explain such a score.
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