Credit Score Under 600? Read This!
A few late payments on your credit report can send your credit score below 600, the point at which you'll pay double-digit interest rates on any loan, or get turned down altogether. But a low credit score isn't the end of your financial life -- credit scores are fixable, if you're willing to do a little work.
Here's how you can start rebuilding your credit score, completely free, with less than an hour of effort.
A credit score is to your credit report what grades are to students' homework assignments and test scores. A credit score turns all the information on your credit report into an easy to understand number that ranges from 300 to 850. In the short term, getting a score above 720 -- the benchmark for a "prime" score -- is the goal.
Source: Fool.com