Understanding Your 610 Credit Score

610 is typically labeled as a “fair” credit score. Consumers within this credit tier may be considered a higher lending risk.

Most loan products, including secured and unsecured loans, are available, but with varying rates and terms.

Consumers can improve their credit scores by making timely payments, avoiding new debts, and monitoring their credit reports.

To start improving your credit score, you first need to understand how your credit report works. Your credit report is an official record of your financial data as compiled by any of the three major credit bureaus. You can typically access a copy of your free credit report from each of these credit bureaus at least once a year, although you may want to check in on your credit reports more often than that.

Your credit report is broken down into five categories that each contribute a certain percentage to determine your overall credit score. Those categories include the following:

• Payment history: Makes up 35% of your FICO score

• Amounts owed: Makes up 30% of your FICO score

• Length of credit history: Makes up 15% of your FICO score

• Credit mix: Makes up 10% of your FICO score

• New credit applications (aka hard credit checks): Makes up 10% of your FICO score

Avoiding applications for new credit accounts will not only save you from acquiring a hard credit check on your credit report but also prevent you from accumulating more debts. That way, you can focus on repaying what you already owe and improving your credit utilization rate.

As you can see from the breakdown above, making timely payments and maintaining a positive payment history is key to improving your credit score. If you have trouble remembering to manually submit your payments, consider signing up for autopay.