Question

How bad is a credit score of 561?

Is 561 a terrible credit score, say.......to apply for a police job, federal job ( obviously not treasury) but a department of transportation maybe? or even join the army, Would this credit score prevent me from doing any of these things?

3 years ago - 4 answers

Best Answer

Chosen by Asker

This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.

Source(s):

3 years ago

Other Answers

There is a possibility that it might hinder your chances especially on federal and police work. Try to resolve that credit score first before applying.

by V M - 3 years ago

Pretty damn bad.

by Woof - 3 years ago

More than likely yes
A score that low shows that you either have many collection items on your credit report, judgments or other negative things which will affect you getting a job if they check credit.

With a score of 561, you would not get financing for anything or credit cards.

by My Take on It - 3 years ago