ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

Detailed explanation-2: -Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Detailed explanation-3: -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.