Can you get a debt consolidation loan with a 600 credit score?

The short answer

Possibly. A score of 600 sits in the range many lenders call fair (the FICO model's fair band is roughly 580 to 669). Some lenders will consider you, some will not, and the ones that do usually charge more than they charge people with strong credit.

No honest lender or site can promise approval before they see your application. Treat anyone who does as a warning sign.

What a 600 score tends to change

• Higher rates. Offers at the top of a lender's published range are common at this level.
• Origination fees. Many lenders take a fee out of the loan before you receive it, so you borrow more than you get.
• Lower amounts. You may be offered less than you asked for.
• Fewer lenders. Some lenders publish a minimum score above 600, and some do not publish one at all.

How to find out where you stand without hurting your score

1. Get your free credit reports from AnnualCreditReport.com and fix any errors.
2. Check your rate with lenders that offer a soft credit check. It does not affect your score.
3. Write down the APR, the fee, the term and the monthly payment for each offer.
4. Only then pick one and apply. A full application usually uses a hard inquiry.

Will it actually save you money?

That depends on the loan's APR with fees included, compared with what your current cards cost. A fee-heavy loan can cost more than keeping the cards. Put your numbers into the debt consolidation calculator to see the break-even APR before you apply.

If you are turned down or the offers are poor

• Ask a credit union. They often have different rules and sometimes lower rates.
• Consider a nonprofit credit counseling agency and a debt management plan.
• Pay down card balances first. Lower utilization can help your score.
• Wait and reapply after your credit improves. Waiting can cost less than a high-fee loan.