FICO Score, High/Low...How to tell?

500's are really low. Which means a high risk. Depending on where you are in the 600's, you are medium to high risk. You want to shoot for 680, which seems to be around the cut off for medium risk. If you have credit expert, it explains it all much better!

 

SHORT ANSWER:
Your credit scores are both bad, but your friend's is really bad.

LONG ANSWER:
Based on the scale that Equifax uses, and the statistics Equifax offers on their scredit scoring web site, people with a score of between 500 and 550 have a *71%* chance of making late pays, defaulting or entering bankruptcy.
That qualifies as seriously sucky credit. I see people on this board with serious issues paying their bills, or bankruptcies freshly discharged who have higher scores than 511.
Statistically, something like 99% of Americans have better credit than your friend. [based on Equifax.com charts.]
With regards to your score of 600, your odds of making late pays, defaulting or entering bankruptcy are around 31%, while about 85% of Americans have a better credit score than you.

 

If you got to 600 from 497, you *ARE* doing good, and I salute you.
However, you still have a ways to go. Keep your chin up!