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What is a bad Credit Score? How to improve your Credit? + 1 855-841-3276 Let´s Talk! –
What is a bad Credit Score? How to improve your Credit? Credit Repair USA 24/7 Specialist Company + 1 855-841-3276 Let´s Talk! –
Generally, a bad credit score is anything below 600. Because it represents your creditworthiness, your score can affect your financial flexibility, and in turn, your lifestyle.
A low credit score can stand between you and your goals. You can get rejected outright — or get approved, but at a much higher interest rate than if your credit score were better. Luckily, your credit score is only a picture of your credit report at that moment and it can change. Let’s explore what causes bad credit and ways to improve it.
Range of Credit Scores
Credit scores typically range from 300 to 850 based on the FICO® score . The higher your credit score is, the better. Each lender determines what it considers a good or bad credit score. Although variations exist, there are general guidelines to give you an idea.
The FICO® guidelines for a credit score range:
Excellent credit: 800+
Very good: 740 to 799
Good: 670 to 739
Fair: 580 to 669
Poor: 300 to 579
What Causes a Bad Credit Score?
Reasons for a negative credit score come in many forms, including:
Overdue bill payments
Maxed out credit cards
Charge offs and collection accounts
Excessive third-party inquiries
What to Expect With Bad Credit
If you have a credit score of 600 or lower, lenders consider you more of a financial risk and some may even reject you outright.
Lenders will make a decision about the risk they are willing to take in extending credit. Some companies only work with excellent credit, so even someone with a score of 700 could be turned down. If a lender does extend you credit, you’ll pay more in interest than someone with a higher credit score
Credit Repair USA 24/7 Specialist Company + 1 855-841-3276 Let´s Talk! –
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