A bad credit score is a score of less than 620. If you have this score, then it means that lenders are going to be reluctant in lending to you; they may even refuse your application altogether. It's important to know what can cause a bad credit score so that you can avoid the mistakes and make changes for improvement if necessary.
What Is a Bad or Poor Vantage Score?
A credit score, also known as a FICO score, usually ranges from 300 to 850. A good score for most borrowers is typically at least 700. There are many factors that can have an impact on your credit score and the higher it is the better off you will be when applying for loans or other forms of borrowing money.
If you see that your Vantage Score falls in the range of 350-399 this means that you have what's considered to be a "bad" rating or "poor" rating which could make it more difficult to get approved for loans and other types of borrowing money.
What Affects Your Credit Score?
Your credit scores are calculated by taking into account many factors including:
-How much debt you carry relative to how much income you make;
-How timely payments are made;
-The mix of types of loans owed (e.g., mortgage, car loan) and whether they are in repayment status;
-Amounts owed for utilities such as gas, electric, water and phone bills
How a Poor Credit Score Can Affect You?
The credit score is the most important number in your life. It can affect your ability to buy a car, rent an apartment or even get a job. A bad credit score will also make it harder for you to borrow money and may lead to higher interest rates on loans you do manage to obtain.
A credit repair company is a business that offers services to help people with their credit score. They do this by removing or correcting any errors on the report, and they can also negotiate with creditors in order to reduce balances owed, lower interest rates, etc.
Call to us on (888) 803-7889 today for the best credit score around.
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