Bad Credit

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Having bad credit already puts you farther ahead than those with no credit. You are no longer in a situation where you have to start your credit from scratch and work your way up.

If having “bad credit” fits your current situation, then it means one of 2 things. It means that you are either climbing up from a no-credit situation, or you are tumbling down the credit slope. If you are climbing up, it means that whatever you are doing, is working. So keep it up. But if you are losing credit, then you must take a step back and figure out what is going on with your current financial situation.

What you know by now is that having bad credit is something that will impact your ability to get credit from financial institutions. And even when you do get credit, you will be charged a horrendous amount of interest rate, and other aspects of your financial situation will start to get affected.

Credit scores range from 300 – 850. To fall under a “bad credit” category, you would have to be falling bad credit car loansunder 620 points. Scores of 620 and below is usually seen as bad credit scores, even though some lenders will not follow these numbers so strictly. Lenders, in order to facilitate your life, will set the bar lower so that you can quickly be approved for a loan, etc. This is very “fishy”. One must be careful with this situation. Just because you’ve been approved for credit, and a lender ranked you higher than most institutions, doesn’t mean that this credit that you’re receiving is attractive at all. When offered such a deal, take a close look at what level of interest rates they would be offering such credit/loan. It might bury you even deeper.

Lenders will try and help you get approved for credit, but they see you as a risk. This is why they will be charging you higher interest rates. Take a home mortgage as an example of this. Some companies might see 620 and below to be bad credit scores. But, at the same time, they might still approve someone in the 620-660 range. It will cost you more, but such lender is not willing to take a chance. So, again, your interest rates will be through the roof.

When you see yourself facing a situation where your credit score fall short of 500, then you must take a few steps back and consider taking on a credit card from whatever bank you have a checking or savings account in. By doing so, and having a short credit limit (something you know you can pay off), you will slowly climb up the credit score charts. Be patient.

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