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A credit score of under 600, on the other hand, could be considered fair to poor, depending on how low it is. And with a sub-600 credit score, you might end up paying more the next time you borrow ...
A score in this “fair” credit range is often seen as high-risk by lenders, meaning you’ll face higher interest rates if approved for loans or credit cards at all. While making major ...
Those with bad credit might also find it harder to qualify for a credit card or get stuck with lower credit limits and higher interest rates if they are approved — something that could quickly ...
A credit score is a number that provides a comparative estimate of an individual's creditworthiness based on an analysis of their credit report. [1] It is an inexpensive and main alternative to other forms of consumer loan underwriting. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to ...
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
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Getting your credit score to 800 could do your finances a world of good. Read on to see why.
Having a good credit score is important: It gets you access to lower borrowing rates, higher credit card limits and may even improve your apartment and insurance options.