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What is a bad credit score?

By: creditsathi0 comments

Many people have asked us this in the past that what is considered as bad credit score and is it possible to get a personal loan with a bad credit score? Our answer is YES!!

Credit Score is the mathematical representation of your credit history which shows how you had handled your past debts. This report is generated by a credit report bureau. Currently, there are three credit reporting bureaus: Equifax, TransUnion, and Experian. Before processing any loan application credit manager or loan underwriter checks the credit report of the applicant.

Understand your credit score: –

Below is the interpretation of the credit score.

Understand your credit score
Credit Score Interpretation
Below 650 Poor
Between 650 – 750 Average
Between 750 – 800 Good
Between 800 – 900 Excellent

Credit score ranges from 300 – 900 points. 300 points are the lowest and 900 points is highest, the higher number reflects good credit score and the lower number reflects bad credit score. Anyone with a good credit score is considered as a good profile to lend money and anyone with a bad credit score is considered as a risk profile to lend money hence it is easy to get loan with a good credit score.

  • A credit score between 800 – 900 points is considered as an excellent credit score
  • A credit score between 750 – 800 points is considered a good credit score
  • A credit score between 650 – 750 points is considered as an average credit score
  • A credit score below 650 points is considered as bad credit score

What is considered a bad credit score?

Credit score less than 650 is considered as bad. A credit score is used by the loan providers to evaluate the creditworthiness of the customer. Anyone with a low credit score is considered as a bad credit risk and hence it becomes difficult to get the loan. However, it is still possible to get a personal loan or a credit card with a bad credit score. Many loan providers are in the business of providing loan to the applicants with a bad credit score as they believe that circumstances don’t remain the same.

We recommend taking the corrective action to improve your credit score immediately however if you are in urgent need of a loan we can help you to get a personal loan with a low or bad credit score. Click here for help!
Few loan providers offer personal loans to customers with a bad credit score and we are associated with them. There is always a silver lining! Click here to apply.

If your credit score is less than 650 we can help you to get the personal loan. Click here.

How to improve credit score quickly? | Can I get a personal loan with bad credit SCORE? | PERSONAL LOAN WITH LOW CREDIT SCORE |Benefits of good credit score or credit report. |How can I check my credit score for free? | How bad credit score affects you?

Looking to improve your creditscore? Contact Us!!

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