
What Is a Bad Credit Score, Plus How to Fix Bad Credit
A bad credit score is a credit score lower than 499 which means you have bad credit.  FICO and Vantage are two companies that measure and
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Credit cards for fair credit scores are cards that help people with fair credit improve their scores. About 20% of Americans have fair credit scores. A FICOÂŪ Score from 580 to 669 is considered as a fair credit score.
FICO score is divided into five categories â very poor, fair, good, very good, and exceptional and ranges from 300 to 850. Once you know your credit score you can easily find out whether youâve got a fair credit score or not.
Credit Score | Rating | % of People | Impact |
---|---|---|---|
300-579 | Very Poor | 17% | You may be required to pay a fee or deposit to get loan approval. However, with this rating the chances of getting approval for loan or credit is zero. |
580-669 | Fair | 20.2% | If youâve fair credit score, youâll be considered as subprime borrowers. This means that your credit standing is less than what is normally desired. |
670-739 | Good | 21.5% | Only 8% of applicants in this score range are likely to become seriously delinquent in the future. |
740-799 | Very Good | 18.2% | If you exist in this range, youâre likely to get better than average rates from lenders. |
800-850 | Exceptional | 19.9% | If you exist in this range, youâll receive the best rates from lenders. |
Having a fair credit score means youâll be seen as sub-prime by lenders. This means youâll likely be getting less favorable terms in comparison to an individual with a higher credit score. You must have a good credit score to take out the loan at less interest. Credit cards for fair credit scores work like credit cards for bad credit scores. They allow you to get a credit card and use it to improve your credit score.
Improving your credit scores over time will boost your chances to qualify for credit or loan with more favorable terms. In general, having good credit scores may help improve your financial situation. Here are some reasons why you would want to earn higher credit scores:
Here are a few of the best credit cards for fair credit scores.
Improving your credit may take some time. However, there are some steps that you can follow to improve your credit score. Hereâs what you need to do:
A bad credit score is a credit score lower than 499 which means you have bad credit.  FICO and Vantage are two companies that measure and
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