Is There a Difference Between Good and Bad Credit?

good or bad credit

Many people are unsure of the difference between having good or bad credit. Good credit allows you to borrow more money from banks and lenders, but if you have bad credit, you may have trouble getting loans or apartment rentals. Your credit score also makes you more likely to get rejected in competitive neighborhoods. Fortunately, there are ways to improve your score. If you’re looking for a new apartment, consider a co-signer loan.

A bad credit score is the result of a person’s history of failing to make payments on time. It also refers to a company’s financial condition. Those with bad credit will have a difficult time borrowing money at competitive interest rates. The creditor will see you as a higher risk than other borrowers, which will make it difficult to obtain a loan or credit card. You can still obtain a credit card with bad credit, but you will find it difficult to qualify for a loan.

Credit scores range from 300 to 850. Scores over 700 are considered good, and 850 is considered excellent. Most consumers have credit scores in the range of 600-750. The average FICO(r) Score in the U.S. will reach 710 in 2020. The higher your credit score, the better. But keep in mind that lenders will use different definitions of good and bad credit. If you have a credit score of 750 or higher, you’ll have a much easier time getting the credit you need to purchase a home.

You Should Know

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