by gionkel » Thu Jun 25, 2009 01:38 pm
I have been hearing about bad credit and would like to know more in this regard. I know that bad credit is related to the credit scores being down and mostly the denial of financial requirements when one has a bad credit score. Can you all please tell me something more in this regard?
Thanks in advance!
Thanks in advance!
Posted: Thu Jun 25, 2009 02:45 pm Post Subject:
Bad credit can be caused by any number of things including late payments, non-payments, repossessions, etc. The credit scores are typically considered to be bad if they are "sub-prime" which is basically 620 or Below. However, most companies prefer credit scores to be 700 or above. For example, most of the car payments advertised are based on a beacon score of 760 or above. The highest the score can be is 850 and the lowest is 350 or 375.
A score in the 400-500 range shows a very high risk, and very few companies will deal with these people.
Did this answer your question?
Posted: Thu Jun 25, 2009 04:20 pm Post Subject:
Bad credit is when your dog, named Credit, does his duty inside your house.
Posted: Thu Jun 25, 2009 06:00 pm Post Subject: Re:What is bad credit?
Bad credit is when you have low credit scores and you won’t get the financial requirements that you seek for your business or home. This is something used to describe a poor credit rating. Declaring bankruptcy, skipping payments and more of such activities can damage a credit rating. There are services available for credit repair that can help you.
Link removed as per the forum rules
Posted: Fri Jun 26, 2009 04:54 am Post Subject:
Credit Repair services are a RIP-OFF and can't do anything that you can't do yourself. Lori- thanks for removing that link.
InsTeacher 8)
Posted: Fri Jun 26, 2009 05:42 am Post Subject:
I agree with Teacher.
Credit repair service is a complete scam. There is no way to repair a bad credit over night.
Now, if you have ruined your credit , you have to face the consequences of it as well. You have mentioned it correctly OP that bad credit would often result in denial of financial assistances. No financial institution would forward loan to an individual with poor credit score.
~Jeremy
Posted: Fri Jun 26, 2009 12:56 pm Post Subject:
Financial institutions have learned their lesson over the last 18 months regarding lending money to people with poor credit scores. Major companies have crumbled or sold out (including the one I used to work for that was bought out by Wells Fargo) because of subprime mortgages that were done for people with credit scores of less than 620. Poor credit is typically an indicator of poor judgment or mismanagement of money, and as such proves to be a significant risk for lenders!
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