Understanding Your 399 Credit Score

Personal loans are unsecured loan options that can be used for several kinds of expenses; many people use them for medical bills, car repairs, home improvement, and more. They can range in funding amounts quite a bit, so you can find a small, medium, or large personal loan, depending on the lender you inquire with. Like most loan options, having a low credit score will make things challenging. However, adding a cosigner to your loan application can help with approval for a personal loan. Along with easier approval, you may have access to better rates and higher loan amounts than you would get on your own.

Bank loans are any loan option that comes from a bank. When seeking a loan from a bank, most people know exactly what kind of loan they are inquiring about. These loans can range from long-term to short-term for all kinds of expenses related to purchases, education, investments, and even entrepreneurship. Banks usually have pretty strict credit score minimums, so if you decide to add a cosigner, they should have good credit at a minimum.

Credit cards are some of the most widely used credit accounts out there, and secured credit cards may be available for bad credit borrowers! While these may not help when you need funding for an emergency, they can be incorporated into a planned purchase or expense. And so, with a 399 score, consider a secured credit card rather than an unsecured credit card with credit card issuers. Here are some examples:

• Capital One Platinum Secured Credit Card — This card is notable for its low-security deposit requirements, which could be as low as $49, $99, or $200, depending on your application details.

• OpenSky® Secured Visa® Credit Card — This card does not require a credit check, making it accessible even if your credit history is poor. It requires a minimum deposit of $200 and has an annual fee of $35.

• Citi® Secured Mastercard® — This card requires a minimum security deposit and reports to all major credit bureaus.