What is considered bad credit

Quick And Easy Personal
Loans Up To $2500

By CreditNinja
Modified on June 18, 2023

Bad credit is considered to be any credit score between 300 and 580. This range is based on the popular FICO scoring model. There are several other credit bureaus that track your score and they may have slight variations on the exact numbers.

Bad credit is a huge issue for many Americans. Having a low credit score can have many financial consequences. You may have a hard time getting cash in a hurry, getting a mortgage or auto loan, or even a credit card in some cases. The only way around it is to turn your bad credit into good credit. 

The following credit score breakdown shows how the FICO scoring model works:

  • 300 to 580 – Bad credit
  • 580 to 669 – Fair credit
  • 670 to 739 – Good credit
  • 740 to 799 – Very good credit
  • 800 to 850 – Excellent credit

If your current credit score is below 670 your financial life may be difficult. Lenders aren’t as willing to lend to borrowers with fair or poor credit because they may have a history of late or missed payments. These borrowers, according to the lenders, aren’t considered to be very “creditworthy.” This is a term used to describe how trustworthy you are with your money. 

The good news is that having poor or fair credit is not a life sentence. You can improve your credit over time through better financial planning, budgeting, and good money habits. The top few factors affecting your credit score are your payment history, the overall amount of debt you’re in, and the length of your credit history. This means the best ways to start improving your score are to always make your payments on time, and lower your overall debt. 

While this may sound easy, it really all depends on your income and your specific financial situation. If you’re struggling to make ends meet without needing a quick cash loan, consider seeking out a credit counseling organization. There are some free organizations that will work with you to identify areas of improvement and opportunities to improve your credit.

Credit Education & Credit Reporting
Does a secured loan hurt your credit?
Can you get a secured loan with a 500 credit score?
What credit score is needed for a 100k personal loan
How many points does a loan affect credit score
Can I get a loan with a 480 credit score
Do personal loans affect credit score
What is a good interest rate on a personal loan
Can you get a personal loan without a job
How long does it take to get a personal loan from a credit union
Can I get a tax advance if I already filed
How do I write a simple personal loan agreement
What’s the easiest loan to get with bad credit
What are the advantages of payday loans
How long do payday loans stay on credit report
What is considered bad credit
How do you determine credit worthiness
How to get a cash loan with bad credit
Which loan company is best for bad credit
Why does a hard inquiry hurt your credit
What is a soft credit check
What is a hard credit inquiry
Who will give loans with bad credit
What is considered a decent credit score
On average how much of a personal loan can you get with an 850 credit score
How to get a personal loan with a thin file credit score
How can I get a personal loan with 690 credit score
What personal loan rate should I expect with 746 credit score
How can I get approved for a personal loan with a 630 credit score
My credit score is 736 what is the most I can get for a personal loan
What credit score is needed for a personal bank loan
What are personal loan rates if I have a 780 credit score
Can I get a personal loan with a 635 credit score?
How much can I get in a personal loan with a 640 credit score
Where can I get a personal loan with a 513 credit score
Where can I get an unsecured personal loan with a 500 credit score and a co-signer
What are the chances of getting a personal loan with a 648 credit score
How much of a personal loan can I get with a credit score of 480
How much of a personal loan can I get with a credit score of 750
Which is better credit card refinancing loan or debt consolidation loan
How to report credit card debt consolidation loan on taxes
If 700 credit score which is better debt consolidation loan or credit card
How would a credit card consolidation loan affect credit score
What is the difference between a debt consolidation loan and a credit card consolidation loan
How will consolidating credit cards with personal loan affect credit score
Can you get a personal loan with a credit score of 550
How big of a personal bank loan can you get with a credit score of 600
How does moving credit card debt to personal loan impact your credit score
What happens to my credit score when I pay off personal loan
Where can you get a personal loan with a 435 credit score
Is it bad to check your credit score
What does my credit score need to be to get a personal auto loan
How to get a personal loan with a 500 credit score
What does your credit score have to be to get a personal loan
What Credit Score Is Needed For a Personal Loan
How does a personal loan affect credit score

Quick And Easy Personal Loans Up To $2500*