What’s Considered A Bad Score?
If your score is under 670, you’re in the fair range. Most lenders and other business organizations consider a score below 580 to be very poor. While it’s very challenging to get a loan with a bad score, it’s not impossible.
And A Good Score?
Anything about 800 is considered exceptional, but only about 20% of Americans are in this category. Generally speaking, a good score lies between 670 and 739, while anything between 740 and 799 is considered a very good score.
The More Obvious Things People Do That Hurts Their Credit Score
Any time you miss a payment on a loan, your credit score takes a hit. Missing a credit card payment not only incurs late fees and high interest rates, it also lowers your credit score. If your credit card payment is late by more than 30 days, pay it as soon as you can. Be aware, though, that any late payments can stay on your record for up to seven years. The best thing you can do to maintain a healthy score is to always make your credit card and loan payments on time.
Another obvious thing people do that lowers their credit scores is sharing an account with someone who’s not handling their finances responsibly. Here’s an example: You just got married, and your name is added to your spouse’s credit cards. You find out the hard way that they regularly max out their cards, and sometimes, they miss their payments. Even though you haven’t misused the account, your spouse has, and since your name is now on the card, you also take a hit to your score.
Some Surprising Things That Lower Your Score
Some people are surprised to discover that their score has dropped after they’ve refinanced a home or car loan. Refinancing a student loan can also hurt your credit score. So can canceling a credit card, or having no credit history to show potential lenders.
Too Many Credit Cards
Yet another reason for lowering credit scores is applying for too many credit cards. Maybe you’ve done this yourself — you’ve received a number of attractive credit card offers in the mail, and you’ve decided to apply for them. Unfortunately, you’ve just hurt your credit score. Or perhaps you’re remodeling your home, and you’ve decided to apply for credit at the home improvement and furniture stores you’ve been shopping at. The problem with doing that, though, is that your score will drop, and lenders may wonder why you’re so desperate for credit. Spend wisely; if you have exceptional credit, applying for store credit won’t hurt you much, but if you’re teetering between fair and poor, you could be hurting your financial prospects without even realizing it.
Loans For People with Poor Credit
If you have bad credit, can you still get a loan in Texas? Yes, in most cases, you can. If you need to get a loan, even with bad credit, contact Your Loan Depot. We have offices in Corsicana, Stephenville, Mansfield, and several other Texas locations to serve you.
Are you asking yourself, “Where can I get a loan with bad credit?” If so, then look no further than Your Loan Depot. We work hard to get you the money you need now. Contact us today, and one of our friendly representatives will work diligently to help you get the loan amount you need. Don’t wait; reach out to our offices in Mansfield, Corsicana, Stephenville, or one of our other Texas locations, and start finding the best loans for bad credit, even while you’re working to improve your credit score.
Fill out our online application today. Your Loan Depot is here to help you.