Merchant Cash Advance vs. Bank Loans

Merchant Cash Advance vs. Bank Loans

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Bottomline: What Exactly Payday Loans Are?

Bottomline: What Exactly Payday Loans Are?

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10 Business Fundamentals for Success

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Personal loans bad credit

Personal loans bad credit

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Credit Score Range

Credit Score Range

The most common credit score range used by credit bureaus is between 300 and 850. This is also the same credit score range used in the FICO (Fair Isaac Corp.) score, which is considered by most as the premier credit scoring system.

Consider these numbers as the two frontiers of your life. 850 means you can get a loan to buy an island and a luxury villa and a yacht. 300, on the other hand, means that your credit is so bad that you can’t get any.

Actually, that’s quite an exaggeration. Even people with poor credit can get approved for a loan just as people with nearly perfect scores can get denied. The credit score range reflects only the likelihood of whether you are going to be approved or not. It does not necessarily represent stark reality, because the truth is that there are many factors involved in approving you for a loan and your credit score is only one of them.

Still, the credit score range is a good indicator.

Good Credit Score

If you have a credit score range of 700 or higher, that means you have excellent or very good credit. This also means that lenders will probably offer you better rates and/or discounts.

For some lenders, the best credit score ranges are those numbering 720 and above. But if you score between 680 and 699, that still means good. It means you can get a normal loan with normal interest rates and normal loan rates.

A credit score range of 620 to 679 is average and majority of people in the United States have scores along that range. It means you won’t get denied but the terms are not going to be that generous either.

Low Credit Score

A credit score range of 580 to 619 is considered low credit score, but it does not mean that you cannot get any credit. In fact, banks and brokers would be all too willing to lend you money but on their terms. This means that yes, you can get a loan but the interest rates are probably going to be very high.

What is not to like about this kind of credit score range, apart from the high interest rates, is that you less foothold during the application process. It’s like from the start, the lender has the advantage and you are practically under their mercy. But the good news is that your score is not so low that it would be impossible to move it to “Good” status. Through simple credit-fixing tips, you can change low credit to good credit.

Bad Credit Score

Now this is where the trouble starts. For real, this time. Your credit is bad. You will still get a loan but you won’t like the terms. Still, you probably should take it anyway because a new loan could offer you a fresh new start to building your credit.

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