Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

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Home Page > Finance > Debt Consolidation > Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

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Posted: Jan 04, 2010 |Comments: 0
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Your credit rating is based on many factors, and they are all factors that you have some level of control over.

When you open up multiple high interest rate credit card accounts, you are lowering your credit score. When you use those accounts instead of using cash, you are lowering your credit score.

Aurora Lillo Editor of the “Best Debt Consolidation Services” website — http://www.FreeDebtConsolidationQuotes.net — pointed out;

“…Even the act of having all of those credit card companies check your credit to see if you qualify for an account is something that can have a negative impact on your credit score…”

When it comes to your payment history, you can severely damage your credit by consistently paying on your credit accounts more than 30 days late. When you build up a large amount of high interest rate credit card accounts, you will sometimes find yourself in a situation where your debt begins to overshadow your monthly income.

You are forced to decide which accounts you can pay, and which ones will have to wait to get paid at a later date. If you do this often enough, it becomes very easy to forget to make payments and the next thing you know you are getting a letter from your creditors telling you that you are two or three months behind on your payments.

One way that you can put an end to all of this is through debt consolidation. A debt consolidation company will gather up all of that high interest credit card debt, and reduce it to just one low interest rate consolidation loan payment.

Your payments could be cut almost in half just by eliminating the very high monthly interest payments you were making. You will also see all of those high monthly service charges replaced by one low monthly loan service charge which can lower your monthly obligations even further.

“…Now your credit debt is consolidated and those accounts are all paid, which means that the damage they were causing to your credit score will stop. The extra cash flow you have created by eliminating a large portion of your high interest rate credit card debt means that you can start using cash instead of credit to make regular purchases. Using cash raises your credit score, and now you will see that debt assistance has done many things to help repair and raise your credit score…” added A. Lillo.

Further information about trusted and reputable companies for debt consolidation by visiting; http://www.FreeDebtConsolidationQuotes.net

Retrieved from “http://www.articlesbase.com/debt-consolidation-articles/is-using-a-debt-consolidation-service-a-good-way-to-repair-credit-score-1666534.html”

(ArticlesBase SC #1666534)

Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Hector Milla -
About the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

]]>

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Hi I am in so much credit card debt that I am starting to fall behind,but I don’t want to because I have a really good credit score. Is there a grant I can get,but I can’t pay for the kits to…
Does debt consolidation help your credit ?
Does debt settlement affect your credit score ?

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Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

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Home Page > Finance > Debt Consolidation > Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

Is Using a Debt Consolidation Service a Good Way to Repair Credit Score?

Edit Article |

Posted: Jan 07, 2010 |Comments: 0

|

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]]>

Your credit rating is based on many factors, and they are all factors that you have some level of control over.

When you open up multiple high interest rate credit card accounts, you are lowering your credit score. When you use those accounts instead of using cash, you are lowering your credit score.

Aurora Lillo Editor of the “Best Debt Consolidation Services” website — http://www.FreeDebtConsolidationQuotes.net — pointed out;

“…Even the act of having all of those credit card companies check your credit to see if you qualify for an account is something that can have a negative impact on your credit score…”

When it comes to your payment history, you can severely damage your credit by consistently paying on your credit accounts more than 30 days late. When you build up a large amount of high interest rate credit card accounts, you will sometimes find yourself in a situation where your debt begins to overshadow your monthly income.

You are forced to decide which accounts you can pay, and which ones will have to wait to get paid at a later date. If you do this often enough, it becomes very easy to forget to make payments and the next thing you know you are getting a letter from your creditors telling you that you are two or three months behind on your payments.

One way that you can put an end to all of this is through debt consolidation. A debt consolidation company will gather up all of that high interest credit card debt, and reduce it to just one low interest rate consolidation loan payment. Your payments could be cut almost in half just by eliminating the very high monthly interest payments you were making. You will also see all of those high monthly service charges replaced by one low monthly loan service charge which can lower your monthly obligations even further.

“…Now your credit debt is consolidated and those accounts are all paid, which means that the damage they were causing to your credit score will stop. The extra cash flow you have created by eliminating a large portion of your high interest rate credit card debt means that you can start using cash instead of credit to make regular purchases. Using cash raises your credit score, and now you will see that debt assistance has done many things to help repair and raise your credit score…” added A. Lillo.

Further information about trusted and reputable companies for debt consolidation by visiting; http://www.FreeDebtConsolidationQuotes.net

Retrieved from “http://www.articlesbase.com/debt-consolidation-articles/is-using-a-debt-consolidation-service-a-good-way-to-repair-credit-score-1678187.html”

(ArticlesBase SC #1678187)

Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Hector Milla -
About the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Questions and Answers

Ask our experts your Debt Consolidation related questions here…200 Characters left

Hi I am in so much credit card debt that I am starting to fall behind,but I don’t want to because I have a really good credit score. Is there a grant I can get,but I can’t pay for the kits to…
Does debt consolidation help your credit ?
Does debt settlement affect your credit score ?

]]>

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Article Tags:
consolidation, debt consolidation, consolidating debt, debt relief, loan, loans, usa, debt, debts

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Home Page > Finance > Debt Consolidation > Is Using A Debt Consolidation Service A Good Way To Repair Credit Score?

Is Using A Debt Consolidation Service A Good Way To Repair Credit Score?

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Posted: Apr 14, 2010 |Comments: 0

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]]>

Are you trying to figure out whether or not consolidating debt will help you repair bad credit? If you’ve been having credit difficulties, you are probably already worried about trying to fix your credit score.

Financial trouble can make it difficult for a person to get an apartment, mortgage, or car loan when they really need one. Contacting a debt consolidation service can be a great way to start the process of becoming credit worthy again.

Hector Milla Editor of the “Best Debt Consolidation Services” website — http://www.BestDebtConsolidationServices.net — pointed out;

“…If you are looking into consolidating loans, you are probably already having a hard time paying your monthly bills. The missed payments that you are trying to avoid will have a very strong negative impact on your financial future, so it is very important for you to keep paying your bills. It is important to remember what a negative impact missing payments has on your debt records…”

Debt consolidation services can help you create a regular record of paying your obligations on time. When you change your payment structure into one monthly payment instead of many, you increase the chances that you will be able to keep up on bills. Frequently, your new loan will require a smaller and more affordable monthly payment than your old, spread out obligations. This has the benefit of allowing you to build up a positive report, because you pay what you owe on time every month.

“…By reducing your late or absent bills and creating on time payments, using a service that allows you to owe money to one financial organization instead of many can help you repair a weak credit score. When you are searching for the right service, be careful to choose one that will create a lower payment structure than what you already have so you increase your chances of being able to pay money you owe on schedule every month. This will help you build a solid financial base…” H. Milla added.

Further information about trusted and reputable companies for debt consolidation by visiting; http://www.BestDebtConsolidationServices.net

Retrieved from “http://www.articlesbase.com/debt-consolidation-articles/is-using-a-debt-consolidation-service-a-good-way-to-repair-credit-score-2153933.html”

(ArticlesBase SC #2153933)

Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Hector Milla -
About the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Questions and Answers

Ask our experts your Debt Consolidation related questions here…200 Characters left

Hi I am in so much credit card debt that I am starting to fall behind,but I don’t want to because I have a really good credit score. Is there a grant I can get,but I can’t pay for the kits to…
Does debt consolidation help your credit ?
Does debt settlement affect your credit score ?

]]>

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Is Using A Debt Consolidation Agency A Good Way To Repair Credit Score?

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Home Page > Finance > Debt Consolidation > Is Using A Debt Consolidation Agency A Good Way To Repair Credit Score?

Is Using A Debt Consolidation Agency A Good Way To Repair Credit Score?

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When looking into the benefits of a debt consolidation loan, you must understand exactly what a consolidation loan is for, along with that it can do for you. Once you have grasped an idea of the entire process of a consolidation loan you will know whether it will help you in your specific situation cure credit score problems while fixing your debt. What is debt consolidation? Debt consolidation is a plan provided by a company to its clients which enables these clients to take their severely overdue, building up together, multiple debts and turn them into one single easy to manage debt with lower monthly payments. Making the clients more able to take care of themselves and their families more efficiently then before they took out the consolidation loan. How does a consolidation work? A consolidation works by a client of a company receiving a loan from the consolidation company to pay off all overdue debts. This said loan is typically not handed straight over to the person taking out the loan but the company usually pays off all of these debts for the client, and sometimes is also able to get the client a discount on the total debt being the debt is being paid off in full. After all debts are paid the consolidation company makes a time payment agreement between them and the client, the time payment agreement will be customized in consideration with how much was borrowed, what the clients monthly income is, and required living expenses. This way the monthly bill to be paid will not be unaffordable enough as to where the client goes back into debt. Is a debt consolidation agency able to repair a client’s credit score? The answer to this question depends upon the client’s ability to pay back the loan given by the consolidation company, for example if a client makes all payments on time and pays off the debt without error the credit score will improve. But if the client has other debts not being paid, or payments being missed on the consolidation loan the credit will decrease. So really yes consolidation can fix your credit, but only if you work to that goal.

When looking into the benefits of a debt consolidation loan, you must understand exactly what a consolidation loan is for, along with that it can do for you.

Once you have grasped an idea of the entire process of a consolidation loan you will know whether it will help you in your specific situation cure credit score problems while fixing your debt.

What is debt consolidation?

Paula de la Torre Editor of the “Best Debt Consolidation Companies” website — http://www.BestDebtConsolidationCompanies.net — pointed out;

“… Debt consolidation is a plan provided by a company to its clients which enables these clients to take their severely overdue, building up together, multiple debts and turn them into one single easy to manage debt with lower monthly payments. Making the clients more able to take care of themselves and their families more efficiently then before they took out the consolidation loan…”

How does a consolidation work?

A consolidation works by a client of a company receiving a loan from the consolidation company to pay off all overdue debts. This said loan is typically not handed straight over to the person taking out the loan but the company usually pays off all of these debts for the client, and sometimes is also able to get the client a discount on the total debt being the debt is being paid off in full.

“… After all debts are paid the consolidation company makes a time payment agreement between them and the client, the time payment agreement will be customized in consideration with how much was borrowed, what the clients monthly income is, and required living expenses. This way the monthly bill to be paid will not be unaffordable enough as to where the client goes back into debt…” P. de la Torre added.

Is a debt consolidation agency able to repair a client’s credit score?

The answer to this question depends upon the client’s ability to pay back the loan given by the consolidation company, for example if a client makes all payments on time and pays off the debt without error the credit score will improve. But if the client has other debts not being paid, or payments being missed on the consolidation loan the credit will decrease.

So really yes consolidation can fix your credit, but only if you work to that goal.

Further information about trusted and reputable companies for debt consolidation by visiting; http://www.BestDebtConsolidationCompanies.net

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How To Get A Good Credit Fix

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How To Get A Good Credit Fix

By: Vikram kuamr

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If you are looking to fix credi, you need to use the credit fix at the National Credit Fixers. You can have bad credit removed and improve your credit score. 

(ArticlesBase SC #3576474)

Article Source: http://www.articlesbase.com/ – How To Get A Good Credit Fix

If you want to fix credit that is poor, you can do so if you hire a good agency to help you fix your credit.  A credit fix is something that people today often think about as they may have some items on their credit report that reflect poorly upon them.  If you are looking to fix credit, then you can do so when you use an agency that has been created for this purpose. 

There are a lot of reasons why you need to have a credit fix.  If you have not yet looked at your credit report, you should do so in order to make sure that all of the items that are being reported reflect good upon your credit.  Bad credit is something that many people do not have to deal with if they use a service to help them clear up some items.  Late payments and charge offs can be repaired when you are looking for a credit fix as the credit agency will look into these items and make sure that the original debt is accounted for and possibly get them removed from your credit history.  Many people do not realize that these items can be removed from their credit report with the help of those who know how to fix credit. 

A credit repair company can help you get rid of your bad credit debt that is lingering on your credit report and may prohibit you from getting a loan, a charge card or even getting a job.  An increasing number of employers are looking into credit when it comes to hiring employees.  Those with bad credit are turned away which is why no one can afford to have bad credit today.  It is important that you fix credit such as late payments whenever you can by using a good agency that knows how to do this.  This can mean the difference between you getting hired for a job and not hired. 

The company will not only get you your credit reports from the three reporting bureaus but will also embark on a credit fix so that many items can be removed.  These are the items that adversely affect your credit.  You should not try to do this on your own as there are some items that you want to keep  on your credit report, even if you have paid them off.  The credit fix company will know which items they can pull off as well as which items they should leave on in order to give you the best credit score possible.  You do not have to put up with having bad credit and being denied  a loan or even a job. 

If you are looking for a way to get a credit fix, you can do so easily when you use a company that can fix credit quickly.  You can have a higher credit score in no time and get undesirable credit off of your report so that nothing can stop you from achieving what you want out of life such as buying a home, a car or even getting a job that requires good credit. 

Retrieved from “http://www.articlesbase.com/accounting-articles/how-to-get-a-good-credit-fix-3576474.html”

(ArticlesBase SC #3576474)

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If you are looking to fix credi, you need to use the credit fix at the National Credit Fixers. You can have bad credit removed and improve your credit score. 

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The Importance of Having A Good Credit Score

In the United States, a higher credit score means more opportunity. It is can sometimes be difficult to obtain and maintain high credit scores.  However, having a high score is a sign that you’re financial responsible and meet your payment obligations in a timely manner. More so, having a good credit score indicates you’re a good risk to potential lenders.  So it is important to try to maintain a high score or to improve on your score if it is too low.

A credit score is basically your credit reputation.  Who doesn’t want a good reputation? If you want to see an “approved” mark on your credit application sheet, then you must avoid the following:

1. No Credit History

Many people say having no credit is worse than having bad credit.  While that isn’t the case, without a longer credit history your score will suffer.  As a result of the lower score lenders are often discouraged because they don’t have access to a credit history on which to base a lending decision.  While you can still be approved, institutions are more likely to deny your application.

Lending institutions use credit scores to quickly judge your creditworthiness. Unfortunately, if you haven’t established a credit history, your credit score will be lower.  Also, because of a lack of history, lenders may be reluctant about extending you credit.

2. Low credit scores.

The average credit score in the United States is between 580 and 650. There are major institutions called credit reporting agencies in the US that determine if you are suitable to be given credit. Equifax, Trans Union and Experian are the three biggest credit reporting agencies. Your credit score is calculated using data found in your credit report at each agency.  Your score will vary because there are usually minor differences in information available from one agency to the next.

If your credit score isn’t above the standard score, you’ll more than likely be denied credit.  The key is to use your credit responsibly.  Don’t be immature.  Don’t take on more credit than you can afford.  Always pay more than your minimum payment for credit card debt.   Credit is very useful when used correctly.  A credit card can come in handy during an emergency.  Receiving lower interest rates on a home or car loan can save you hundreds to thousands of dollars.   Use credit wisely and your credit score will improve.

Student Loan Consolidation Info – How Good Are Federal Student Loan Consolidation Programs?

With the increasing price in education and demand for a better life, most student tend to take up more than one federal education loan during their university period and later for their continuing education. In most cases students do not understand the added responsibility that comes with these loans. The major problem comes when they have to repay several loans after their college ends, this is when most students start realizing the cost of loans taken and look out for ways to minimize their monthly expense.

This is when student loan consolidation comes into action for many students. Loan consolidation can significantly reduce the amount of loan taken from private or federal lenders by combining the total amount into one loan which helps the student to pay for only one bill at the end of month. Moreover the interest rate of such a loan is quiet low compared to private student loans which is another fact why they are much more popular among students.

An average graduating student gets a degree along with a ,000 loan to pay back, this amount can be considered high when comparing the student’s situation at that period of time. Living in the transitional phase from changing career and with their first step in the real world these students normally lack the ability to carry their financial burden successfully upon their shoulders. Considering this fact the government offers federal loan consolidation programs that can mitigate the need of paying numerous bills each month. The new loan offered by the federal government student loan consolidation program is a fixed rate loan unlike any other student loan, these loans are very easy to apply for compared to other federal loans for regular students and can also help you to save a lot of money at the end of repayment period.

Unlike other loans, a federal loan consolidation program should be for more than 00 and has very few background checks. The student should not worry about the eligibility requirement as the lender will verify everything with their own resources.

Once approved the lending company will pay all the previous loans taken by the student and the student has only to pay the new loan amount with a lower interest rate in an even longer period of time. These student loan consolidation programs come with various repayment periods which are lower than many other federal loan programs, thus students can use the grace period to further reduce their rate of interest. A major advantage of consolidating your loan is that it gives you time to settle down after your college period, most students can not find a job instantly they leave their college which can be an added pressure on students who already face problems of repaying their loan. Consolidating several loans you can get enough time to think about your career prospective and decide to choose a better paying job than choosing a less attractive job with low pay only to pay for your education loan.

If in case a student can not get a student loan consolidation program then they can use the regular debt consolidation plans too consolidate their student loans but these general loans can cost them more than an average student loan consolidation program as these loans are meant to be sold with higher interest rates and low repayment period.

Federal student loans are loans that the government provides for students in order to help them through their schooling. Find out how to apply for federal student loans for undergraduate, graduate or doctorate schooling with help from a financial aid officer in this free video on student loans. Expert: Brooke Kramer Contact: www.argosy.edu Bio: Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. Filmmaker: Michael Burton

More Student Loans Articles

No Credit Check Student Loans: Good Option for the Students to Fulfill Education Needs

No Credit Check Student Loans are the relief for the students who are under the bad credit history and they don’t fulfill the education necessities. Then bad credit students can apply for No Credit Check Student Loans. The borrowers of No Credit Check Student Loans don’t require credit check, co-signer or collateral to place No Credit Check Student Loans. The bad credit students can’t find better loans than No Credit Check Student Loans. When the bad credit students will apply for No Credit Check Student Loans, they will find attractive process of No Credit Check Student Loans as their No Credit Check Student Loans amount will be sectioned into their account in their college bank automatically within few hours on the same day they apply. Seeing high label study No Credit Check Student Loans have brought large amount its range from 0 to 000. If the students have good credit history, the amount range can surmount on their requirements. But before applying for No Credit Check Student Loans the applicant must be more than 18 years or he/she is studying in UG, PG and active checking account must be at least 6 months old. They can get No Credit Check Student Loans and they can meet all your requirements like tuition fee, hostel fee, and extra charges like purchase of books and so on. Generally a graduate student can avail a loan amount of up to 000. The interest rate is low for the students who avail No Credit Check Student Loans. Availing No Credit Check Student Loans over internet is very simple and fast. When you will apply online for No Credit Check Student Loans, you will find several lenders providing No Credit Check Student Loans. But you are to opt a right lender one of those lenders, the lender will provide you an online No Credit Check Student Loans application form to fill up personal details according to application form. The lender will complete rest of the work and after verification the No Credit Check Student Loans will be transferred into student’s account by the flexible within few hours. After No Credit Check Student Loans the students can use No Credit Check Student Loans for purchasing important objects like computer, books or others. The repayment of No Credit Check Student Loans is for 84 months and if this repayment is less for your study, No Credit Check Student Loans can be repaid by completing their study. After using No Credit Check Student Loans the students can bright their career.

What Is A Good Credit Score? What is A Bad Credit Score? How Do I Improve It?

Individuals who have good credit scores are always afforded more opportunity than those who don’t.  They’re eligible for loans and other forms of credit at substantially lower interest rates.  They also live with a sense of security, knowing credit is available to them if they truly need it.  Their good scores serve as an assurance to creditors that they are a low credit risk and can be trusted with money.  If you have a bad credit score, you can expect substantial difficulties in obtaining credit. When you do get credit, it is usually provided with extremely high interest rates that range from 30% APR and higher.  Your bad score makes you a financial risk and most lenders simply want to stay away from from you.

Most people simply don’t realize the full impact of having a bad score until it is too late.  Interest rates usually begin creeping up as your score goes down.  These rates can have a financial impact.  Higher interest means you pay more money to simply service the debt, which means less money goes to paying off the debt and to cover other household expenses.  If you plan to get a loan, it is advisable that you improve your credit as much as possible.  To have an idea of what a good score is, you need to understand the score range.

A credit score ranges between 300 to 850.  The average credit score in the last few years has been around 650 to 670.  Your goal should be to have a score above the national average.  Aim for 700.  With that, you will have a solid credit score and will attract better rates for loans.

If your score is around or below the national average, you should start trying to improve it today.  Since the housing bubble popped, lenders have tightened their standards.  Most simply won’t consider a person for a loan who doesn’t have an above average score.  Fortunately, you can take steps to raise your credit score today.  First, find out your score.  Most don’t even know that.  Secondly, don’t make matters worse.  Stop going in debt.  Cut up your credit cards.  Finally, make your payments on time and pay down as much of your debt as you possibly can.  I know for most people this can be difficult, but you just have to get creative.  Look to cut household expenses that are wasteful.  Most people spend more money than they should.  Apply those savings to your debt.  If you can, get a second job or maybe sell off some things on eBay.  Downsize your junk and pay off that debt. You will not regret it.

Using credit responsibly is the only solid plan there is for improving your score.  You just have to reestablish a pattern of paying your debt obligations.  Beyond that, you need patience to see this through.  After a few months you will notice improvements in your score as creditors report your positive payment activity to the credit agencies.  Start today and you will see results sooner.

Good, Average and Bad Credit Score Range

Credit scores generally range between the low 300s and the mid-800s, so surely a score of 600 is a good credit score, right?

Actually, a score of 600 is a bad credit score. Your credit score directly affects how much money your loans and other types of financing will cost you over your lifetime. Let’s take a look at the breakdown of credit scores:

Excellent credit score: 720 and Up

Credit scores in this range will open up the best interest rates and repayment terms for loans. If you want to make major purchases, such as an investment property, this credit score range is where you want to be.

Good credit score: 680 to 719

A credit report score in the 680-and-up range is good news for you. You can still get decent terms from lenders, although not as nice as those offered to borrowers with truly excellent credit scores. If you’re shopping for a first home, a score in this range is certainly considered to be a good credit score, and it will get you an acceptable mortgage. You’ll likely also be able to refinance your mortgage for better terms on an existing payment structure.

Average credit score: 620 to 679

This is the absolute minimum credit score you can carry and still get fair mortgage terms. Smaller-ticket items that require financing are doable in this range, which is several notches below a good credit score. However, you’ll be better served by reviewing your credit history report and taking steps to improve your credit score.

Poor credit score: 580 to 619

Although you won’t necessarily have any problems getting loans with a credit report score in the high-500 to low-600 range, you’ll get those loans on lenders’ terms. Be ready for higher interest rates, and expect finance charges that will hit you right in the wallet. The good news is that you can build your credit score from here by monitoring your credit reports and by being responsible with your finances. Note that this range is also the lowest workable credit score range if you’re shopping for auto financing.

Bad credit score: 500 to 579

If your credit falls somewhere in this credit score range, financing terms will cost you big-time. For long-term loans, such as a 30-year mortgage, expect to see interest rates that are at least three percent higher than interest rates awarded to borrowers with good credit. For shorter-term loans, like a 36-month auto loan, the effects of your bad credit score are even more pronounced. Expect interest rates almost double those offered to consumers with good credit scores.

Miserable credit score: Less than 500

At this point, your credit score is so bad that getting any type of financing is almost impossible. If you can get loans, they’ll carry nearly punitive interest rates. If your credit report score is below 500, it’s time for action. Get a copy of your credit history report, and make an appointment with a credit counselor.