subject: How to Tell If Your Credit Score is Bad (Say No to Any More Humiliating Credit Rejection Letters) [print this page] Who else is unsure whether or not they're credit score is bad? Have you seen your score....but simply are completely unsure how to interpret it correctly? If you are anything like I was when I first got started on the path to understanding (and fixing!) my credit score and report, you are probably completely overwhelmed with confusing data, strange codes, explanations that don't seem to fit, and a score that might as well come from out of space or be written in Greek!
Years ago, when I had my first credit related issues, I actually had GREATER difficulty trying to UNDERSTAND my credit report, than I did getting it "righted" later.
Filed Under: Understanding Your Score
The truth? As I write this, the consumer confidence, financial well being and credit score of the country as a whole is at an ALL time low! All this means for you is that you simply don't need to feel ashamed if your score is lower than you'd like.....and, the good news is that as we go forward, there may actually be some "grading on a curve" if you've had problems during the last few years. (simply because so many others have as well)
That being said......if you're score is a 649 or UNDER, it's considered weak. If you are OVER 700.....you have a GOOD score. And as you get closer to the 800's and above.....you can truly say your credit is A+, and you shouldn't have any problem getting just about any sort of financing you choose.
Filed Under: Danger Signs That Kill Your Credit Score
While this article is NOT about fixing your credit, you should know that public record items have a very dramatic effect on your credit score. Tax liens, bankruptcies, judgements and other public record info is considered especially serious....specifically if left unpaid. If you do decide to try to repair your credit on your own, the first step is to get a copy of your report, and simply begin by attacking THESE particular blemishes with disputes, as they can often have incorrect information that is easy to challenge. (and have removed from your report)
They also...as you should know if you've look at your credit report lately, appear in the very BEGINNING of the report itself, making it easy to identify the most serious items that require immediate attention, if you have any plans to apply for a job, housing or loan in the near future.
And remember this.....
If you know you're score is bad, simply DON'T apply for credit and you won't be rejected! Yes it sounds simple.....but the WORST thing you can do when you're credit is in a down cycle (and under the national average score wise) is apply for financing that you KNOW you won't get.
Simply step back, evaluate and ATTACK your report with an eye on fixing the inaccuracies, and then double back and apply when you're UP 100 points or so. (advice I wish I had taken many years back).
How to Tell If Your Credit Score is Bad (Say No to Any More Humiliating Credit Rejection Letters)
