![]() ![]() It can also impact rental applications, insurance costs, utility deposits and credit limits. What is a bad credit score?Ī bad credit score is a FICO score below 580 and a bad score in the VantageScore model is one below 601, both of which fall in the fair or poor credit ranges.įor people with poor credit scores, qualifying for loans and credit cards with favorable terms is often difficult.Ī low score can make it harder to borrow and lead to higher interest rates if you do qualify. However, you might need to be at the top of the “good” range or higher to obtain premium rewards cards with the most lavish perks.Ī good credit score can also help you get a relatively low interest rate - an important consideration given that the average credit card APR is well above 19 percent. This kind of score can help you qualify for a variety of credit cards that offer generous rewards and other benefits, especially if your score is above 700.
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