Wednesday, May 26, 2010

My credit score is 460 how bad is that?

In the lending business.... you would be classified as a %26quot;credit criminal%26quot;. Sorry, but the chances of you obtaining credit without a great deal of equity, or going to a loan shark, is nill. Paying off past obligations, staying current, and living within your means is the ONLY way that you will be able to raise that score.



My credit score is 460 how bad is that?

Considering that the national average is 675, 460 is BAD.



Credit scores only report down to 300 then they convert to 0.



Not that you could not get a loan with your score, you can but the rates are going to be whatever your State maximum allowed is. And if it%26#039;s for a vehicle, you can look to make a down payment in the $2,000.00 to $3,000.00 range.



My credit score is 460 how bad is that?

crap.



My credit score is 460 how bad is that?

Ouch! That will definitely leave a mark. It may help to know what makes up your score.



35% payment history - any time you%26#039;re late it will show up here. The longer you let a delinquenr account fester, chances are it will become a collection account and tank your score even more



My suggestion to you would be to make arrangements to pay any delinquent accounts you have. If you happen to have any credit cards that are still open start paying on time and pay down the balances. Doing those two things alone will help out some. It will take time to get you back on track, but keep your head up!



30% total debt vs. available credit- this is especially bad if you have maxed-out credit cards or collection accounts. The more debt, the less available credit, the worse your score.



15% length of time establishing credit- how long you%26#039;ve had your accounts will show here. If you%26#039;ve had your accounts less than a year or two, and they%26#039;re already in collections, that%26#039;s how you got to where you are



10% types of credit established- it%26#039;s one thing to have a bunch of credit cards, and another thing to have a bunch of credit cards that you%26#039;re not paying on, but when it comes to credit, having a bunch of credit cards just isn%26#039;t going to cut it. All it shows is that you%26#039;ve now become a part of a growing statistic for credit card debt. Having good credit takes more than just a wallet full of credit cards. Can you finance furniture? Or a car, or some jewelery? There%26#039;s 2 types of credit revolving (credit cards) and installment (car loans, mortgages) You have to have a mix between the two to show that you%26#039;re versatile to handle all sorts of credit.



10% Inquiries and New Acccounts vs. Established Accounts- It%26#039;s easy to open a new credit account and even easier to apply for one. If you%26#039;ve recently applied time and time again, then chances are it will reflect here. Inquiries when applying for credit drops your score anywhere between 2-5 points each time and it stays on your report for 2 years. And if you%26#039;re fortunate enough to become approved, becuase the account is so new, it%26#039;ll have an initial affect on your score until activity has been established on the report for the account



My credit score is 460 how bad is that?

Its awful.



Really anything under 500 takes work to get it that low. But scores can change. Just keep chipping away at it and before you know you might be way up into the 500 range.



My credit score is 460 how bad is that?

Well, the good news is that you now have a starting point to rebuild your credit! Take this opportunity to regroup and reapply yourself to correcting your credit issues. May I suggest a site that can help you do just that.



http://www.thecreditrepairmanual.com



Best of Luck,



My credit score is 460 how bad is that?

Unfortunately, it%26#039;s very bad. So bad that it%26#039;s dismal.



FICO scores range from 300 to 850. Most lenders assign a letter grade system to a range of FICO scores(just like the letter grades you received in school). The guidelines for the letter grade system vary from lender to lender, but here%26#039;s how they generally are:



A = 720-850



B = 660-720



C = 620-660



D = 580-660



E or F = anything below 580



As you can see, you%26#039;d be %26quot;F%26quot; credit. A %26quot;620%26quot; is the general boundary for what%26#039;s considered %26quot;good%26quot; or %26quot;bad%26quot; credit. Once you get a score above 620, you can qualify for loan products at somewhat decent rates that aren%26#039;t considered %26quot;subprime%26quot; or predatory. A %26quot;580%26quot; is the general cutoff for qualifying for most credit(even subprime). It is also the cutoff for qualifying for a first-time homeowner 0% down mortgage(although that guideline is probably changing very soon if it hasn%26#039;t already, with the recent subprime mortgage market collapse).



Your score is so low, that you%26#039;ll probably even get rejected for predatory credit cards like that from Aspire or First Premier. But do not fear too much. All you need to do to raise it is to pay off any unpaid collections that aren%26#039;t older than 2 or 3yrs old(paying off old collections might HURT your score more), pay down credit card balances to less than 30% of the limits, keep up a consistent payment pattern, and avoid applying for new credit.



If you%26#039;re going to apply for ANY new credit at all(which you%26#039;ll inevitably have to do if you don%26#039;t have any open credit accounts on your credit report), make it a secured credit card and a secured loan. The best place to get these is at a credit union. Both of these products work the same as ordinary credit cards or loans, but require an upfront deposit that you get back after ~12mo. or at the time that the loan is paid off. The important thing about these secured products is that it%26#039;ll help you to reestablish your credit. Also, some credit unions do not even require a credit check/inquiry for giving you a secured product...all they ask for is that you currently have a bank account with them, and that you place a deposit into a Certificate of Deposit for a minimum amount of time! So if you do all the things that I%26#039;m telling you to do, then you%26#039;ll probably see your score rebound into the high 500s within 6mo.-1yr. There are more things to do to boost your score. Try searching this site or a site like Creditboards.com for more tips.



My credit score is 460 how bad is that?

460 is pretty bad but you can improve your score rather easily.



-Start paying more than the minimum on your accounts (even if it%26#039;s only $1 over)



-Call your credit card company and get a credit limit increase, this decreases your % of credit used which helps your score.



-Start paying as much on your debts as you can and don%26#039;t add on any new debt and you%26#039;ll be up in the 650 range in less than 6 months.



My credit score is 460 how bad is that?

bad!!! Mine was like that last year. I paid off all my bills that were in collections and I make sure I pay my bills on time now.. Now my score is 600

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