ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is a Bad Credit Score? A credit score in the range of 300-550 is considered as bad. If you have a credit score that falls in this range, you will need to take serious measures to improve it. Having a bad credit score will not make you eligible to avail a loan or get a credit card.

Detailed explanation-2: -Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 300 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.

Detailed explanation-3: -Very Poor: 300-499. Poor: 500-600. Fair: 601-660. Good: 661-780.

Detailed explanation-4: -A 300 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you’re looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn’t require collateral or a security deposit.

Detailed explanation-5: -Credit scores issued by the most popular credit-scoring models in the U.S. begin at 300. However, this is unlikely to be your first credit score unless you are irresponsible with your finances. You typically start building credit after you get your first credit product, be it a credit card or a student loan.