ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 570 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-2: -You can borrow anywhere from a few thousand dollars to $100, 000+ with a 570 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Detailed explanation-3: -What is classed as a bad credit score? When it comes to your Experian Credit Score, 561–720 is classed as Poor and 0–560 is considered Very Poor. Though remember, your credit score isn’t fixed. If your score isn’t where you’d like it to be, there’s plenty you can do to get it back into shape.

Detailed explanation-4: -Pay down your revolving credit balances. If you have the funds to pay more than your minimum payment each month, you should do so. Increase your credit limit. Check your credit report for errors. Ask to have negative entries that are paid off removed from your credit report.

Detailed explanation-5: -800 to 850: Excellent. Individuals in this range are considered to be low-risk borrowers. 740 to 799: Very good. 670 to 739: Good. 580 to 669: Fair. 300 to 579: Poor.