Take steps to get your loan application approved and learn about personal loan alternatives.
Most credit scores range from 300 to 850. A “poor” credit score is anything under 580.Your payment history accounts for 35% of your credit score, so paying your bills late can lead to a low credit score.Credit use is how much you owe on a credit card versus your limit. The closer you are to that limit, the higher your credit use, which can lower your score.Negative items on your credit report can impact your overall score and stay on your report for years after.
Most lenders prefer to work with borrowers with a DTI below 35%, though some may accept a higher ratio.Credit report errors can happen when a lender or creditor makes an error while reporting data to the nationwide credit bureaus: Equifax, TransUnion, and Experian. Errors can also occur as a result of two people having similar personal data such as the same name, similar Social Security numbers, same birthday, or similar addresses.
An example of a credit report error is a duplicated account where one of your accounts is listed twice. If you owe money on that account or missed a payment, your report will reflect that and show double the debt or late payments, which can lower your credit score considerably.to have it removed from your credit report and potentially improve your credit score.
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