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What is a poor credit rating?


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Answered 2010-02-09 23:07:43

a poor credit rating would be 0


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When you have poor credit rating, you might have to be prepared to pay higher down payments and maybe higher monthly dues. But be prepared in all cases to be paying higher rates because of the poor credit rating!

Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.

There are very few actual dangers, however inconveniences of having a poor credit rating when one is applying for a loan are that the lower one's credit rating is, the less chance one has of gaining the loan one wants. Another inconvenience is that if one has a poor credit rating, one does not attract the more favorable interest rates that someone with a good credit rating will attract, and the amount of credit one is offered may well be a lot lower than a person with a favorable credit rating.

Poor credit rating means the person has received negative feedback from lenders in his/her past. This can be because the person did not pay back his/her loans in time, or at all.

A person's credit rating can be improved by paying off old bad debts or unpaid bills that may be affecting your credit rating. Some companies will give people with poor credit a credit card to clear all old debts and consolidate their debts into one payment.

For people requiring loans when they have a poor credit rating then they may be able to get a poor credit loan from several companies advertising poor credit loans. Sites such as Tesco Bank and Norton Finance offer loans to people with poor credit.

Credit rating is a reflection of how well an individual pays back their dues. If an individual has taken out loans and failed to pay them back on time, in full, their credit rating will reflect it.

Mastercard is a well-known company that offers a credit card to people with poor credit ratings. The objective is for those with poor credit to be able to strengthen their credit ratings if the card is used responsibly. Capital One and First Premier also offer credit cards to those with a poor credit rating.

You can qualify for a mortgage with a bad or poor credit rating at your local bank or credit union. You may have to do certain things such as eliminate all other forms of debt you currently have or finding a co-signer first though.

Your credit rating is assessed by companies on your past history of paying back money you have borrowed. People that have never borrowed money will not have a recognised rating. As far as companies are concerned this is considered a poor risk and you may be classed as having a 'bad' credit rating.

Merchant accounts are often given to individuals with no or poor credit ratings. However, the longer that you are in business and as your monthly charge volume grows, your credit rating becomes more important, and it is then important to have a good credit rating.

If one has a poor credit rating, they may find it difficult to get a loan. Some ways to get a loan with a bad credit rating include, getting a secured loan by using one's house to secure a loan. If one does not have a house, one can apply for a secured credit card which helps to rebuild one's credit history. One can also get a private loan from a private lender, but, be prepared to pay a high interest rate.

Examples for websites that offer information about home loan mortage rate quote for people with poor credit rating are Realtor, Mortgage Calculator and Homeguides SF-Gate.

Which among these is a credit rating ?

A poor credit rating makes one an undesirable client at a lending agencies such as banks, therefore a mortgage broker might be the best place to start.

Bond credit rating is used to assess the credit worthiness of a corporation or government's debt issues. A bond credit rating is similar to a credit rating that an individual person receives.

If one has been refused credit or has a bad credit rating, car loans are still available. Sites such as Carloan 4U, Stoneacre and MoneySupermarket all have information about taking a car loan. They offer credit based on what one can afford regardless of a poor credit rating.

A credit score rating is not hereditary. If your parents have bad scores, it doesn't affect you, unless they are deadbeats and applied for a loan under your social. You build your own credit score, which under 650 is generally considered poor.

The credit card company will pursue you for the unpaid debt, usually they will get a court order which will give you a very poor credit rating for several years

If a customer's credit is really bad, then they may not be able to get a loan. If a customer's credit rating is poor, they may be able to get a loan at an APR of 12% - 15%.

There are a number of companies that will offer a mortgage to someone despite a poor credit rating. However, the borrower should be careful as the interest rates can be very high for these loans. In the United Kingdom, the website MoneySupermarket has a list of mortgage companies that will lend to individuals with poor credit. Some of the companies listed include Ocean Finance, Amigo Loans and Aspire Money.

A poor credit score can often prevent an individual from obtaining another credit card, including rewards cards. Many financial companies do not want to offer credit to those with a bad rating for fear that they will not be paid for the charges incurred.

A credit rating is a rating of how well a person pays their bills. If bills are paid on time the credit rating goes up.

The purpose of a credit rating is to determine a person's creditworthiness.

Pacific Credit Rating was created in 1993.

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