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Having no credit is generally better than having bad credit because it means you have not yet established a credit history, whereas bad credit indicates a history of not managing credit responsibly.

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AnswerBot

5mo ago

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Related Questions

Do you need to have good credit?

It would be better than having bad credit.


Is no credit worse than bad credit?

Not having a credit history is better than having a bad credit history. Bad credit is very bad... No credit is good. you are now ready to apply for credit. Start small, like a department store credit card. You must establish credit and use it in order to get a credit rating.


Is having no credit the same as having bad credit?

no, it is a thin file and will show as a 0, bad credit will show a score of 350-less than 600


Is having more than one charge off on your credit score bad?

No


Credit unions for bad credit?

Credit unions typically give better interest rates on loans compared to most banks provided you have an open account with them that's in good standing. Just having an account with them won't make your credit better but if you need a loan you'll get a better rate there than many other places.


Do remortgages increase your risk of having bad credit?

Yes they do actually. Remortgages is known to be the highest risk of bad credit than any other thing.


If you move from Canada to the US and have bad debt in Canada will it effect your credit in the US?

When a Canadian moves to the U.S. their credit history in Canada is irrelevant. They will have no credit in the U.S. though, which can be worse than having bad credit. hi


How to obtain a mortgage with bad credit?

If you have a bad credit rating, you will have to pay a higher interest rate. This will be like a penalty for having bad credit.


Will having no credit cards or outstanding loans improve a credit rating over time or is having at least one account that is current better?

You have to have credit in order to have a credit history and a credit score. Every consumer needs at least one installment account and two revolving accounts that are managed properly for optimal points during the calculation that produces a credit score. It can be harder to get the credit you need, such as a mortgage loan, with no credit history than when a borrower has bad credit. Also, if a consumer has bad credit; positive, ongoing,accounts will offset the negative information.


How does having bad credit affect my mortgage payments?

If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.


Is bad credit erased in 7 years?

NO. If you have bad credit, it will only be erased if you make it better. Paying bills on time, paying more than is due on payments and staying within your spending budget is a way to build your bad credit into good credit.


How can one get a mortgage with bad credit history?

Although having a good credit history is better when applying for a mortgage it is possible to still get a mortgage with a bad credit history. When getting a mortgage with a bad credit history, one will have to pay a higher interest rate. Show the mortgage lender that you have a good job that will cover your mortgage. If you eliminate all other debt it looks better to the lender and gives one a better chance at getting approved.