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Bad credit is a menace for borrowers who want to take a loan. Bad credits can also influence an individual’s chances of renting an apartment or landing a job. Bad credits that hinder people from obtaining a loan can be measured using a credit score. A credit score is simply a number used by lenders to measure the borrower’s risk level. Therefore, borrowers should consider credible lenders like banks before borrowing any loan. In the U.S, 27 percent of the population has a credit score that ranges from 750 to 799. On the other hand, two percent of the population has credit scores of less than 500. Moreover, credit scores of above 750 are regarded as good while those of below 550 can not be granted any loan.



Credit scores have several factors that determine the borrower’s ability to repay a loan. The payment history gives the lenders a chance to observe whether you repaid your previous loans in full and an on time. The amount owned is a vital factor that lenders consider because they view borrowers with a large debt as risky and less likely to pay back.

The other factor is the length of credit history whereby lenders consider borrowers with an experience of managing their debt in a responsible manner. Further, lenders look at the borrower’s credit, for instance, mortgage, credit card, and installment loans. Finally, lenders are vigilant on the borrower’s new credit whereby borrowers get a lower credit score when they are applying for many short-term loans, thus a greater credit risk.




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Bad credits can harm individuals when to you are looking for a loan to take a mortgage. This is because banks will use a credit score to measure the amount of loan you require, the interest rate, and the repayment period. Bad credit may disqualify a borrower from obtaining a mortgage if the interest rate is higher for the borrower to pay.

When landing a new job, employers can look at the credit score of the employee during the application process. In some cases, the employee with bad credit may not be lucky to get the job. Car insurance companies are watchful for individuals who believe that low credit scores and accidents are connected. These companies rarely issue insurance to individuals with bad credit.

Home insurance is limited to those individuals with bad credit. This is because there are many false claims on apartments or home that are connected with bad credit ratings. Additionally, water, gas and electricity companies require individuals with bad credit to put up a larger deposit.


Individuals with bad credits can opt to borrow money from the alternative lending sources. Many experts have advised individuals with bad credits to obtain loans from their local Credit Unions. In the U.S, credit unions are smaller compared to banks. Members are usually the owners of the Unions. The Credit Unions are non-profits that benefit its members through decreasing their members’ fees. Additionally, family and friends are helpful when an individual has bad credit. Peer-to-peer lenders are lending network platform that allows borrowers to bid for their loans with diverse interest rates that are fair for them.

How to Improve a Bad Credit

Paying bills on time avoids lowering an individual’s credit score. Overdue repayment of bills by more than 30 days calls for bad credit. Further, individuals should focus on their credit card balances whereby it is effective to clear balances from credit cards compared to paying off mortgages.

People should learn to use their credit cards sparingly even though they are paying off their credit card debts on a monthly basis. Individuals should consolidate their loans to avoid being penalized for having many outstanding accounts. Consolidating all credit debts into one card enhances a healthy utilization rate.





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