What is Considered A Bad Credit Score?

Feb 3, 2022
Bad Credit Tips


Credit is important when applying for a credit card, loan, sometimes even a place to live. If you have bad credit and want to improve your score, first it's important to understand what impacts your credit score.

 

Ultimately, you have three different credit reports and scores from the three separate bureaus: Equifax, Experian, and TransUnion.

 

When you need money fast and have a bad credit score, Rapid Auto Loans can help as we never run a credit check. We simply ask for your vehicle title as collateral while you pay back your car title loan.

 

What Things Impact Your Credit Score? 

 

There are many things that can affect if your credit score is high or low, including:

 

Available Credit

 

The amount of outstanding credit you have is also important. Keep your credit usage to under 25%. Total your balances and divide it by the total available credit to calculate your usage percentage.

 

Credit History

 

The length of credit history accounts for about 15% of your total score. This means that if you have a solid and stable credit history for many years then you will have a higher score than someone who only has had a card for a few months.

 

Credit Inquiries

 

Your history of credit inquiries and new debt is calculated for about 10% of your total credit score. This means that if you are applying for several new loans or credit cards, your score may drop even if you're approved and are making payments on time.

 

Payment History

 

Your history of payments including if you pay bills on time does affect your score. This includes any utility, phone, cable and internet, insurance, car payments, and store credit card bills. Paying your monthly bills on time and in full will increase your score while paying them partially or late will cause your score to lower.

 

Type of Debt

 

The type of debt you have accounted for about 10% of the total score. The bureau generally sees installment debt such as car or student loans payments as not as detrimental as credit card debt.

 

What is a Good or Bad Credit Score? 

 

Based on the FICO Score range of 300 to 850, a bad credit score is classified as 300-57 while anything from 580-669 is fair. This is known as subprime, which is the term used to describe borrowers they believe will have a hard time repaying back a loan. While getting a bad score can be disheartening, you can repair your bad credit for your financial future.

 

How Having a Bad Credit Score Affects You?

 

When you have bad credit, you will be given higher interest rates for loans you are approved for. You also may have trouble getting a mortgage as this is a large loan and with confidence that you can pay it, many lenders may not approve you for once.

 

Rapid Auto Loans Can Get You Cash Fast

 

While it may be hard to get a conventional loan, getting a car title loan with Rapid Auto Loan is easy with bad credit or not. When you're working on credit repair, don't use your credit cards and use our title loans for emergency cash. We simply use the value of your vehicle as collateral for your loan to get your approval quickly. Start the car title loan application from your home to help speed up the process.

 

For questions about title loans and what is needed to apply, check out our title loan tips or call Rapid Auto Loans at 954-960-7097 to speak with one of our friendly team members today!

 

 

OTHER ARTICLES

Fun, Affordable Vacations For Thrifty Families

Many people think that they can never go on vacation again after having kids or paying back student loans. They think it’s just too expensive. Factoring in the cost of plane tickets, hotel rooms, attractions, and food, it’s easy for costs to quickly add up. But that all depends on where you decide to go, and how you get there. Read on for some affordable vacation ideas for the thrifty family.

Applying For A Second Car Title Loan

Can I apply For A Second Car Title Loan?

Aug 15, 2021
Title Loans

If you’ve applied and received an auto title loan before, you’ll know how handy they can be. Getting that instant cash injection goes a long way when funds are low and you need money now. One certainty in life is that it constantly throws us curve balls. 

quick personal loan

Life happens. Bills pile up and your car is on the brink. You could use some extra cash today, but the bank won't loan you because credit checks say you're a risky bet. Where do you turn for a quick personal loan? A car title loan offers fast cash for those with a vehicle as collateral. No credit check is necessary, and funds can be obtained in as little as one day.

Can I Get A Title Loan With An Older Car?

Many people applying for auto title loans have the same question: Can I get a title loan with an older car? With Rapid Auto Loans, the short answer is, yes! Why should you be penalized because you don’t drive a newer car? But there are some considerations to be aware of. Here’s how you can qualify for an auto title loan.

Florida title loan

Title loans can be a saving grace when money is tight. Not only do they provide instant cash without lengthy processing periods, but there is no need to provide a credit score. Getting a Florida title loan is just as easy, especially when using a convenient provider like Rapid Auto Loans.

title loan

Title Loans are more popular than ever. These days, it’s easy to get into debt. The problem is that many of the loans offered are long-term, high-interest loans. These will only cripple you. Auto title loans are a responsible way to access that extra money when you need it. They come with some great benefits over conventional loans. Here are 5 reasons why you should consider an auto title loan.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.