Where does one go from a fair credit situation? - Limited/Bad/Fair Credit Questions


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » Where does one go from a fair credit situation?

Where does one go from a fair credit situation?

Answered on | Updated on July 9th, 2010
The content is accurate at the time of publication and is subject to change.

There is one bottom line common to most people which is the credit score. The credit score, which through a set of calculations, past records and payment history decides what, is the creditworthiness of a person. This score then determines how good you are in the market where borrowing and lending goes on incessantly, be it through credit cards, personal loans, auto loans, insurance, payday loans, secured or unsecured loans. Those with a high credit are pampered by credit card companies with reward offers and low interest rates. What does it then mean for a person to have a fair credit score?

Although there is no fixed range, those who are between 630 and 680 are said to be in the fair credit range. In other words they are the 50 иC 50 people. Some lenders lend them money at high interest rates while some others choose to altogether ignore them. Sure, if one has a fixed plan and implementation procedure, the credit score can be improved, the best option is to first start with a decent credit card without falling for the trap of no credit check loans and balance transfer credit cards, which are all but few months away from making you bankrupt, if you miss the payments a few times over.

Fair credit rules are in place exactly for the same purpose that a person has the opportunity to rectify his or her credit score if it hasn’t already been done. Your credit score can be viewed by people with whom you apply for a loan, credit card or insurance. As per the fair credit reporting rules, if they reject your application, you will at least have a chance to find out which part of your credit history did you in.

The credit bureaus which collect all your information about the applications, loans, insurances, monthly payments etc. are liable to provide you the report if you want to view it yourself. The regulations also give you the chance to sue data providers and the credit bureau for damages due to incorrect credit records. Also, you can use the credit report to your benefit, by building your credit history keeping certain things in mind. The main problem with getting stuck in a fair credit range is that if you are unsure and apply for a loan or a credit card, and your application gets rejected your credit score goes further down.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Comments are closed.

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit
Instant $500 Credit Line. No Credit Check.
Bad Credit
Monthly reporting to the three major credit bureaus
Fair/Bad Credit

Other Questions in
Limited/Bad/Fair Credit

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!