2007-11-30 05:39:24 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I don't know what moron told you that your credit is -375 but F.I.C.O. reports from 300 to 850 period.
Anything that calculates to below 300 defaults to 0.
Now, if your score is actually 375? Your chances of getting any type of credit other then a secured credit card are slim and none.
2007-11-30 05:44:38 · answer #1 · answered by ? 7 · 7⤊ 0⤋
While each lender decides what credit score it considers a good risk, if you're credit score is generally 650 or better, you will probably be considered a good credit risk (meaning, you're likely to pay off a loan on time and in full), and you'll therefore qualify for a prime (i.e., desirable) interest rate.
Credit scores below 620 put you in a greater risk category in the eyes of lenders, which means you'll probably have to pay a higher interest rate (also known as a "subprime" rate) on your loan. A low credit report rating will also limit the amount of credit or the size of the loan you're able to receive.
Some tips: It's in your best interest to do everything you can — from paying off outstanding loans to making credit card payments on a timely basis — to achieve the highest possible credit report rating.
more info on credit: http://credit.privacymatters.com/learning-center.aspx
Good luck!
2007-12-03 04:57:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A credit score is a number, generally between 300-850, assigned to you to rate how risky a borrower you are--the higher the score, the less risk you pose to creditors.
While different lenders may evaluate scores differently, generally, a score above 680 is considered to be prime. Individuals with scores between 680-575 are likely to receive subprime loans, and individuals with scores below 540 will generally be denied credit altogether. If the individual is listed as having filed for bankruptcy, it results in a 160-220 point deduction on their credit score. A bankruptcy will remain on a credit score for 7-10 years. If a delinquent account is added to the individuals credit file, 70-120 points are subtracted.
2007-11-30 05:51:04 · answer #3 · answered by Tom Z 7 · 2⤊ 0⤋
IF you legitimately have a negative credis score... No.
However, the Credit Bureaus don't deal in negatives. So, if you have a credit score of 375, most financial institutions will show you the door. Unless you are willing to pay some rather ruinous rates...
2007-11-30 06:04:33 · answer #4 · answered by jcurrieii 7 · 0⤊ 0⤋
Apply for a card from Orchard Bank. HSBC issues these credit cards to people with bad credit or little credit history. There is a one time per year annual fee of $60 and the interest rate is high if you carry a balance but at least you will have a card. I have received 3 credit line raises from them in the time I have had one of their credit cards.
2007-11-30 05:49:53 · answer #5 · answered by Kevin Y 3 · 0⤊ 1⤋
Do you mean 375? I don't think those fico people do negatives!
Maybe you should try one of those secured credit cards. It's a step!
2007-11-30 05:53:16 · answer #6 · answered by 1st time mommie 3 · 0⤊ 0⤋
There's actually no such thing as a negative FICO score.
2007-11-30 05:44:13 · answer #7 · answered by Stacia Z 3 · 1⤊ 0⤋