What is a Bad Credit Score and Can I Get Bad Credit Loans?



A credit score is a three-digit number that is used to determine your creditworthiness. Many credit rating agencies determine your credit score based on your credit report that includes various factors such as loan repayment, credit utilization ratio, and the number of loans. If we talk about the FICO credit score, it usually assigns a credit score between 300 and 850. A score below 670 is termed a bad credit score.

Traditional financing institutions consider any score below 670 bad, but actually, it is not bad. A credit score in the range of 580 to 669 is rated fair, and any score between 300 and 579 is rated poor.


Here are The Fico Score Ranges:

300-579: Poor       

580-669: Fair

670-739: Good

740-799: Very Good

800-850: Exceptional 

How to Get Bad Credit Loans?

Credit score plays an integral role when you apply for loans. Banks and traditional financial institutions do not offer loans with a bad credit score. But, you can easily get bad credit loans from independent lenders. They may charge you a little higher interest rates than traditional lenders, but they accept the application with a bad credit score.     

Location: Canada

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