How do I know if my credit score is bad?
How can you tell if your credit score is bad? Is there a certain surefire sign your credit is NOT up to snuff before you apply, or do you need to actually submit a credit application and get declined to know for sure that your fico score FAILED?
The truth is, credit scoring (and your report) is an ever evolving process with ups and downs and progress and pitfalls, and knowing what causes WHAT to cause what will save you a lot of aggravation along the way.
Check out the short article below on what causes your credit score to fall, and what you need to know BEFORE you apply for new credit to boot!
Order a copy of your credit report. According to the Fair Credit Reporting Act, you have the right to a free credit report once a year from all three of the bureaus. You can order a tri-merge report with all of your credit information and scores together or individually from TransUnion, Equifax and Experion.# 2Institutions have different parameters for extending credit for credit cards as well as lending money for mortgages, auto loans and personal loans. Even a lender who issues loans to people with excellent credit as well as sub-prime credit offer different interest rates and terms based on credit scores and history.# 3There are no set lines in wher