What Is A Bad Credit Score?

July 8, 2021 | Emma Frost

bad credit score

 

What is a bad credit score and how does it affect your ability to get financial help when you need it the most? Better yet when are you expected to have a decent score and why does any of it matter?

As it turns out, you may be exactly where you need to be without even realizing it. Plus, you don't have to improve your rating until you are absolutely ready.

In fact, there are ways to get fast cash even if your credit is bad. But first, you have to determine what's considered bad and what's not. In general, bad credit means you have low scores or negative marks on your profile.

But it can mean more or less depending on what you do with your time. So, here's what you need to know about your credit score.

Things You Should Know About Your Credit Score

What Is A Bad Credit Score For A Young Adult?

First up, what is a bad credit score for someone who is just starting out? Usually, "bad" credit in that situation includes anything under 500. It may also include young consumers who haven't established a credit profile yet.

That could mean you're not actually a liability but just not financially secure enough to get accepted for certain types of financing. Consumers must be at least 18 years old to get accepted for a line of credit on their own, which means many people don't even get started until after they graduate from college.

What Is A Bad Credit Score For An Older Adult?

By the time you hit 30 or 40 years old, your credit profile should be well established. It should also have several lines of credit that have been paid off successfully, as well as older accounts that continually revolve.

Negative marks can drop your score though, so what is a bad credit score for someone middle-aged? Some say anything less than 700.

The average person in the United States has a credit score of about 710 or lower. Meanwhile, most traditional banks require much higher numbers to approve money requests and they demand a lot of physical collateral as well.

 

Nevada title loans

 

What Is A Bad Credit Score For Getting Loans?

Wondering what is a bad credit score for loans? Well, the ideal credit score needed to get approved for a loan may be difficult to obtain, and that's because the world is an unpredictable place.

Because banks ask for a score of 700 or better in most cases, consumers struggle to make ends meet and then fall victim to a cycle of late payments, finance charges, and debts. There's another option when an emergency hits and you need a loan to help.

Get A Nevada Title Loan For Emergency Help

When you need emergency help but have bad credit, you can still get a substantial secured loan even if your credit is less than perfect. And your age doesn't matter either as long as you are over the age of 18.

It's called a Nevada title loan. This loan uses your vehicle’s lien-free title as collateral and you can keep your car while you repay the loan.

Essentially, you can bypass the bank’s good credit requirements to receive the cash you need before things get worse. In fact, if you qualify, you can get up to $15,000 to help with emergency expenses. The amount you could qualify for is based on your vehicle’s appraised value.

Of course, you must note that this loan will not permanently fix your situation. It is short-term help, and should only be used for emergency purposes.

How To Get A Nevada Title Loan With Bad Credit

To get a Nevada title loan you must follow a few simple steps. This loan process was made to be quick and convenient. If everything checks out, you should know if you qualify in 30 minutes or so. Follow this guide to get started:

  1. Go to the Nevada Title and Payday Loans, Inc. website to get started and fill out the short online form. When it is processed by the nearest title loan near me location, an agent will call you to confirm your basic information and set up a meeting with you.
  2. When you are finished on the phone, you can grab the required items and head to the store. You will need to bring your driver’s license or state-issued ID, your lien-free title, and your vehicle for a quick inspection.
  3. When you arrive, a loan representative will inspect your vehicle to determine how much you could qualify for. They will also assess your other items and determine if you qualify for approval. This process should not take long at all to complete.
  4. If you do qualify for approval, they will go over our loan terms with you in detail. They will also help you finish up some simple paperwork. Once you agree with everything and sign the papers, you can have your money the same day.

Learn About Your Credit Today

Knowing about your credit is the first step to improving it. You should know what is a bad credit score for each phase of your life. And when you run into an emergency you cannot handle alone, turn to Nevada Title and Payday Loans, Inc. for a title loan. Fill out the online form when you are ready.