If you have a credit score that it less than 720 then you have all reasons to be worried. The credit score of less than 720 is considered as a bad credit score. A bad score of the credit can be due to any financial reason like non-payment of credit card bills, home loan or a car loan and so on. All these factors affect your credit score and thus your credit history.
There are 3 main agencies that look after your credit history and prepare your credit report. These are the Transunion, Experian, and Equifax. These agencies collect all your financial history and based on that prepare your credit report.
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If you have a poor credit score or a D- score, then no lender will be willing to pay you loan. Who would want to lend money to a borrower who seldom pays back? Would you? Same is with them; every lender nowadays looks at the score of your credit before approving loan.
Getting a poor credit mortgage is difficult. You would have to do search and look for various poor credits mortgage lenders. These lenders no doubt would give you loans but then they would charge high interest rate.
There may be a variety of situations due to which you need to take loan on a high interest rate despite of your bad score of credit. Some of the most common reasons are:
1. You have lost your job and need money for your living.
2. You need a house to live in and need money to pay our rents. Renting is a big time problem as you never get a chance to make anything from the rent you pay.
3. If you plan to buy your own house then every payment reduces your monthly income.
Having a poor credit history is not an end to life, try improving your credit score before applying for the loan to get reasonably low interest rates.
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