No Credit vs Bad Credit History [Get Tips To Build Them]


The only similarity that exists between No Credit vs Bad Credit History is that you get both of them because of not so good credit score.

Other than this there are nothing as such things like common.

If you are a US citizen –you must understand the value of good credit very well. People there with not so good or below average credit score are found less attractive to lenders. Moreover a bad credit score also signifies that you must have done any missteps or default in payments.

Therefore if you also fall in any of such categories and want to rebuild or build your no Credit Or bad Credit History keep your eyes on this blog only.

So before jumping over to how to build one lets first understand that how much score is defined as good credit score.

 

 What Does It Means To Have A Good Credit Score?

 

Good/bad credit is a classification for an individual’s credit history. Generally, the credit classification can be broken into 5 tiers: exceptional, very good, good, fair and poor. Borrowers with a good credit score should fall in any one of the top 3 categories, otherwise, it falls into a bad credit score. Normally, the credit score range from 300 to 850.

·         If you have a score ranging from 800 or higher, it’s exceptional.

 

·         If you have a score ranging from 740 to 799, it’s very good.

 

·         If you have a score ranging from 670 to 739, it’s good.

 

·         If you have a score ranging lower than 670, it’s referred to bad credit.

 

 Ways To Build Good Credit Score From Scratch

 

·         Using a credit card responsibly

 

 Credit cards are an option available for non-resident aliens. Thus, if you are qualified to apply for a credit card, do it. From there, you can use your credit card to pay bills or subscriptions etc. But remember to pay your credit card bill on time and in full, demonstrating that you’re a reliable borrower.

 

·         Applying for a student loan

 

 Non-resident may find it tough to get student loans, and it gets more  harder if you don’t have a U.S. credit score. However, certain companies do provide Online Loans For No Credit or bad credit. By paying for such student loans, one can establish and build good credit.

Once you accumulate a good payment history, like paying the bill each month on time, staying below your credit limit, you can create a documented paper trail of your excellent credit history. With that you can prove to lenders or landlords of your trustworthiness and reliability and can avail loans.

Now moving onto ways to improve your bad credit score and turn again to having good credit score.

 

Ways To Improve Your Bad Credit Score

 

If you currently facing problems due to bad credit, here are 5 steps to improve it: 

·         Pay off any bills you are behind on

 

·         Then always remember to make your payments in full within time

 

·         Work to reduce the amount owed so your debt-to-credit ratio is lower

 

·         avoid using credit cards until you get your debt under control

 

 To sum up, on Bad Credit Or No Credit history does not mean bad credit, but both aren’t good. Don’t be worried about not having credit when you first arrive in the U.S. as an international student. Start building it and manage it with caution, so you can have an excellent credit score over time.

However if you are running short of finance at present and no lenders are ready to give payday loans for bad credit or personal loans for bad credit… don’t worry!!

Coz Loan magnate is here to help you out in these situations only.

 

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