Understanding the Consequences of Having a Credit Score Below 500
What a credit score below 500 means for you
A credit score below 500 means you're considered a risky borrower, making it difficult to get approved for loans or credit cards. Expect less favorable interest rates, higher costs, and potential credit score damage if you fall behind on payments.
Boosting your credit score
One way to improve your credit score is by making timely payments on your debts. Consider applying for a secured credit card to start rebuilding your credit history and increase your score over time.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.