Different lenders have different standards for what bad credit is. Scoring companies usually consider payment history, credit use and limits, type of credit, age of credit and new accounts. The bottom line is that bad credit can prevent you from obtaining future credit and loans.
Bad credit can have a wide range of consequences that affect various aspects of your financial life, making it more challenging to access credit, obtain favorable loan terms, and even impact non-financial aspects of your life. Here are some of the significant consequences of having a bad credit score:
Bad credit and too much debt are a vicious circle. Bad credit happens when debt gets out of hand, and you have trouble making payments. But it can be hard to get out of debt when you have no money and bad credit. Debt settlement offers when a creditor has agreed to accept less than the amount you owe as full payment. Once it accepts that deal, the creditor can’t continue to hound you for the money and you don’t have to worry that you could get sued over that particular debt.
The option of settling your debt for less than what you owe is something worth exploring, especially if you have fallen victim to bad credit. CuraDebt has been helping individuals and small businesses for over 22 years nationwide. As of May 2023 CuraDebt received a score of 5 out of 5 on CustomerLobby for a total of 1179 customer views. CuraDebt is an Accredited Member of the American Fair Credit Council. Contact us for a free consultation. 1-877-850-3328.
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