There is no way to sugarcoat it, but 350 is a terrible credit score, and you are most likely NOT to get a loan approved. The minimum you need to get a loan approved is around 580, and even then, you have to pay substantial interest rates. And if your credit score falls below 400 like me, well, you can forget about getting any conventional loan approved any time soon.
But we all know how expensive living in Nevada can be. Cities like Las Vegas, Henderson, and Reno can be pretty expensive, especially if you have a family accompanying you. An urgent cash crunch can be a part of life, and you must be ready for any adverse financial situations.
Before we dive deep into improving credit scores, let’s first look into the factors affecting credit scores.
Missed Payments: Obviously, missing payments will significantly hamper your credit score, and this is by far the most important reason for having a bad credit score. Remember lenders are not your friends, and they will want to see how you will pay off their money. If you have a history of deceiving lenders and not paying the amount due, you will most likely have a terrible credit score that will be impossible to improve.
Late Payments: Late payments account for more than 35% of your credit score, so it is needless to say the sheer importance it has on your overall score. We understand how easy it might be to miss one instalment of your credit card dues, but unfortunately, it is all you need to receive a bad credit score.
Credit length history: There is a positive correlation between the length of your credit history and credit score. In general, longer credit history is often associated with trust and a better credit score. This accounts for around 15% of the credit score, so it does have quite a significant impact on your score. Unfortunately, this means that young people who are just entering the job market are likely to start with a moderate score and often find it harder to improve their existing score.
Misalinuous: There are many other reasons that may affect your credit score. Tax liens or bankruptcies play a major role that may negatively affect your credit score. Other significant reasons may include lack of loan diversity ( credit mix ).
The problem with a low credit score is that no lenders will be willing to approve any loan on your name on the ground that you failed to repay the loan previously. So, if no one lends you a loan, how are you supposed to prove that your financial situation has changed and you can pay off any outstanding dues? This is the dilemma that people fall into and fail to break out of this vicious cycle. But, we here at PaydayLv offer payday loans with no credit check. This allows you to get guaranteed payday loans in 24-hour. No matter how urgent a financial problem you have, you can avail yourself of quick payday loans. You can then pay off your dues within time and build the trust required to improve your credit score. A word of caution, many lenders do not report your transactions; this will cause you to have no impact on the credit score. So, make sure you consider choosing a payday lender like PaydayLv, who will actually help you improve your credit score.
Other conventional ways to keep your credit score at check involves keeping your dues in check. You must make sure to pay off any outstanding dues within time. Setting us reminders and automatic payments of your credit card dues are also safe options. Keep all the recurring payments in check; if any services is hogging your monthly finance, it must go.
It would be best if you also considered addressing any past dues you may have. Most time, when we change banks or credit cards, there are small fees that you need to pay to close the account. But, unknowingly, we are very reluctant on this, and small fees may pile up, and to a lender, you will be portrayed as a defaulter.
You should also limit the number of credit applications you submit as each application may lead to a hard inquiry which will hurt your credit score in the long run.
No matter how much you plan or budget in life, there may come situations when you need urgent cash for short financial problems. Even with a good credit score, getting a loan approved can be difficult. Especially during this pandemic when many people are getting laid off. The most lender also requires you to apply in person with mountains of paperwork. There is no certainty that the loan will be approved, and during an urgent cash crunch, you may need quick cash. This is where our guaranteed payday loans come into play. They require minimal requirements to apply and offer a quick solution for your cash problems.
If you are a citizen of the United States, above the age of 18 and have proof of regular income, you can easily apply for a payday loan. We offer an intuitive website where you can apply for a loan online, so even during the pandemic, you can expect to get your loans approved within a day. You can learn more about payday loans and interest rates from our website.
Conclusion
Having a bad credit score sucks. I personally know it as I was a victim of a bad credit score and had difficulty in improving it. But do know that financial problems are just a part of life and not paying off your previous loans on time is not a crime. We all may go through rough patches in life, and having a low credit score is different. But now, you are lucky to avail a payday loan which not only helps solve your financial problem but also help you improve your credit score. To learn more on payday loans in general, head over to PaydayLV and apply for a free quotation.
