What Is a Bad Credit Score? [mortgagehelps.blogspot.com]
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Most people understand that a bad credit score is something that will make it hard for you to get credit, cost you a lot more when you can get it, and silently sabotage other important aspects of your life without you even knowing it. Credit scores range from 300 to 850; scores of 620 or below are generally regarded as bad credit scores. However, it's important to note that what qualifies as a bad credit score is a little subjective and depends somewhat on the lender.
A home mortgage is a good example of this credit score subjectivity. Federal mortgage companies Fannie Mae and Freddie Mac consider 620 and below to be bad credit scores. They'll still work with you to get a mortgage if you have a score ranging between 620 and 640, but it'll cost you more, because your credit score labels you as a greater risk for default.
Another example of mortgage subjectivity regarding bad credit scores might be the Federal Housing Administration (FHA), which focuses on helping people with limited resources get mortgages.
The FHA will help people with credit scores as low as 580, so if you have a bad credit score and are shopping for a mortgage, you do have options. However, most lenders aren't so accommodating. If you have a bad credit score, they just won't work with you. To them, the risk of default that a bad credit score presents is too great to justify any profit that they might make from the loan.The explanations below will better illustrate what is generally accepted as a bad credit score:
580 to 619Not too bad, but not great either. Scores in this range are leaning toward bad, but you can still find lenders that will work with you. However, the interest rates you get won't make you happy.
500 to 579
FICO scores in this range are "bad" credit scores. You'll have few options for credit, and if you do find them, they'll cost you in terms of interest rates, upfront fees, and arbitrary payment schedules.
300 to 499
Bad credit score. Very bad. Scores in this range mean that you haven't managed your credit responsibly, you've been very, very unlucky, or a combination of both. You have some work to do, and it'll take a while before things get any better.
If your credit scores fall into the bad credit score range, you're not alone. Most folks are one layoff, medical emergency, expensive car repair, divorce, identity theft incident, or other stroke of incredibly bad luck away from a bad credit score. Many fall into this category through no fault of their own, and it can happen to anyone.
As a Chinese proverb states, a thousand-mile journey begins with a single step. So if you're facing a similar journey to better manage your credit behavior, conduct some research, devise a plan, and stay the course. It may take a while, but you and your finances will be better for it.
Recommend What Is a Bad Credit Score? TopicsQuestion by : I want to stop paying my mortgage other than bad credit what other consequences are there? Best answer for I want to stop paying my mortgage other than bad credit what other consequences are there?:
Answer by babyskit5683
They take the house and pretty much everything you own.. Plus you still have to pay the remainder after they sell all your stuff..
Answer by falsi fiable
1. You get sued. 2. You will not qualify for another mortgage or line of credit for several years. 3. You may get a 1099-C and then owe the IRS tens of thousands of dollars.
Answer by beanchop99
Your lender will foreclose on you. In short, you will lose your house.
Answer by stan c
If you have a charge off, it could prevent you from getting a job. If you are in default with other creditors, you should speak with a bankruptcy attorney and see what your options are. Usually the first call or visit is free and the cost is around $ 1500/$ 2000 to file
Answer by Slimsmom
If you're going to stop paying your mortgage where are you going to live after you are evicted from the house? These days it is very difficult to get a rental if you have bad credit. You should move before your house goes into foreclosure and your credit takes a dive. Also, if the house is foreclosed and sells for less than what is owed you might be responsible for the difference.
