648 Credit Score: What Does It Mean?

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These points can help you understand how to check eligibility for credit in order to get aCredit Card. According to Richardson, each credit report will have the information you need to improve your score. “There are four or five bulleted statements about your credit profile that can help you make a road map of what to do if what is huh token you’re really in a position where you need to improve your score,” he says. Monitoring your score’s fluctuations every few months can help you understand how well you’re managing your credit and whether you should make any changes. However, you shouldn’t base any financial decision you make solely on your credit score.

These higher rates and fees might make the loan a less desirable proposition, depending on what you need it for. You can decrease your credit utilization rate by paying off debt . You can also lower your credit utilization rate by increasing the amount of credit available to you.

If you have multiple credit cards, pick two or three that offer you better rewards, and use them with care, paying off the total balance without incurring additional interest. A little financial planning can help you move from this score bracket into a more respectable one. With a credit score in this range, lenders are sure to perceive you as a fresher. So, you may get a loan at an excessive interest rate, as you are viewed as a credit risk. You may also not receive any pre-approved credit card or loan offers.

Annual fees should be nonexistent or at least low (maximum under $100). Credit limits should be high enough to be usable, but not so high as to put you deep in debt. See card details/applyorread our full Capital One Platinum Secured Credit Card review.

You can get the SBI Student plus Advantage Card if you have availed of an educational loan from SBI. You will not be charged any annual or joining fee for obtaining this credit card. There are several types of mortgages out there, some of which are meant specifically for those who may not qualify for a conventional loan. These loans, which are made by private lenders but are backed by the government, may allow a smaller down payment than you’d need with a conventional loan.

The OpenSky® Secured Visa® Credit Card is a secured credit card that doesn’t require a credit check to apply. Whether you have poor credit or no credit at all, OpenSky is an opportunity to improve your credit history. If you are worried that you will not get approved for a conventional credit card or have been rejected in the past, the Capital One Platinum Secured is an excellent option. It’s rare to find one that doesn’t charge an annual fee and Capital One will automatically review your credit limit in as little as six months.