The words “bad credit” can conjure up such negative images, don’t they? That’s because those two little words aren’t exactly what people want associated with them. When you have BAD CREDIT, you are almost marked when it comes to obtaining things like cars, rental properties, and homes. It’s like you’re wearing a sign around your neck proclaiming that you got into trouble with credit and now you have BAD CREDIT! The punishment for having can be unforgiving in our society today. The smart consumer today has to realize options they have available today that will stop previous negative blemishes from remaining issues years later.
Don’t worry; there is help for people with BAD CREDIT. The first thing we need to do is get past the stigma associated with these words. Bad credit simply means that you have overextended yourself when it comes to using credit. But there is a fast and simple way to work your way out of that state and get into the unit you desire without any further setbacks.
How do we define bad credit? Well, most financial lending companies will classify you according to your credit score, also known as your FICO score. This score is calculated using a highly secretive formula developed by the Fair Isaac Company and kept under lock and key with the Federal Trade Commission’s blessing.
FICO will evaluate your credit history and then assign you a three-digit number that determines your credit worthiness and your ability to get into the rental unit you are applying for. It doesn’t reflect who you are as a person, it reflects your past payment history when it comes to your debts.
You are considered to have bad credit if your FICO score is less than 620. The median credit score for most Americans is 723, so anything less than 620 virtually guarantees that you will not be approved for a loan you might be seeking. That’s because you are considered to have bad credit history and seem to be unreliable in paying back your debts. You will find the bad credit scenario most difficult when looking to purchase a home, renting a home or rental unit, as well as purchasing or leasing a car.
As mentioned earlier in the article, there are options if your credit is bad. For example if you are looking to secure a rental unit or rental home, there is a company named RentalLogics that will even the playing field for people with bad credit that are looking to rent property from landlord or property managers. So this means if you do have bad credit, don’t worry yourself too much. Sure, it’s something to be concerned about, but getting into a rental unit or renting the home of your choice with bad credit can be done. Visit RentalLogics.com for further details. You won’t have to wait to improve your credit or settle for an inferior rental unit. Now is the time to get the RentalLogics policy and turn your bad credit into safe credit when your looked at by landlord or property managers. Start your search for the rental of your dreams with a company by you side that won’t hold bad credit against you. RentalLogics helps you work through your bad credit and makes you a safe credit option for landlords and property managers.