Don’t go through the agony anymore! Get a bad credit auto loan from Lifeline Loan Center now!

Times are rough these days, and Lifelineloancenter understands.  More people than you think have been affected by our struggling economy.  An estimated 70 million Americans face the harsh outcome of bad credit each and every day.  As of January 2011, research conducted by Experian, shows the national average credit score to be 692.  FICO credit scores range anywhere from 300 to 900.  Those who score 700 or higher “should” be eligible for prime rates.

Several different algorithms and formulas go into creating your credit score.  According to FICO’s credit score calculator, your score consists of these crucial factors.  Believe it or not, only 35% factors your payment history.  Your remaining balances on your current accounts equal 30%.  Your time since entering the credit bureau attributes 15% of your score.  The number of credit inquiries, along with newly open accounts takes up to 10%.  Another 10% consists of the various accounts open.

Where do you stand?

Let’s take a closer look at FICO’s credit score ranges, and their meanings.

• 800 and higher is considered an “excellent” credit score.  To achieve this rating not only requires financial discipline and knowledge, but to not take advantage of your credit and keep your balances low.

• 700 to 799 qualify as “very good”.  This is a superb range to be, and is also known as near prime.

• 680 to 699 are still considered “good” credit.  Approvals are most likely guaranteed, but interest rates may be slightly higher.

• 620 to 679 meet the criteria for “OK to fair”.  This certainly does not mean that you will not be approved, but restrictions will pertain to the loan.

• 580 to 619 fall into “poor” credit.  You will be looking at paying more over a longer period of time due to a higher interest rate.

• 500 to 579 will put you in the “bad” credit range.  You could still  get a loan, but may not like the stipulations.

• 499 and lower is considered “very bad”.  If you are in this range, start thinking of improving your credit score.  It is not unachievable.

The intent of this information is to give you more insight as to how you “may” be classified.  They are by no means conclusive categories, but simply serve to give you a more in-depth look as to where you stand.  

How do I improve my score?

Lifeline Loan Center has 3 crucial and simple tips on improving your score.  First, check your credit report frequently.  You will not know what to improve on if you are unaware of your bureau.  Second, set up payment reminders.  Put them on your calendar, get current, and stay current!  Lastly, reduce the debt you owe.  It is recommended to keep balances lower than 50%.  

The importance of credit today is significant.  Being aware of how your score is calculated is essential.  By following our 3 simple tips, you should be able to maintain or even improve your score.  

“No Run-Around, Just Drive Away”  Bad Credit Car Loans at LifelineLoanCenter.com