What Is Bad Credit?
If you have been turned away from banks in
the past, you probably know what "subprime" means. Lenders call you
"subprime" if you have a credit score below 669 according to the
Score Range. The lower your credit score, the fewer chances
have to be approved for a loan in a bank or get it at safe, low
rates. Borrowers with bad credit are considered potential risk as
they may have difficulties repaying the money.
The term "bad credit" has its clear
value. According to the FICO Score Range, lenders use the following
ranking of credit score types:
- Between 300 and 579: Very Poor;
- Between 580 and 669: Fair/Bad;
- Between 670 and 739: Good;
- Between 740 and 799: Very Good;
- Between 800 and 850: Exceptional.
Members with low income and poor or bad
credit scores are more likely to be in need but usually don't get
financial support from banks or traditional financial institutions.
The Pacoima Development Federal Credit Union stands for equal
financial opportunities for all residents of Pacoima and throughout
the San Fernando Valley. We provide professional financial services
for Members of all income levels and credit history to support the
underserved communities. We are ready to provide financial
assistance for those who need it the most.
In Pacoima Development Federal Credit
Union, we provide emergency loans for Members with bad credit, low
income, and even for residents who don't have a social security
number. You no longer need a payday lender to solve your financial