May 12, 2023
The Credit Score is an important financial metric that lenders (Banks, Loan companies, etc.) use to assess your creditworthiness when you apply for a loan, credit card, and other financial products. A low score can have serious consequences for your financial health and limit your access,
Kredete makes use of FICO Score to determine if a credit score is low or high. This is because, FICO score is one of the most reliable metrics lenders look at to determine whether you are likely to pay them back. Your financial history—including how often you pay bills on time and how much debt you have, appears on your credit report, and that information makes up your credit score.
FICO scores range from 300 to 850. 300 being the lowest and 850 being the highest.
This rating scale is based on information in your credit report, including payment history, amounts owed, length of credit history, types of credit, and new credit.
Here are some of the disadvantages of having a low credit score in Nigeria:
We hope this information has been helpful in understanding the disadvantages of having a low credit score in Nigeria. At Kredete, we are committed to helping you improve your credit score and achieve financial success. By using our credit scoring and reporting services, you can monitor your credit score and take steps to improve it over time.