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300-399 Credit Score

Today, banks and financial organizations offer various lending options, attracting customers in a variety of ways, promising attractive interest rates. You visit some bank hoping to get a loan, and for some reason, you get a refusal.

      Oddly enough, the main criterion for approving or denying a loan is not your salary. A credit history or, as they also call it a “credit score”, is the main and only criterion for making a decision on granting a loan or credit.

      In this article, we will provide information on how to get a loan and improve your credit history if it is spoiled.

What is a “300-399” credit score?

      VERY BAD credit history can appear both due to objective reasons, and by pure chance. For example, the reasons for its spoilage may be the following:

      1. a guarantee in which the borrower violated the payment schedule;

      2. refusal of guarantee;

      3. providing fake documents when applying for an online loan or a credit;

      4. frequent refusal to provide credit funds by financial organizations;

      5. open arrears on loans and microloans;

      6. early repayment of a loan or credit.

      Many financial institutions consider a borrower who repaid a loan obligation in advance to be unreliable. This situation is understandable – financial organizations lose a considerable amount of money.

      7. deferment of loan or credit for a long period. Of course, such a procedure does not necessarily spoil the credit history – it all depends directly on the credit organization to which the borrower applied. It may not send negative data about this to the Credit Bureau;

      8. actions of credit fraudsters. The borrower’s passport data can be used by third parties and draw up a loan obligation without his/her knowledge;

      9. a technical malfunction when entering data or a bank employee’s error.

      The best option for the borrower is to comply with his/her obligations and not to conflict with the lender. Most often, a bad credit history arises because of late payments. It may even reflect an in-payment made a little late. However, a one-time delay for a couple of days is unlikely to become an insurmountable obstacle to obtaining the next loan. If the borrower regularly violates the payment schedule and accumulates large debts, a serious bank will most likely refuse him/her a loan.

How to get a personal loan with “300-399” credit score?

      Most lenders do not even consider an applicant with a credit score below 399. But other types of loans may still be an option, even with a credit score of 300-399.

      If you still want to get a personal loan, than you need to improve your credit score.

What loan can I get with “300-399” credit score?

      Before you go to the bank to get a loan, you need to weigh your chances carefully. Bank employees will first check the borrower’s credit history.

      The competition among banks in the lending market is very high, so they will not refuse a potential client, even with a very bad credit score. Usually, if the monthly loan payments exceed 50% of the borrower’s income, the bank may refuse to issue a loan. But if the official salary of the borrower is very high, lenders often turn a blind eye to a very bad credit history.

      Express loan

      Banks rarely refuse to issue express loans to borrowers with a bad credit history. Typically, lenders turn a blind eye to past delinquency of a potential borrower. Here high-interest rates on the loan play the key role for the bank. And amounts for express loans are usually small. Bank specialists will just call for the borrower’s work to make sure that the person is employed, and after 15-30 minutes they will approve the loan. In a difficult situation with obtaining a loan, legal credit brokers can also help. They have extensive experience, so they can give really a good piece of advice. Even the information about which banks pay more attention to customer errors will be very helpful. Private investors are also an option. Interest there is higher, but when money is urgently needed, many people go for it.

      You need to verify the reliability of the loan broker – make sure he/she has a license, read reviews on the Internet. And you should agree to pay a cash reward to the broker only after a positive response on the loan.


      Many are familiar with this type of lending. The borrower leaves a pledge in the pawnshop (car, jewelry, etc.), and in return receives money for a short period. Interest on the amount received will be “ticked” weekly or daily, but you will get the necessary amount of money.

      Credit card

      Some banks give credit cards to borrowers with a small cash limit, which has a grace period of 50 days. During this time, the lender will not charge interest for using the card. If the borrower carefully repays the debt on such a card, then this will positively affect the restoration of credit history. Often this method is intentionally used to restore credit history. Experts advise using several such credit cards for a long time (for example, a year), then it will be possible to apply for a record on the good repayment of new debt to be entered into the credit history.

Can I get a loan with “300-399” credit score?

      Payers who had problems with banks in the past may need to get another loan. Very bad credit history often becomes a serious obstacle to the next loan, however, when approving or rejecting, specialists of financial institutions pay attention to other criteria. One of the most important factors is the confirmation of the current income level. To convince the bank of its solvency, you can provide the following documents:

      • salary certificate. As a rule, it is the main document reflecting the income of the borrower. You can take a certificate at the place of work. At the same time, it is worth remembering that only an official salary is fixed in it;

      • certificate of income of the spouse, which will demonstrate the general level of solvency of the family;

      • documents confirming the presence of real estate or valuable movable property;

      • certificates of other sources of income (if any).

How much loan can I get with “300-399” credit score?

      With a very bad credit history, it is very difficult to get a large loan right away. In such cases, it is better to try starting with small loans, the percentage of approval for which is quite high. For example, you can take loans for the purchase of household appliances. If the borrower does not violate the deadlines, in the future his/her chance of receiving a large amount from the bank will increase significantly.

How to fix/improve “300-399” credit score?

  • Pay off all debts to banks, even if the deadlines have already been reached. This will increase the confidence of the financial organization.
  • If you are still unable to close existing loans, do not try to avoid contact with the bank or deceive its employees. It is more profitable for the borrower to report on his financial problems and, together with specialists, to develop a new debt repayment scheme.
  • Try to increase your chances of getting the next loan. For example, you can become a customer of a selected bank and open an account there. It is also useful to go to a non-state pension fund, which many financial organizations have. If a new loan is issued, it is important to repay it in a timely manner. The presence of a successfully paid loan will significantly improve the situation and demonstrate readiness to fulfill the obligations undertaken carefully.

      Some banks offer special programs for customers who want to improve their credit history. When obtaining a loan under such a program, it is necessary to comply with all the terms of the contract and make payments according to the debt repayment schedule.

      Today, you can find many suggestions to fix a very bad credit history right online. They are usually scammers who disappear in an unknown direction immediately after receiving payment. Also, do not forget that hacking closed databases, which include information about loans, is a criminal offense. It is better to save your money and time and try to correct the situation without going beyond the law.

Why is “300-399” credit score dangerous?

      How can a very bad credit history affect a borrower’s life?

  • The ability to receive refusals to issue a loan online or a loan when applying to a financial institution will be much higher;
  • It will interfere with employment. Some large companies check the credit history of potential employees. The debtor can simply not be allowed to work with large amounts of money – there is a high probability of the temptation to steal funds to pay for a credit or loan online.
  • It will cause calls of collectors who will not deal with creditor errors, but will insist on the return of funds in any way.

      Today, credit history data is stored for 10 years. If you do not make any attempts to improve your credit history or correct mistakes, then for 10 years you will have to receive refusals and deprive yourself of the opportunity to borrow money.

      So, if you find errors in your credit history, for example, someone else’s debt issued in your name or incorrect payment information, we recommend that you immediately begin to correct the situation.

      To delete other people’s data in your own credit history, you must contact the Credit Bureau directly or appeal to a court. Before submitting an application, we advise you to discuss this problem with a competent financial lawyer who will help you prepare the necessary documents (for example, all receipts about payments), write the application correctly and warn about possible nuances.      Also, our website provides detailed information about “400-499” and “800-850” credit scores. Webmoneyloans is always ready to help you.

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300-399 Credit Score
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