Best/Worst States for Bad Credit
Did you know that your credit score matters where you live? Do you have a bad credit score? How can you get easily approved for a bad credit merchant account? Read this article and you’ll know.
Best and Worst States to Live in With Bad Credit
Having a bad credit score can make your living in a state a real challenge. The analysis by RewardExpert concerning the best and the worst states for low credit is based on a series of factors. So, the factors that determined the RewardExpert rankings include:
- Life expenses
- Consumer friendliness of usury laws
- Debt collectors’ status
- State financial health
- Complaints per capita
Here’re the best states to live in with a bad credit score:
- North Dakota
- West Virginia
Below you can find the worst states for a bad credit score:
- South Carolina
- New York
- New Jersey
If your scores are low, you’re going to face a number of challenges when trying to get approved for merchant services. Chances are your interest will be high. The good news is that bad credit doesn’t mean the end of the world.
So, with a reputable high risk payment processor, you can open a bad credit merchant account fast and easily. Also, a respectable high risk merchant services provider will offer you the lowest possible rates in the industry.
How to Improve Your Credit Score
The most popular credit scores, FICO credit scores, vary from 350-800. A credit score of 750 or higher is regarded as excellent, and a credit score below 600 is viewed as poor. In fact, you can take several important steps to improve your credit.
- Get a Copy of Your Credit Score
Get a copy of your credit to find out errors or signs of identity theft. You can get them from credit bureaus.
- Examine the Copy for Mistakes/Identity Theft and Correct Them
Get down to resolving all the mistakes found just right off the bat with the help of the major credit bureaus: Experian, Equifax, and TransUnion.
- Pay Your Bills on Time
By using the surplus, you can pay down your debt and lower your interest charges. Keep your spending under control.
- Negotiate Outstanding Balances
Turn to collectors in case you have credit card debt. Negotiate your balance or interest rate.
- Raise Credit Limit
A higher credit limit can play its role in improving the utilization of a credit card. This represents your outstanding balance concerning your credit line. If the relationship between the two is low, it’s only for the better.
- Refinance Your Student Loan Debt
By refinancing your student loan debt, you can lower your interest rate. As a result, you’ll be able to save thousands of dollars.
- Start Consolidating Credit Card Debt With a Personal Loan
Debt consolidation means rolling multiple old debts into a single new one. If your new debt has a lower interest rate as compared to your existing debt, you’ll be able to manage payments more easily, and the payoff period will become shorter.
RewardExpert has recently analyzed the best and worst states to live in with a bad credit score. Go through the list above so to avoid making your living a real challenge.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants by offering a bad credit merchant account, and much more. His passions include producing music and traveling.