Bad Credit and FICO credit scores
Your FICO scores and credit report is not normally influenced with your current income or your employment status. However, there are certain other factors that could really exercise some impact on your FICO Scores.
These factors any outstanding tax dues, amount payable on account of adjudication by the court of law, or excess of credit card or consumer finance accounts might affect your equifax credit report or any other credit report adversely.
Ordinarily your case will be considered to be bad credit if the FICO score you have is below 560. The overall range is 300-850. Such bad credit could affect a lot of your aspirations. For instance, in states like California bad credit report will block your path of obtaining any mortgage loan in excess of $100,000.
In such cases you may well forget about the Federal or other State loans. Only the private lenders will come forward to lend you and they may charge you with a hefty rate of interest. There is however some companies that will work with you to improve your credit score.
The companies that determine such credit score often take into account the financial and industry variables to determine the credit ratings. However, at times the ratings may vary due to difference in the standards used by the companies in determination of the ratings.
One more factor could be equally important. Your credit score goes down if there have been frequent credit check on your account in recent days.