If you have deep subprime credit, you're considered a risky borrower—here's what you need to know.
Consumers who classify as deep subprime fall into the bottom tier of credit scores, which range from 300 to 850, and are considered the most risky to lenders.Deep subprime borrowers have credit scores that fall below 580, asWhile credit score categories can vary between financial institutions, anyone classified as deep subprime has a very low credit score.
Banks and lenders consider consumers who fall into the deep subprime category to be high risk, with a greater likelihood of defaulting on their payments. For this reason, deep subprime consumers have a hard time getting credit and, if they do, it comes at a high cost.or credit card should pay close attention to the terms and conditions, as these financial products typically come with sky high interest rates and fees.what top-tiered super-prime borrowers pay.
Here are the average interest rates for each category of borrower, according to Experian's first quarter data:
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