More than a third of Americans have a credit score that's considered subprime—here's what that means.
If you have less-than-stellar credit, you may be classified as someone who is "subprime," which means your credit score is lower than what's required to get the best, or "prime," interest rates.2019 Experian studyLenders consider subprime borrowers to present some level of risk compared to prime borrowers, including a higher likelihood of carrying high balances and missing payments.
As a result, subprime borrowers often receive unfavorable terms on credit cards, loans and other financial products that can add up to high costs over time. These costs make it harder to get out of debt and improve credit scores.delinquent accounts and many subprime accounts have overdue balances.reviews what it means to be subprime, how subprime credit cards work and tips on improving your credit score.
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