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sub prime credit score refers to a credit score which is below the national average. According to a 2011 Experian study, the average score in the USA is 687. So, anything under 687 is considered sub prime.
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What is a sub prime credit card?
A sub prime credit card usually has higher interest rates and a lower credit limit than a regular card, but they can be used by borrowers with a lower credit score. Most major issuers issue them, but some smaller issuers also specialize in sub prime lending.
What credit score is good for applying for credit?
In general terms, any score above a 740 score is considered excellent. However, every lender sets their own standards and their own tolerance for risk. At this time many lenders will consider that 650 is the point between what most consider a prime and sub-prime lender. What is considered a good score will be different for different lenders. Auto lenders like to see scores above 700 while a FHA mortgage lender likes to see a score of at least 640 for the best interest rates.
Is a 625 credit score bad?
Depending on the scoring system used, that score may be considered low or "sub-prime", but not necessarily "bad". You should take steps to improve it.
Can you get a credit card with a 640 credit score?
First find out exactly why your score is 640 and try to increase it. You probably should apply for a secure credit card in order to build your credit score.Below is a way of interpreting your credit score.Given the current credit score stats, how does this relate to your own personal score? Generally, if your score is higher than 660, you will be considered a good credit risk. If your score is below 620, then you might have a tougher time getting a loan. The following ratings explain the impact of the different score ranges:720-850 - Excellent - This represents the best score range and best financing terms.700-719 - Very Good - Qualifies a person for favorable financing.675-699 - Average - A score in this range will usually qualify for most loans.620-674 - Sub-prime - May still qualify, but will pay higher interest.560-619 - Risky - Will have trouble obtaining a loan.500-559 - Very Risky - Need to work on improving your rating.
Why sub-prime crisis is called as Sub-prime?
It is called "sub-rime" because the holding of sub-prime (low credit quality) debt precipitated the crisis.
What is a sub prime credit card?
A sub prime credit card usually has higher interest rates and a lower credit limit than a regular card, but they can be used by borrowers with a lower credit score. Most major issuers issue them, but some smaller issuers also specialize in sub prime lending.
What is some advice on financing and credit scores?
Your credit score is what determines what you will pay on your vehicle. The bank checks your credit score and you are classified in one of three categories. The prime customer or top category, the near prime customer the middle and sub prime and those are considered the bottom of the credit ladder and the lower you are the higher the interest rate.
What credit rating number would a loan officer considered bad credit?
Credit scores range from 300 to 850. Generally a loan officer would consider a score below 620 to be a sub-prime, or bad score.
What credit score is good for applying for credit?
In general terms, any score above a 740 score is considered excellent. However, every lender sets their own standards and their own tolerance for risk. At this time many lenders will consider that 650 is the point between what most consider a prime and sub-prime lender. What is considered a good score will be different for different lenders. Auto lenders like to see scores above 700 while a FHA mortgage lender likes to see a score of at least 640 for the best interest rates.
Are sub-prime merchandise cards a good way to boost your credit score without getting hit with a hard inquiry?
yes
Is a 625 credit score bad?
Depending on the scoring system used, that score may be considered low or "sub-prime", but not necessarily "bad". You should take steps to improve it.
What is a good credit score for getting a car loan?
A good credit score for getting a car loan is 740 to 850, and the interest rate is only 3.2% on average. An average credit score is 680 to 739, and the interest rate is 4.5% on average. A sub-prime credit score is 680 and below, and the interest rate is 6.5% to 12.9% on average.
Can you get a credit card with a 640 credit score?
First find out exactly why your score is 640 and try to increase it. You probably should apply for a secure credit card in order to build your credit score.Below is a way of interpreting your credit score.Given the current credit score stats, how does this relate to your own personal score? Generally, if your score is higher than 660, you will be considered a good credit risk. If your score is below 620, then you might have a tougher time getting a loan. The following ratings explain the impact of the different score ranges:720-850 - Excellent - This represents the best score range and best financing terms.700-719 - Very Good - Qualifies a person for favorable financing.675-699 - Average - A score in this range will usually qualify for most loans.620-674 - Sub-prime - May still qualify, but will pay higher interest.560-619 - Risky - Will have trouble obtaining a loan.500-559 - Very Risky - Need to work on improving your rating.
Is 606 a good credit score?
Here is the breakdown for the credit scores: * 680 - 860 = excellent credit ... prime * 575 - 680 = good credit ... sub-prime * 540 - 575 = fair credit ... may not get that loan * 300 - 540 = risky credit ... will be denied loan altogether Looks like your 606 falls into the 'good' area ... but one should always strive to get to at least 680 or above.
Why sub-prime crisis is called as Sub-prime?
It is called "sub-rime" because the holding of sub-prime (low credit quality) debt precipitated the crisis.
Is a credit score of 578 good?
That score is in the "sub-prime" category. Although it is still considered a poor score, you may still be able to qualify for a home loan at a higher interest rate, an auto loan and possibly some credit cards depending on your income. Anything between 550-600 is considered sub-prime. Getting into the 600's would lower your interest rates. Here's some more info http://www.lendingtips.com/credit/fixingbadcredit/credit_score.html
Is a credit score of 614 good?
No, 614 is not a "good" score, but it could be significantly worse. Depending on which creditor you may be speaking with, once you get more along the lines of 650 to 700, you are still considered to be "sub-prime".
