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Are there any banks in Michigan that would finance a VA loan with a 615 credit score?
JanineTodd
The VA guidelines are not dependent on the state. The mandated score is either 620 or 640. What would be most beneficial is to find out how to raise this credit score (a competent lender will be able to tell you) so the buyer can qualify at the mandatory credit score. Also, if there is any possibility for variation, the internet based lenders would be able to establish this.
Wiki User
∙ 11y ago
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How do banks use your credit score?
Banks use your credit score so they can see if you have a history of paying back what they loan to you.
Where could one get a loan if they have a poor credit score?
There are lots of places where someone can get a loan if he has a poor credit score. Some of these places are Spring Finance, Blemain Finance and Midland Credit.
Does using finance companies instead of banks or mortgage companies adversely affect your credit score?
Your credit score could be adversely affected by using 2nd tier lending sources, such as finance companies for loans. If you successfully repay the loan and it reflects as a positive account, it will not generally reduce your score, but it may not provide much of a boost either. If you do miss a payment, it substantially reduces your score. Using finance companies is a signal to credit bureaus that you are either unable to obtain a traditional mainstream loan or that you are making a bad choice. Your credit scores will generally drop when obtaining finance loans.
How does one's credit score affect one's mortgage rates?
If one's credit score is below standard, banks will percieve them as unreliable and give them a higher interest rate. Inversely, if one's credit score is outstanding, banks will give lower rates.
620 credit score?
There is nothing called as good credit score or bad credit score. It all depends on what kind of financial product you are applying for and how aggressive the banks are to which you have applied.
What bank would fiance a loan with a bad credit score?
There are not very many banks that would help you finance a loan with a bad credit score. You should visit www.fastupfront.com/bad_credit_business_loans.html for more help acquiring a bank that would take a bad credit score.
What is some basic info on finance banks?
A credit score is the credit bureaus overall evaluation of your credit history. The higher the score, the more likely you are to be eligable for loans and credit cards. A poor credit rating could mean that you are at risk of defaulting on a loan, which could lead to high interest rates and/or the refusal of a loan. A finance bank can assist you obtaining your score and seeing if you qualify for a loan.
How do banks use your credit score?
Banks use your credit score so they can see if you have a history of paying back what they loan to you.
Is 650 a bad credit score?
The credit score 650 is really not that bad. With a 650 credit score you can finance a home or car.
What are the requirements in order to obtain a FHA loan?
Minimum credit score is 620 (according to our banker at Chase). The better your score, the better your interest rate. There aren't any banks that will finance anyone without a minimum credit score and a low debt to income ratio.
Where could one get a loan if they have a poor credit score?
There are lots of places where someone can get a loan if he has a poor credit score. Some of these places are Spring Finance, Blemain Finance and Midland Credit.
Does using finance companies instead of banks or mortgage companies adversely affect your credit score?
Your credit score could be adversely affected by using 2nd tier lending sources, such as finance companies for loans. If you successfully repay the loan and it reflects as a positive account, it will not generally reduce your score, but it may not provide much of a boost either. If you do miss a payment, it substantially reduces your score. Using finance companies is a signal to credit bureaus that you are either unable to obtain a traditional mainstream loan or that you are making a bad choice. Your credit scores will generally drop when obtaining finance loans.
How does one's credit score affect one's mortgage rates?
If one's credit score is below standard, banks will percieve them as unreliable and give them a higher interest rate. Inversely, if one's credit score is outstanding, banks will give lower rates.
620 credit score?
There is nothing called as good credit score or bad credit score. It all depends on what kind of financial product you are applying for and how aggressive the banks are to which you have applied.
Where can I find my credit report score?
You are correct that banks often check your credit score before granting a loan. There are many companies that offer your credit score including http://www.myfreecreditreport.com
What banks with bad credit will give car loans?
i need banks that will give car loans with a beacon score under 540 score
Can you finance if you have no credit?
Sure, just talk to your bank. Many banks offer a credit card in exchange for some money. They take 300, 500, 700, or $1000 or something off of your account as a guarantee, and give you a credit card of that same value. You can build up a credit score from there!
