Depends what you want the loan for. My guess is a house NO....but my sister bought a car with a score of 585.
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
Unsecured loans are on the basis of good credit score since there is no collateral involved. The lender determines your credit worthiness on the basis of your credit score. Since he has no collateral he has to depend on the credit score to decide whether you are a lender's risk or not. If you have good credit score then you can easily get unsecured personal loan from Banks and NBFCs Such as SBI, PNB, Bajaj Finserv etc.
Depends ... proof of income is going to be a requirement by the lender ... they need to make sure that your "debt to income" ratio is within their limits. Your credit score also comes into play ... if it turns up too low, credit, any credit, will be declined.
fine. So it is really difficult to simply quote a baseline score, as it will not be applicable from lender to lender or borrower to borrower. However, with credit scores of 653, 676 and 697, you have a good chanc what credit score you need to buy a home. http://www.squidoo.com/whatcreditscoredoyouneedtobuyahouse
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
A lender can judge your capacity by assessing your income, employment stability, debt-to-income ratio, and overall financial situation. They may also consider your credit score and history of managing debt. This information helps the lender determine if you have the ability to repay the loan.
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
Unsecured loans are on the basis of good credit score since there is no collateral involved. The lender determines your credit worthiness on the basis of your credit score. Since he has no collateral he has to depend on the credit score to decide whether you are a lender's risk or not. If you have good credit score then you can easily get unsecured personal loan from Banks and NBFCs Such as SBI, PNB, Bajaj Finserv etc.
In a time when most people need to borrow money from a bank to own their own home or purchase a new car, knowing what a credit score is and how it affects your borrowing ability is very important. A lender will use your credit score to deny or approve your credit application, as well as to determine how much interest they should charge you. The lower your score is, the higher your chances of a denied application or an unfavorable interest rate. Understanding how lenders view your credit score will help you assess your chances of a successful loan.
Depends ... proof of income is going to be a requirement by the lender ... they need to make sure that your "debt to income" ratio is within their limits. Your credit score also comes into play ... if it turns up too low, credit, any credit, will be declined.
boner
That depends on your credit rating and the lender you get the loan from. credit score 745
fine. So it is really difficult to simply quote a baseline score, as it will not be applicable from lender to lender or borrower to borrower. However, with credit scores of 653, 676 and 697, you have a good chanc what credit score you need to buy a home. http://www.squidoo.com/whatcreditscoredoyouneedtobuyahouse
Having a checking account has no effect on your credit score. Bouncing your checks has a big effect on your credit score.
Do forbearance payment affect credit score? Also, if your lenders agree to a short sale and you have not been deliquent on your payments but the lender granted you a forbearance, will your credit score be affected?
Yes. Your debt to income and available credit ratio is used to determine your credit score. You credit score is an indication to the finance company of your credit-worthiness.