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What kind of credit score value do you need to qualify for used car loans?
Wiki User
∙ 12y ago
When deciding whether to finance a car, the loan servicer will look at your FICO score, among other criteria. A prime customer would have a FICO score above 700. If your score is lower than that, you won't necessarily be disqualified, but your interest rate will be higher. If your score is less than 620, you may have difficulty finding a lender.
Wiki User
∙ 12y ago
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What is the lowest credit score to qualify for a home loan?
You need at least a credit score of 660 to qualify for a home loan For a FHA refinance or purchase the minimum credit score is 620. There are some lenders that will go down to a 580 credit but it just depends on some other factors such as debt to income, loan to value, etc. Veronica Rodrigues Voyage Home Loans
Do loans on used cars offer the best rate compared to loans on new cars?
The difference between rates for used and new car loans can be large. One must consider the value of the vehicle and personal credit score as to which value would be best.
What is your credit score?
Your credit score - is a numerical value based on your credit history. It takes into account such things as how much dbt you owe, if you've ever been late in paying bills, ever had court cases raised against you for defaulting on payment, or how many times you've moved. The higher your score - the more likely you are to be approved for loans, mortgages or credit cards.
What kind of credit can I get if I have a credit score of 529?
With a credit score of 529, one will not be able to get any prime or near-prime credit unless one obtains a co-signer with a notably higher credit score. The options available for one with a credit score of 529 include the following: * Subprime mortgage (at a very high interest rate) * Payday loans (at a very high interest rate) * Secured credit card (secured by a deposit, will help build credit score with ontime payments) * Auto title loan (if one owns the car and there is a reasonable amount of value in that car)
How is a home equity line of credit determined?
The Loan to Value LTV. [ Total loan amount of the 1st and your proposed 2nd as a percentage of the appraised value ]. Your credit score is the most importaint depending if you are Full documentation or Stated income. 720 and above would be great middle credit score. If your credit score is below this you can still do it but your rate will be higher unless you have a great amount of value in your home. Less than 75% LTV would be great to offset a lower credit score. Credit. Loan to Value.
What is the lowest credit score to qualify for a home loan?
You need at least a credit score of 660 to qualify for a home loan For a FHA refinance or purchase the minimum credit score is 620. There are some lenders that will go down to a 580 credit but it just depends on some other factors such as debt to income, loan to value, etc. Veronica Rodrigues Voyage Home Loans
Is a credit report the same as a credit score?
A credit report tracks your credit reliability based on your history of making payments on your loans and other debts. A credit score is a numeric value based on a weighted formula and your credit history. To find out more on both your credit report and credit score go to http://cashmoneylife.com/credit-score-credit-report-difference/
Do loans on used cars offer the best rate compared to loans on new cars?
The difference between rates for used and new car loans can be large. One must consider the value of the vehicle and personal credit score as to which value would be best.
Is your credit score?
Your credit score - is a numerical value based on your credit history. It takes into account such things as how much dbt you owe, if you've ever been late in paying bills, ever had court cases raised against you for defaulting on payment, or how many times you've moved. The higher your score - the more likely you are to be approved for loans, mortgages or credit cards.
What is your credit score?
Your credit score - is a numerical value based on your credit history. It takes into account such things as how much dbt you owe, if you've ever been late in paying bills, ever had court cases raised against you for defaulting on payment, or how many times you've moved. The higher your score - the more likely you are to be approved for loans, mortgages or credit cards.
What kind of credit can I get if I have a credit score of 529?
With a credit score of 529, one will not be able to get any prime or near-prime credit unless one obtains a co-signer with a notably higher credit score. The options available for one with a credit score of 529 include the following: * Subprime mortgage (at a very high interest rate) * Payday loans (at a very high interest rate) * Secured credit card (secured by a deposit, will help build credit score with ontime payments) * Auto title loan (if one owns the car and there is a reasonable amount of value in that car)
How is a home equity line of credit determined?
The Loan to Value LTV. [ Total loan amount of the 1st and your proposed 2nd as a percentage of the appraised value ]. Your credit score is the most importaint depending if you are Full documentation or Stated income. 720 and above would be great middle credit score. If your credit score is below this you can still do it but your rate will be higher unless you have a great amount of value in your home. Less than 75% LTV would be great to offset a lower credit score. Credit. Loan to Value.
What is the max loan amount for a credit score of 620?
The max loan to value amount based on your credit score would be 100% financing. As far as loan amount that would be based off your income and monthly obligations, credit score dictates how much of a percentage you may borrow and your interest rate, it doesn't dictate how much money you can borrow. There are also alternative means of documentation and mortgage programs if you do need to qualify for more money.
Home Equity Loans Are Available Again?
After a slowdown due to the recent credit crunch and real estate crash, banks and mortgage lenders have begun to offer home equity loans again. Rates are relatively low, but lenders will make sure that the value of your property and the equity in it is sufficient to approve a home equity loan, and most such loans are available only to borrowers with excellent credit. However, there are lenders who offer home equity loans to customers who may not qualify for bank loans, and you may be able to find reasonable rates from these lenders especially for smaller loans.
What is the difference between credit score and credit rating?
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
Where can I get information on business credit cards?
Definitely it would be a good idea. Your transactions will be protected, able to track and able to get more offers such as cash back and deals with specific merchants. On top of that you would be able to increase your credit score and might add value to get loans in future.
What are the advantages of secured loans?
The advantages of personal secured loans are that they usually offer low interest rates, your credit history is not as crucial, employment may be optional, the value of the loan can be higher and good credit can increase the amount of loans you can take.
