answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered
2013-07-09 04:20:30
2013-07-09 04:20:30

Generally one does not want a low credit score. A low credit score can prevent one from obtaining credit cards, loans or mortgages. One can find their credit score at transunion.

001
๐Ÿฆƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions


There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.


Absolutely it does! Your credit score is used by credit agencies to determine the amount of risk they are taking on. If your credit score is bad or low then you auto loan rate will be higher. However, if your credit score is good or high then your auto loan rate will be lower.


No, you can't get a loan without the bank checking your credit score. But just because you have a low credit score, this doesn't necessarily mean you can't get a car loan. You may just get a loan with a higher interest rate.


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.


A low score means a bad risk, and the interest rates will be higher.


Sometimes it can be hard to get a loan with a bad credit score. A low credit score means that you are delinquent on payments, so banks might be more hesitant to give you a loan in fear that they may not get their payments. Call banks near you and ask if they work with people who have low credit scores.


While it may be more difficult for someone with a low credit sccore to get as good of a loan as someone with a good credit score, it is not necessarily a problem or impossible. For more information www.efunda.com/formulae/finance/loan_calculator.cfm offers loan calculators.


In fact, not all of credit unions can provide you with a loan, but there are definitely online lenders who offer cash advances to people with low credit score.


It is possible to get motorhome loan with low credit score. Many RV financing companies provide motorhome loans with low or bad credit score. Just you need to search the right motorhome financing company online in your area that can provides the motorhome loan with low credit score.


Yes, there are many dealerships that will approve a car loan with that credit score. You will usually have to put a great deal of money down and accept a higher interest rate. Capital One tends to loan money to buyers with low credit.


FICO credit scores, which are the most extensively used credit scores, range from 300 to 850. A credit score of 826 means that you would be considered a low risk for a loan. You would also have a lower interest rate on a loan than someone who has a lower FICO credit score.


Bad Credit Mobile Home Loan is a type of loan that is extended to people with low credit score. In addition, the loan itself is reviewed from time to time making sure the rate is appropriate for the borrower.


Credit scores are used to determine loan percentages when a person applies for a loan. If a person has a low credit score, the percentages of interest are higher, whereas higher credit scores result in lower loan percentage rates.


Below is a link for how to fix your credit score if it is too low to apply for a home loan. http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx


It's difficult but not impossible to get a loan with a low credit score. You may still get a loan at a higher rate of interest as the financial institution may find your profile risky due to past defaults. However, before applying for a loan always check your current credit score as it's the first step to check if your loan will get approved or not. The minimum required credit score is 750. If you have 750 and above the chances of getting a loan are higher. In case, if your score is below that then you need to improvise it and then apply for a loan. You can always reverse your bad credit score into good score by concentrating on certain parameters which had defaulted earlier such as: Payment history: 35% Amounts owed: 30% Length of credit history: 15% How many types of credit in use: 10% Account inquiries/New credit: 10% Your credit score only affects when you start defaulting on your payments. And ones your score is affected the chances of you getting unsecured loan minimises. In this case, you can start rebuilding a new credit history by applying for secured loan or credit cards. Secured loans has a positive impact on your score and also helps you to increase the score. Once you rebuild a credit history you can then think of applying for a small loan amount.


It is very improbable that you will get an unsecured loan with a credit score in the 400's. Unless you show that you are trying to rectify the reason for your score to be so low and show proof that you are doing so.


Although mortgage rates can vary form lender to lender, a credit score of 750 should ensure that you will receive the lowest possible rate. Currently, banks are offering a 30 year loan at rates as low as 2.9%.


Your credit score will make everything easier (loan wise). If you have a low cred store such as in the 500's, you probably will not get a loan. Though if you have one in the 600 range you have a better chance.


One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.


Please note that your credit score is only one aspect of the credit approval process. There is debt to income ratio, the capacity to repay the loan, collateral is part of the process, other factors. Also depending on what you want to use the loan for is also a factor. If you want a no-questions asked loan, with a great credit score you are entiled to a low interest rate credit card that would give you that 5500 no collateral loan. Phil Turner


500 is about the lowest score one can have and still get a loan. Although, the interst rates will be very high but one will have little choice with such a low score that they will not find a better offer.


You might not be able to get a loan from you bank or make big expensive purchases!


If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.


In many cases, the interest rate for a poor credit loan is much higher than a loan you could get with a good credit score. Because of a low score, a business has to take a chance in giving someone a loan (for fear that they may not pay it back), which leads to the higher interest rate.


It may be assumed that having a low credit score may prevent a person from being able to obtain a loan. This is not the case, there are many websites that are offering loans to clients with low credit scores. When applying for home loans with a low credit score the clients are usually paying slightly higher repayment rates according to information taken from information from the internet. Many banks offer useful information and will also offer assistance to apply for a home loan.



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.