Credit score
is one of the most important factors considered to qualify for mortgage loans. The
maximum and minimum credit score requirement differs as different loans
programs require different credit score your loan –to- value ratio is also
taken into consideration. If your credit score is below 620 then you won’t be
granted any loans by the financial institutions particularly mortgage loan
Different
financial and lending institutions have different considerations on what is the
right credit score needed for their loans. Some might consider a credit score
of 620+ as a good credit score while others might rate 750+ as the right score
for their loan programs. The credit score requirement definitely varies .
But if your
credit score is 720+ and above ,there is a good chance that your loan will be easily
approved by most lenders at lower rates of interest and on best terms and
conditions.
For car loan
your credit score should be in the range of 620-720.if your credit score is
towards the lower range then your loan might be approved but with extra
requirements like higher rates of interest or paying a large amount of down
payments. If your credit score is 650+ and above you qualify to be in the
medium to low risk range and you will easily get a car loan..
Try to have
credit score of 650+ and if it is above 700+ ,you are in a very favourable
position as you will get the best rates for loans at the best terms.
Whether you are applying for home loans, car loan, mortgages or even credit
cards a credit score in the range of 650+to 720 will benefit you and make it
easier for you to get approval. If your score is below this range or towards
the low , take steps to improve it and raise it to a higher level
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