What Credit Score Do You Need For Personal Loan
Typically the credit score for a personal loan that you ll want to aim for is 660 or higher.
What credit score do you need for personal loan. Some peer to peer p2p lenders offer personal loans to applicants with credit scores as low as 580 and a few ignore credit scores altogether instead using alternative criteria such as your work and educational history to gauge creditworthiness. If you showed them a good payment history in the past they may be a little more flexible with offers. Your fico score is calculated based on your credit report and takes into account several factors.
Is fico which is short for fair isaac corporation. That range may vary a bit depending on whether you have a previous relationship with the lender. Each lender has a different risk tolerance.
A high credit score. More on why this is important in a minute. Generally a fico score of 680 can help you secure a personal loan but the minimum credit score you need for approval largely depends on the lender.
Each loan gets evaluated on an individual basis but to get approved for a loan with good terms you ll want a fico score of 600 to 700. This means that an applicant who applies for a personal loan with a score of 670 may qualify but they may or may not receive the best interest rate or terms. The minimum credit score to qualify for a personal loan is typically 610 to 640 according to an anonymized dataset of nerdwallet users who pre qualified for personal loans.
The dominant credit scoring model in the u s.
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