What is a good credit score to have when applying for a loan?
Tasha asked:
I just finished ordering my TransUnion credit report and score online from transunion.com. It says my current credit score is 757. Is that considered good? The reason I ask is because I was thinking about going to my local bank next week to apply for a $1,500 loan to get some much needed car repairs. I have plenty of avaliable credit on my credit card but would prefer to get a loan so that I might be able to get a lower interest rate. I always try to pay my bills on time and really need this loan. What are my chances of getting approved with a 757 credit score? Should I even bother applying or will I be wasting my time?
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I just finished ordering my TransUnion credit report and score online from transunion.com. It says my current credit score is 757. Is that considered good? The reason I ask is because I was thinking about going to my local bank next week to apply for a $1,500 loan to get some much needed car repairs. I have plenty of avaliable credit on my credit card but would prefer to get a loan so that I might be able to get a lower interest rate. I always try to pay my bills on time and really need this loan. What are my chances of getting approved with a 757 credit score? Should I even bother applying or will I be wasting my time?
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January 17th, 2012 at 5:39 am
Kansieo.com
Anything over 700 is good. Go to a credit union they have better rates on loans and credit cards. You probably want a credit card as the loan will be unsecured and difficult to get unless you have colateral.
January 19th, 2012 at 11:17 pm
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Your credit is in good shape. Your best bet for a loan is probably to get a credit card with a low introductory rate and pay it off before the introductory rate expires. You might also see if your mechanic will let you pay in installments.
January 23rd, 2012 at 7:08 am
good credit score
You have a good score. I would say apply for the loan, and transfer the balances to a credit card offering a (0% apr) — citibank offers 0% introductory apr’s for 1 year — with no transaction charges.
Another thing to remember is that its not just enough to have a good score. lenders also look at what your largest loan was — A history of taking and repaying large loans helps improve your credit also. I was rejected by Honda car financing when I applied for a $13,000 loan eventhough My score was 750+. They said that my largest loan was $2000, so they didnt think I was a good risk becasue I did not have any history with larger loans.