What credit score do I need for me to get a Loan?
is there any credit score level for me to have a loan on banks?
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3 Answers
Do you know your credit score? I would think anything over 700 would be good and get you a great rate. Sometimes the bank will give you a better interest rate the better your score.
It’s not just getting a loan, it’s getting a great interest rate. The higher the score the lower the interest rate. I don’t know the numbers though, ask a mortgage broker. Hopefully, we have one here.
Do everything you can to raise your score.
Your credit score itself isn’t the only factor in determining whether or not a bank will give you a loan. A loan is an individualized decision that a bank loan officer is going to decide on a case-by-case basis. Your credit score is one factor that may be used in that decision. Other factors will include the amount you’re asking for, the reason why you’re asking for it, and the bank’s confidence in your ability to repay the loan.
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