The Top 5 Credit Scores for Loan Approval

If you’re looking to take out a loan, having a high credit score is essential. But what is a good credit score? And how can you ensure yours is as high as it can be? Here’s everything you need to know.

What kind of loan you can get with 588 credit score.

With a 588 credit score, fha loan
an fha loan is the most popular financing option for borrowers with credit scores of 588 or lower. Fha loans only require that you have a 500 credit score, so with a 588 fico, you will definitely meet the credit score requirements.

What kind of loan you can get with a 700 credit score.

When a credit card is maxed out or you end an account with an unused credit card, the recovery process typically takes three months. After around 9 months, your credit score can start to improve if you miss one mortgage payment by 30 to 90 days.

What kind of loan you can get with a 650 credit score.

Borrowers with a fico® score scores of 650 are likely to be offered adjustable-rate mortgage (arm) loans, with introductory interest rates that apply for a set number of years-typically one, but sometimes three, five, seven or even 10-and then change annually.

What kind of loan you can get with a 580 credit score.

The majority of lenders start offering fha loans at a credit score of 580. If your score is at least 580, you simply need to put down 3.5%. Low credit scores (500–579) may still be acceptable for an fha loan. However, you would have to put down at least 10%, and it might be challenging to find lenders who accept a credit score as low as 500.

What kind of loan you can get with a 600 credit score.

Various best personal loans with a 600 credit score

Lender Apr scope Initiation charge
Avant 9.95% – 35.99% Up to 4.75%
Lendingclub 7.04% – 35.89% 3% to 6%
Lendingpoint 7.99% – 35.99% 0% to 6%
Freedomplus 7.99% – 29.99% 1.99% to 4.99%

What kind of loan you can get with a 630 credit score.

The types of programs that are available to borrowers with a 630 credit score are: conventional loans, fha loans, va loans, usda loans, jumbo loans, and non-prime loans. You can be qualified for numerous different mortgage programs with a score of 630.

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