Meilleur prêt pour chaque cote de créditSeptember 20, 2017

Best Loan for Each Credit Score Category

It is generally easier to obtain loans if you have a good credit score. However, reasonable loans are available to everyone, even people with poor credit, if they know where to look.

Here are the best loans for each level on the credit score ladder.

  • 780-900. If your credit score exceeds 780, you probably do not have to worry too much about being approved for loans, credit cards or a mortgage. The best rewards credit cards are within your reach, banks will extend you a line of credit or approve you for a personal loan. The only thing that you have to do is not lose this excellent credit score. Since you will be approved for so many different forms of credit, it can be easy to let your borrowing and credit card usage get out of control. Keep low balances on all your cards, make your loan payments on time, and do not borrow more than you can afford to pay back.
  • 720-779. If your credit score falls into the “very good” range, you will still be able to get high quality credit cards, and the loan and mortgage approval process will be easy in most cases. The most-premium credit cards may be out of reach, and the interest rates on loans might not be quite as good as they are for those in the 780 club, but card perks and APRs will not be much worse than they are for people with excellent credit.
  • Above 680-720. Your credit score is still “good” if it falls into this range. However, you may notice that you do not qualify for the lowest advertised interest rates, and you may not be approved for premium credit cards. You should still be able to qualify for a basic rewards card, and you will be able to obtain a mortgage, albeit with a higher interest rate.
  • 620-680. This is the “average” range. This is where your credit score can keep you from being approved for a loan or a credit card. According to credit bureau TransUnion, the “magic number” for getting a loan is 650. As long as your score is above that (the middle of average), then you should still be able to qualify for a standard loan and standard credit cards. The interest rates might be worse than they are for people in the higher categories, but you should still qualify. However, those with credit scores below 650 may have trouble.
  • Below 620. In Canada, 300 is the lowest possible credit score that you can get. You usually do not get that score unless you are just getting your first credit card as a student or graduate. However, anything below 620, which is described as “fair” or “poor,” will spell trouble for you if you want to apply for a loan or get a regular credit card. People in this category can still qualify for online personal loans if they have a job and if they can provide a pay stub and a bank statement. Why can people with sub-620 credit still get online personal loans? Online money suppliers do not look at your credit score. Rather, they look at your bank statement and pay stub to judge your ability to pay off the loan.
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