Tag Archives: credit score scale

Before Applying For Loans, Be Sure The Credit Score Is Within The Credit Score Range

19 Dec

If a person wants to go to a lender and would apply for loans, especially unsecured loans, he must be sure that his credit score should be within credit score range. When a person will apply for secured loans, he might not have any problems convincing the lender to approve his loan application because lenders will only require the borrower to have his own collateral. A collateral is a sort of security that can assure the lender that the borrower is going to pay his monthly dues of his loan religiously and promptly. If the borrower can’t pay his monthly dues on time, he’s going to lose his collateral, be it a house, car or any other real property.

However, for the unsecured loans, a borrower can loan out money from a lender without any collateral. What he needs to make sure of is that his credit score is high. The credit score is a set of numbers that can tell any lender if the borrower is a good payer or not. Credit scores are based on how the borrower has been paying his past debts from institutions like banks, lenders and even credit card companies. These institutions, in turn, submit their credit score report of a particular lender to credit bureaus like Equifax. If that certain borrower will apply for loans again from different lenders, those lenders can take a look at the credit score of that person. If he has a low credit score, they might not approve the loan application. If the borrower has high credit score, then, there is no question that that lender will approve his loan application.

So, what is the credit score range? According to FICO, if the credit score of a borrower is between 730 and 850, it is considered as excellent. If the credit score is between 700 and 729, it is considered as a good credit score. If it is between 670 and 699, it is considered as average credit score. If it is between 585 and 669, lenders will consider the credit score of a borrower as average. It is a bad credit score if the credit score of the borrower is between 300 and 584.

So, if somebody wants to have his loans application approved, he should make sure his credit score is within the credit score range and it’s also recommended that he has a sort of collateral to go with it. With a collateral with high appraisal and a high credit score, for sure, his loan application will be approved and processed the soonest possible time and he will enjoy favorable low interest rates.

Anyone Got Low Credit Score Ratings Or Standings And Wants To Apply For Loans?

16 Oct

Is there anyone here who wants to have instant cash? Does anyone here works for a company with regular status and is already earning a regular earnings from that company? If anybody has some need of extra cash and he wanted it fast and he is earning a steady and regular income as a regular employee of a company, he can apply for this type of loan mortgage which is bad or low credit personal loans plan even if that person has bad credit score ratings. That is precisely right. There are even some banking institutions out there that offer a very fast payout of loan mortgages in this type of mortgages program. The fact of the matter is, there are individuals who can acquire a $1,500 loan in just a few minutes and that is via bad credit personal loans scheme. That’s really very fast, agree? But, there is one question, though, and the question is, what are the different requirements that any person needs to complete so that banking institutions will approve his bad or low credit personalized loans application the soonest time possible? To begin with, that individual must be in the correct legitimate age and he can display some substantiation that he is already a regular employee and also have been in a firm for, at least, a year and he must also have his very own banking account specifically current or checkbook account and/or an ATM account. He should also have a number of papers that stand for proof of wages.

When it says “proof of income”, that means that anyone has to be a regular employee of a corporation and has been with that company for, at least, a year as a regular worker. The proof of his earnings can any be of the following: certification of employment authorized by an authorized representative, recent vouchers of the applicant’s paycheck, federal income tax return record and, of course, legitimate identification cards which also include the company identification card. These are some of the requirements that a banking institution needs to get from the person or the borrower when he applies for bad or low credit personal loans. Everyone should always put in mind that this is a high-risk move on the part of the banking institutions because some of them might not be checking the credit score ratings of the customer. As long as the customer has any of these documents, he can be qualified to apply for low or bad credit personalized loans plan.

Last but not the least, a few banking institutions might also consider arranging with the employers if a lot of people coming from that corporation is applying for low or bad credit personalized loans plan and they will try to request automated salary deduction so they won’t have trouble in acquiring payments from these people. Some banking institutions demand borrowers, as what was described earlier, to have their very own current or checkbook account so they can also have the possibility for fund transfer from the customer’s account to their account.

Typically, any person should not worry if he has a very small or bad credit score ratings. These days there are many various lending companies available that provide mortgages that doesn’t require any credit check and one of them is bad or low credit personal loans plan. He really should remember that he can get this type of mortgage provided he is making a regular earnings so that it won’t be challenging for him to make the banks nod their heads in approval in qualifying him for personal loans.

If you want to make your credit score rating better go to this post: What is a Good Credit Score.