What is a good credit score to have when applying for a loan?
Jul, 2010 in Apply for Loans, Transunion Credit ReportI 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?
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.
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.
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.