Fico 625 how bad is that?

Question

I have a fico 625 and am trying to rebuild my credit because i have a past bankrupcy from 1999 everything will be off by 2009. I have a few credit cards and pay them faithfully. I recently paid a few off completly. But i get turned down still. What number do you have to have to get approved?

Answer 1

What are you getting turned down for? Is it more credit cards? Lenders and creditors want to see that you have become responsible with your borrowing habits. The best way to show taht is to use your cards one month and pay them off the next. This will show lenders that you know how to borrow montey and pay it back consistantly. Make sure you pay ALL your bills on time. Specifically your credit cards and you will be well on your way to rebulding your credit.

PS If your bankruptcy has not yet been discharged many lenders may still decline you.

Answer 2

There are a number of reasons you can get turned down, and not every lender follows the same procedure. Most lenders will also have different credit history requirements for different TYPES of loans as well. For instance, if you are thinking about starting a new business, it will be much harder to get a $20k loan than if you are buying a vehicle that costs as much. This will be dependent on several things, including, but not limited to, your credit score.
The BEST way to find out what you need to do to become approved is to ask the lending institution where you were refused why you were turned down. Then you will have the specific reason for yourself, and you can work on those areas.

Answer 3

625 means that you have fair credit. However creditors still see your
past bankruptcy as a problem. Therefore they are reluctant to give you a new credit line.

Answer 4

It is considered fair. You are still a little below the average. To qualify for prime rates, you need to get above 720. You can get a loan before you reach 720, you will just be charged higher interest rates.