My best friend's credit score is about 550, and she wants to lease a car and possibly buy a house in the future, with a score like that can she? I know that her credit was much worse, and she has been keeping up to date on her bills and is trying to bring it back up above 600. Please let me know, she asked me this morning and I wasnt sure about the answer to give her.
2006-12-28 05:23:49 · 9 answers · asked by Roselyn 2 in Business & Finance ➔ Credit
Yes mortgages are available with mid 500's scores but the rate would be high. The right approach would be positioning the credit profile for success.
Here is some additional info. Hope this helps.
2006-12-28 06:24:51 · answer #1 · answered by loanman46 2 · 0⤊ 1⤋
You can get a 100% mortgage with a 580 credit score. You will need at least a 660 to lease a car. Financing a car the traditional way is even easier than leasing.
2006-12-28 08:54:03 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
you can get a Mortgage with the credit. I can do 100% loan with a 550 score. But the better the score the better the rate. If it is lower then 550 you will need money down
2006-12-28 05:47:40 · answer #3 · answered by s_uperdave 3 · 0⤊ 0⤋
I don't know about a car, but she doesn't qualify for a 100% loan for a home, she'd have to put down 5-10% down payment. The lowest score to qualify 100% is 600.
2006-12-28 05:33:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
My advice would be to keep making payments on her credit and no late fees for at least a year, then check for a car. If she did get a loan, it'd be for a high interest rate. The people that can least afford a high interest tend to get it.
My other advice would be to buy a used car and not lease. You have no value at the end of the loan.
2006-12-28 05:28:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The interest is going to be through the roof (that's if there is someone willing to finance her). Patience is probably the best solution. As long as she can pay her bills and allow her score to go back up (after a couple of cycles) then she will definitely get a better deal down the road.
2006-12-28 06:56:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
cant lease a car but he could possibly buy a car and definitly a house - credit score normally determines your interest rate not whether you qualify to buy or not - which bureau was it there are 3(equifax, trans union, Experian), what scoring sytem (fico, auto enhanced, etc.) did it use there are many.
2006-12-28 05:34:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
She could qualify with a high interest rate; she is better off taking steps to improve her score.
www.totaldebtsolutionsllc.com
2006-12-28 07:53:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, it IS possible. Other factors that the bank looks at is your employment, length of time on the job, etc.
2006-12-28 05:27:24 · answer #9 · answered by Ambassador Z 4 · 0⤊ 0⤋