Reason, I ask is because as a loan officer I could fund mortgages for scores under 525 for a $100,000 home or more. But I can't even get a small personal loan to combine my debts into one payment and when I say small, I mean under $7000. I've tried Citifinancial and my credit union.
2007-03-21 10:20:19 · 0 answers · asked by kathryn319 2 in Business & Finance ➔ Credit
The answer to your question:
Not good, on the verge of bad.
Keep in mind:
Small personal loans are hard to get.
Credit cards are a tad easier, but I don't think any card will allow you a $7,000 limit off the bat.
As someone intimately familiar with debt, (grad school in accounting/finance, two small children, and touch of recent unemployment) I will have to give you the following real answer:
You will probably not be able to find a consolidation loan.
BUT
Your debt is small and manageable. I would highly recommend reading everything available here:
http://finance.yahoo.com/banking-budgeting
I am not trying to suck up to Yahoo, but their finance section ROCKS! I have found a lot there and spend my lunch hours reading. As an accountant, and someone familiar with finance, the advice and information there is top-notch.
My personal recommendation to anybody attempting to build credit:
Gas card. Get one and pay it off every month.
For one thing you can see how much you are spending on gas, and another, it is an easy card to get and keep. I have had the same card for my entire adult life, all of 18 years, and if you read the articles below, one of the things that adds to your credit score is having a longer credit history.
Regards,
RG
2007-03-21 10:51:11 · answer #1 · answered by Random Guy from Texas 4 · 3⤊ 0⤋
Is 600 A Good Credit Score
2016-12-08 10:57:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1
2016-10-15 08:11:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
600 Credit Score
2016-10-01 03:57:20 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Excellent Credit: 750+
Good Credit: 700-749
Fair Credit: 650-699
Poor Credit: 600-649
Bad Credit: below 599
You have poor credit, You can improve your credit score by paying on time.
2014-08-12 14:21:45 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It may not be the 600 credit score (at least by itself), it might also be the amount of the loan. The financial institution stands to earn a lot more money from $100,000 loan than from a $7000 loan. In the first year, I think the interest on the $100K loan will rival the interest of the life of the $7K loan. It is one of those risk vs. gain scenarios. I know it does not make that much sense but to a lender it does somehow. However, if you read the news you will see that subprime lenders are starting to declare bankruptcy. A lot of this boils down to them giving large loans to people who should not have received them.
2007-03-21 10:26:34 · answer #6 · answered by A.Mercer 7 · 1⤊ 0⤋
600 Credit is on the verge of subprime (ie not good credit)... That being said you have to compare apples to apples... Secured credit (eg if you default they have collatoral they can liquidate to pay off the debt- mortgage, car loans, etc) has different criteria than unsecured credit (eg credit cards where you can default and they have nothing to call back for).
2007-03-21 10:27:48 · answer #7 · answered by happybostonian 2 · 1⤊ 1⤋
600 is pretty crappy.
A lot of mortgage people are greedy and will loan to anyone who walks by regardless of financial prudence.
Plus, there's always the real property to recover on.
2007-03-21 10:24:25 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Looking for an answer on this too
2016-07-28 09:58:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I'm curious for the answer to this too
2016-09-20 13:36:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋