What is a good credit score to have when applying for a loan?
I 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?
Public Comments
- 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.
