Credit Score 650
Can I get loan with a credit score between 600 - 650 ?
creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
650 is very good for someone your age. 660-680 is the typical range for an adult with good credit and above 680 is typically considered excellent but some of the score is built on the length of time your credit has been established, which someone young typically does not have.
1. Pay your bills on time (obviously)
2. Close out any accounts you do not use and even ask your credits to lower your credit limit where you can. If you have a lot of "available" credit it can hurt your scores, plus it leaves you open to identity fraud which can kill your credit for years
3. Do not open new accounts unless you really need to. Lots of stores offer you discounts and specials if you open one of their accounts, but everytime you apply for credit your score takes a hit.
I need to increase my credit score from 607 to 650. how can I do this and how long should it take?
The first thing you should do is pull your credit report for all three creditors, Equifax, Trans union, and Experian. Sometimes you will find that there are things reported on one that is not on the other. Credit cards are of course a big source of debt, but simply paying down all your credit at one time is not necessarily the way to bring your FICO score up. Since you have a time you are much better off paying your credit cards down over a few months to show a history of payments rather than a few staggered unpredictable payments. Your car loan can also bring your credit score down simply because of the amount of debt it puts on your credit report. If you can make additional payments towards the interest of the car loan even if it's 10 dollars a month, it will make a real difference in your debt ratio. Remember the less overall debt you have and the more predictable your payments are the better your credit score is going to be.
Ideally you should try to get your credit score closer to 700, this will pull you away from the "sub-prime" market which has been under so much fire in recent months. Make sure you read your contracts carefully and ask direct questions about variable interests rates and fees. Shop around for a loan, and remember that you do not have to go with the loan company that the real estate company "wants" you to go with.
how long will it take me to get from 505 to 650 credit score ?
5 steps like this
Correct blatant mistakes. Your credit score is only as good as what shows up in your credit report.
Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late — can take 30 days to three months, sometimes longer.
Pay your bills on time. This is always a good practice, and it’s especially critical that you make prompt payments close to the time you need a loan. That’s because a late or missed payment in the last few months is likely to lower your score much more than an isolated late payment five years ago.
Reduce your credit card balances. A heavily weighted factor in your FICO score is how much money you owe on your credit cards relative to your total credit limit. Generally, it’s good to keep your balances at or below 25 percent of your credit card limit, said Jeanne Kelly, founder of The Kelly Group in Brookfield, Conn. which helps clients improve their credit scores.
Pay off debt rather than moving it around. Since the ratio of your credit card balance to your credit limit is key, closing out an account and transferring the balance simply means you increase that ratio, which is likely to lower your score. In other words, say you owe a total of $2,000 on four credit cards, each of which has a $2,000 limit. Your total credit limit is $8,000, of which your total balance ($2,000) accounts for 25 percent. If you transfer all your balances to two cards and cancel the other two, your total credit limit is reduced to $4,000, and your $2,000 balance now accounts for 50 percent of that limit.
Don’t close unused credit card accounts near loan time. If you have several credit card accounts but are only using a few of them, you’ll only raise your balance-to-limit ratio if you close the unused ones. You also shouldn’t open new accounts when applying for a loan if possible. If you have a short credit history or very few accounts, opening a new credit line may lower your score since you don’t have a proven track record, said Jan Davis, an executive vice president at TransUnion. What’s more, a new account will lower the average age of your accounts, another factor in your FICO score.
Could I get a student loan from a university credit union with a credit score of 650 ?
You haven't said anything about applying for Federally subsidized student loans. To the best of my knowledge, Stafford and Perkins loans do not require a credit check at all.
650 should be good enough to get a private student loan from a credit union provided you're a customer there.
My credit score move from 750 to 650. now I have paid off the high balance in my CC. will my score go up?
It depends on how good the 650 is. The score alone doesn't tell the story. time on bureau, similar credit, payment history, current salary all play a part.