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Score was purchased from FICO. Is this good enough to apply for a personal loan or perhaps auto loan? What do you think? Please advise. Thank you
@ dizzy: So I guess it’s good in a way…

@ Sassy25: That’s a pretty high interest rate. Maybe because of the short credit history.

5 Thoughts on Is having a credit score of 663 good considering building credit for 1 year and 6 months?
  1. Reply
    November 25, 2011 at 11:17 am

    yes, i would die to have a score like that.

  2. Reply
    November 25, 2011 at 11:49 am

    Yes you can apply, Bad news is you will pay a higher rate.
    Personal loan no but car loan will be about 18%

  3. Reply
    November 25, 2011 at 12:48 pm

    No, it is not good. You’ll be approved for an auto loan and maybe for a personal loan as well but they’ll make you pay… big time.

    Even with a short credit history your credit should be much better than that if you don’t have any negatives, you might have high balances in credit cards (Reduce them below 10% of the limit and you’ll see a big improvement) or a whole bunch of inquiries. If the balances is the problem I would pay off those cards before applying for any new credit, it will save you a lot of money.

  4. Reply
    stan c
    November 25, 2011 at 12:53 pm

    18 months of activity is very good. A good credit score is 660 to 749. Excellent is 750-840. Basically your credit score goes up between 5 to 10% per month.

  5. Reply
    November 25, 2011 at 1:53 pm

    When you get your own credit score (soft pull, doesn’t affect your score), it’s always higher from when lenders pull it (hard pull, affects your score). That 663 won’t show up when you apply for a loan. It might be in the low 600’s. You won’t be able to qualify for a personal loan because you have less than 3 years of credit history. The auto loan might work depending on the lender because they have a car for security. The rate will be high. You should try to get a loan from the dealership directly since they can usually work something out but be sure to get all the terms and conditions on it. Find out the loan amount, years, interest rate, total finance charge, and payments.

    Since you’re trying to build a good credit score, I recommend reading the source I provided. It will help you a lot.

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