8 Thoughts on what are my chances of getting a private student loan or a mortgage with these scores.?
  1. Reply
    Hokie_Pokey
    October 9, 2012 at 8:52 pm

    Those are pretty low scores. You might be able to swing a loan but with high interest rates.

    Good credit is 700+

  2. Reply
    Johnalexander22
    October 9, 2012 at 9:18 pm

    V High scores. Should have no problem. Try the big banks.

  3. Reply
    Adam.
    October 9, 2012 at 9:48 pm

    Ok, let me start off by telling you the scores are not the best. Honestly the best way to get a private student loan or a mortgage, is by going with a Credit Union. Not a huge bank, but a smaller one, usually only in your city, or one with few branches. They approve you but on a higher interest rates. That is the key point, the interest rates is what the problem is, you may get approved for large monthly payments. Some suggestions are the credit union, or try your personal bank. Try applying for a credit monitor and see what the negative factors and see if you can cancel any out. Try making that payment on time or consolidating your debt. I hope this helps. Oh lastly, try and go with a Union or Bank that relys on Transunion scores because thats your highest and they may approve you with a higher chance. Hope I could help

  4. Reply
    demsrn
    October 9, 2012 at 10:24 pm

    As far as mortgages go, I would suggest trying a government mortgage. The minimum score is something like 550. Do your best to save a down payment. Government loans require a 3-5% down payment. And plan on closing costs around 3% of the amount of the mortgage. Best of luck!

  5. Reply
    DAS
    October 9, 2012 at 11:11 pm

    You will probably be able to get both, but with a higher interest rate. You should check your credit report out first, and try to see what is on it, and wait and take the time to get those negatives off before applying for a loan or motrtgage, you will save more money now and in the long run.

  6. Reply
    Pengy
    October 9, 2012 at 11:24 pm

    Reality dude you make 30K a year and dependent upon where you live that might not be much. You have 674 in rent add electric, cable, internet, heat, insurance, gas, food, fun, phone, cell phone, repairs on car etc. Do an excel spreadsheet listing all your expenses for a month against all you income and see where you actually stand

  7. Reply
    audubano
    October 9, 2012 at 11:28 pm

    If you make that much and only have one bill, why the hell is your credit so low? That said, you could probably get a mortgage at a higher interest rate.

  8. Reply
    latebreakfast
    October 10, 2012 at 12:05 am

    First, I would ask just where you got those scores. Did you go to FICO, or did you pay somewhere else?

    Fico will give you the most accurate scoring. Anything else is a waste of money. FICO scoring is usually very close to the score you might get with a lender.
    Lenders usually use their own scoring calculations as well.

    What they are looking for is:
    No bad debt on credit report
    No large debt on credit report
    Established credit history
    Ability to pay the loan (income)

    Mortgages usually want to see something in the 680 and up range.

    You can work on that score. Educate yourself about credit and scoring, and you will know what to do to raise the scores up.
    Good luck

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