660 Credit Score

A credit score is defined as a number signifying the financial merits of a person, as well as the probability that the person will pay his dues.

Usually founded on information derived from credit bureaus, it is used by lenders, such as credit card companies and banks, to appraise the possible risk of loaning money to buyers and to ease losses related to bad debt. Through a credit score, lenders can ascertain who qualifies for a loan and to what limit, and who are most likely to bring in the most profits. The credit score usually ranges from 300 to 850, with 850 as the highest score. A 660 credit score on the other hand is considered by most bank and credit agencies as average.

The consumer with a 660 Credit Score still has a chance to be eligible for a loan provided he has a good credit profile. The applied loan will pass through an automated underwriting engine that will utilize other criteria aside from the credit score to gain loan approval. These criteria include the percentage of the property value being loaned against, the amount of financial reserves and the debt to income ratios.

A 660 Credit Score is still enough to qualify for a loan approval with low rates, usually done through government-insured loans such as VA or FHA Financing. In addition, various programs and guidelines permit loans guaranteed by real property. Lenders will examine other aspects of the borrower, aside from the credit score, in determining credit strength such as assets and income. A consumer with a credit score above 660 will obviously garner more options with the best rates. However, some mortgage programs are willing to accept scores lower than the benchmark, depending on the consumer's income or assets, as well as the type of mortgage program.

The 660 credit card is for people who have poor credit or no credit at all. In order to qualify, the buyer must have a monthly income of at least one thousand dollars, and the starting credit limit is three hundred dollars; in addition, the maximum credit limit is two thousand dollars. This card provides the opportunity for people who are initially ineligible for a card to acquire one. The card also offers a free online account available to its consumers, and you can gradually raise your credit limit provided you pay your bills on time. The drawbacks for this card are the following: high monthly maintenance fees and high set-up and program fees.

Many people want to find answers to the question, 660 credit score good or bad? In truth, it only serves as a benchmark. In spite of the dynamic changes occurring in marketing guidelines, there are accessible programs for those with a below 660 credit score.


Source: Credit Cards For People With Bad Credit Rating

 Print this page
  |     Bookmark this page