A credit score of 616 isn’t “good.” Rather, a 616 credit score is actually considered “bad,” according to the standard 300 to 850 credit-score scale.
Such a score will make it difficult to get approved for a decent loan or line of credit and could even prevent you from renting an apartment or landing certain jobs.
Can I buy a house with a 616 credit score?
Yes you can! Many factors are looked at when seeking approval for a home loan, but you can get a loan with as low as a 580 credit score. We regularly work with clients who are able to secure a loan with a 580 credit score. We have amazing rates right now as well.
Can I get a car loan with a 549 credit score?
549 Credit Score. A 549 credit score won’t knock any lenders’ socks off, but it shouldn’t completely prevent you from being approved for a credit card or loan, either. For example, roughly 1 in 10 new credit card accounts are opened by someone with a credit score below 580, according to Equifax data.
Can I buy a car with a 560 credit score?
Credit Score of 560: Car Loans. Buying a car with a credit score of 560 is possible, but you’re most likely going to have an extremely high interest rate. People with bad credit – if approved for a loan – are always offered higher interest rates than someone with a credit score even 80 points higher than their score.
Photo in the article by “Wikipedia”