How good is a 640 credit score?
According to FICO, the average credit score in April 2016 was 699, so a FICO score of 640 is below average.
Generally, “fair” credit scores range from 620 to 679.
Applicants with a score below 620 are considered high-risk, and will have trouble qualifying for a home loan.
Can I get a personal loan with a 640 credit score?
Prosper is an online marketplace lender that provides personal loans to borrowers with a credit score of at least 640. Their loan amounts range from $2,000 to $35,000. If your score is slightly lower, you might still be able to apply and qualify for a smaller personal loan.
Can I buy a house with a 640 credit score?
Credit scores and mortgage loans: If your score is below 620 to 640: An FHA (Federal Housing Administration) home loan is your best option because most lenders won’t approve a conventional loan for borrowers with a credit score below 640. However, your mortgage insurance is likely to be higher with an FHA loan.
What grade is a 640 credit score?
What is a 640 Credit Score? Your credit score is a three-digit number, made up by a variety of factors, that gives lenders a snapshot into your creditworthiness. In this article, we’ll look at the credit score of 640, whether that’s good or bad, what you can expect with that score, and more.
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