660 Credit Score
Your 660 Credit Score
Your probability of getting credit from a lender depends on your credit score. What does it mean if you have a 660 credit score? That’s what this article is about…
The higher your credit score, the greater the likelihood of attaining credit, so to speak. It goes without saying that borrowers with a credit score of 660 will usually be offered more credit at lower interest rates than those with a credit rating of 600. But you also face worse chances than if you had a credit score of 700.
Most of the time, credit scores of 660 or greater are deemed to be of pretty low risk for creditors. They believe that borrowers with a score over 660 are willing to repay the loan. Since credit ratings from agencies are not publicized, there is no way of telling the precise details of a 660 credit score.
The Impact of a 660 Credit Score
While a 660 credit score on the low side, it’s pretty much a good number that can get some favorable results. It shouldn’t be too much of a hassle getting a loan at a good interest rate just as long as you can verify your earnings and meet the minimal asset standards. You still have a good shot at qualifying for a loan with a fair rate, but odds are against getting the best rates. You will often have to pay an interest premium. (Keep in mind that you may have access to government programs offered that can make your loan more affordable.)
Although some mortgage programs still accept borrowers whose credit scores dip below 660, this will largely depend upon the type of program and other factors used as compensation when applying. These factors include down payment, income and assets or savings. What creditors are looking for is how you manage your credit and how much you spend in ratio to how much you pay on each billing period.
Paying your bills on time plays a big factor in raising your credit score. Also, you must have at least one credit card, or some kind of installment loan since having no credit at all will equal having not much of a score. And you should avoid having any credit cards that are not activated since they are deemed dormant which will possibly lower your credit score.
The maximum number of credit cards you should have is 3 or 4. And never open more than one separate credit card account at a time as this might cause multiple credit inquiries, which can negatively affect your score. If you know you can’t make credit card payments on time, negotiate ahead with the creditor. And never forget to keep track of your credit report to make sure all information is accurate.
Keep in mind that at any level of credit score, one creditor may approve a credit application while another may decline it. But with a 660 credit score, your best bet is to work to improve it.