Is it a fair assumption to expect to be granted? What can I do to raise it in the next 3 months?
Any advice is appreciated.
The following describes what you can expect with respect to your loan:
- 760 – 849
The lender will generally offer you their best interest rate.
- 700 – 759
There won’t be any trouble in getting a loan at good interest rate.
- 660 – 699
There really shouldn’t be any problem in getting a loan at good interest rate.
- 620 – 659
Although you may qualify for the loan but not at good interest rates.
- 580 – 619
Sadly this is a poor score. And although you may qualify but the interest rates will be very high if you take out a loan.
- 500 – 579
It’s doubtful that you may qualify for the loan, and if you qualify, the interest rates will be extremely high.
As you can see, you don’t stand a good chance of being approved, and even if you will – you will pay high interest rates.
You should take steps to improve your credit score, be be aware that it takes A LOT of time.
A credit score is based on a 12 month activity and usually goes up between 5 to 10 per month. A good score is between 660-749. It will probably take you 12 months of activity to get to this level.
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With a 600 FICO score you are subjected to higher interest rates because you are viewed as a credit risk.
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With a FICO score of 600 you are in a risk of being in the subprime group which would make you ineligible for most loans including FHA loans which are given to risky borrowers.