How Much You Can Borrow with a 620 Credit Score (2024)

FAQs

How Much You Can Borrow with a 620 Credit Score? ›

You can borrow anywhere from a few thousand dollars to $100,000+ with a 620 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).

With a credit score of 620, the average APR for a new car is about 6%. The average APR for a used car is about 10%. If you have a credit score of 620, you have fair credit. Even though it's better than having bad credit, getting a car loan could cost you thousands more than having good credit.

With a credit score of 620, you could qualify for a conventional mortgage. However, your options may be limited. At this level, or even with a higher score in the “Fair” range, your mortgage will likely be a federally-insured loan, backed by Fannie Mae or Freddie Mac.

You will need a credit score of 580 or higher for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments.

Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670. Some lenders state they require stable, consistent income, while others list a minimum income requirement.

For a conventional loan, often backed by Fannie Mae and Freddie Mac, a minimum score of 620 is typically required. It's important to remember that while lenders have minimum credit score requirements, having a higher score can improve your chances of getting a better mortgage deal.

A low credit score can be a sign to lenders that you've had credit challenges in the past — or that you're just beginning your credit journey. It may be difficult to get approved for loans without very high interest rates until you've had a chance to build your credit.

Higher credit scores are needed to qualify for a jumbo versus a conforming loan. You will need, at the very least, a minimum score of 700 (most likely) to qualify for one. “The average is around 740, although I have seen some as low as 660,” says Robert Cohan, president of Carlyle Financial based in San Francisco.

Can I get a $40,000 car with a 600 credit score? ›

It's essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.

There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.

Yes, it's possible to buy a house with a 620 credit score. This score meets the minimum credit score guidelines for several types of mortgages, including conventional loans — but credit score is not the only factor lenders look at, so a 620 score does not guarantee approval.

For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.

If you have an 620 credit score, you are generally considered a subprime consumer, but it won't necessarily prevent you from borrowing money. The average FICO credit score in the United States is 714 as of 2021, and scores within the 580-669 range are considered to be “fair” credit.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.

Yes, it's possible to buy a house with a 620 credit score. This score meets the minimum credit score guidelines for several types of mortgages, including conventional loans — but credit score is not the only factor lenders look at, so a 620 score does not guarantee approval.