How Much You Can Borrow with a 630 Credit Score (2024)

FAQs

How Much You Can Borrow with a 630 Credit Score? ›

You can borrow anywhere from a few thousand dollars to $100,000+ with a 630 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.

Anything less than 640 will probably be considered bad credit when it comes to lenders looking at giving you a $20,000 loan. However, every lender is different. If you have a high income and low debt-to-income ratio, lenders might be willing to give you a loan even if your credit is more on the fair end.

The best credit card for a 630 credit score is the OpenSky® Plus Secured Visa® Credit Card because it does not check your credit score when you apply and has a $0 annual fee. The OpenSky® Plus Secured Visa® Credit Card also reports to the credit bureaus on a monthly basis.

At a 650 – 699 credit score, you are likely to get a high interest rate on a loan. For favorable terms and a low interest rate, you need to reach at least 700 – 749, with a higher score ensuring even better terms.

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.

You aren't likely to get a lender's best rates on a personal loan without a good credit score, but a FICO score of 630 should allow you to qualify for one. This is especially true when it comes to personal lending marketplace like Upstart that specialize in loans for consumers with less-than-perfect credit histories.

Your score falls within the range of scores, from 580 to 669, considered Fair. A 630 FICO^® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

Cards such as the Amex EveryDay® Preferred Credit Card from American Express and Blue Cash Preferred® Card from American Express (see rates and fees) usually recommend a 670+ score.

A credit score to buy a house doesn't have to be perfect. In fact, the minimum credit score to buy a house can be as low as 580, which falls into the “fair credit” category. With a credit score of 620 or higher, you're eligible for most types of mortgages.

What credit score is needed to buy a $300K house? The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

What is the minimum credit score to buy a house? ›

For a conventional mortgage in California, you typically need a minimum score of at least 600. If you qualify for certain government-backed loans, however, you may be able to buy a home with a score as low as 500.

To buy a $50,000 car and get favorable auto loan options, it's best to have a credit score in the prime or super prime categories. Prime borrowers are those with a credit score within the 661-780 range, while super-prime borrowers fall within the 781-850 range.

A score of 700-850 is what most lenders consider ideal. Borrowers in this range can expect to get offered lower interest rates and more flexible loan terms.

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

The base FICO score is also called FICO Score 8 or 9. It's not designed specifically for auto loans, but many lenders use it. It's a number between 300 and 850, and a higher score means that a person is more likely to make loan payments on time.