What does my credit score need to be to get a personal loan?

Home Forums Credit Reports & Scores What does my credit score need to be to get a personal loan?

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    StellarFi
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    #10996
    Team StellarFi
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    A minimum FICO® credit score in the range of 610-630 is desirable. But, a score of 690 or more can get you some of the best interest rates on personal loans. Personal loans are usually used for debt consolidation. Experts typically advise taking out a personal loan to clear off credit card debt. This will not only decrease credit utilization, it will also improve your credit mix.

    There is no ideal credit score that can guarantee a personal loan. But lenders generally look at your income, debts owed, and history of on-time payments of existing or past loans.

    The best way to learn about the credit score you need to qualify for a personal loan is to do some research on the available offers and what the prospective lender’s expected credit score range may be. You can then spend some time trying to build your score to get in the desired range and land the best rates.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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