6 answers
Asked Viewed 116 times Translate

I Have a 560 Credit Score, Why Do I Keep Getting Denied Loan Applications

I Really Need a Personal Loan To Get My Life Plans On Track #loans #money #gooddebt #unsecuredpersonalloans

Answer This
+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
4
100% of 4 Pros

6 answers

Updated Translate

Ada’s Answer

Your credit score may still be too low to get a personal loan. This type of loan usually requires a higher score due to the higher level of risk the lender is taking on. The risk is you may ultimately be unable to pay the loan back.

You should look for alternatives like debt consolidation counseling services from non profit organizations. If it’s student loans talk to the lender about consolidation.

Good luck.

Ada recommends the following next steps:

Look for debt consolidation non profit org
1
100% of 1 Pros
Updated Translate

Rosa’s Answer

Credit score may still be too low.

If you have any debt do your best to pay it off. Even if it is just a little extra every month, over time you will see your credit score increase.
1
100% of 1 Pros
Updated Translate

Steve’s Answer

The 560 score is low when you think about near perfect FICO scope near 850. I would recommend you take steps to move your score to over 700, buying paying all bills timely. Suggest you pay your credit card 10 days early for several months, be in the total amount due or the required minimum payment. If you do not have a credit card, work with a parent or guardian that can guarantee your credit worthiness to a local bank so that you can obtain their MasterCard or Visa card. Then do charge a few purchases on the card and pay 10 days early and before the bank's due date.

Good luck to you!
0
Updated Translate

Steve’s Answer

The 560 score is low when you think about near perfect FICO scope near 850. I would recommend you take steps to move your score to over 700, buying paying all bills timely. Suggest you pay your credit card 10 days early for several months, be in the total amount due or the required minimum payment. If you do not have a credit card, work with a parent or guardian that can guarantee your credit worthiness to a local bank so that you can obtain their MasterCard or Visa card. Then do charge a few purchases on the card and pay 10 days early and before the bank's due date.

Good luck to you!
0
Updated Translate

Victor’s Answer

Financial struggles are stressful!
I was there.
But then a friend of mine shared "Dave Ramsay - Total Money Makeover" book to me and it has been a godsend!!
Research this.
Take the advice!
He's on YouTube.

He made it sound so simple how you can get yourself out of financial mess.
1. Have a written budget
2. Live below your means
3. Save save save money

Best of luck!
-Victor
0
Updated Translate

Mark’s Answer

Try to get your credit score up to 670. This is a good score to try to obtain credit.
0