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

FAQs

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

It's possible to borrow up to $50,000 with a credit score of 620.

A score of 620 is just over that dividing line, and will qualify most borrowers for a conventional mortgage. Most lenders require a credit score between 620 and 640 to qualify for a conventional mortgage.

If you are new to credit or have a bad history with lenders, you can expect a low limit to start. For example, if you have a history filled with late payments and high balances, you may not get a high limit. In fact, 30% of people with credit scores ranging from 620 to 659 have limits below $2,000.

While some personal loan lenders allow you to apply with a very low credit score, many require a minimum credit score of 660 or 700 to be considered for a $3,000 personal loan. Generally, the higher your credit score, the less interest you will pay.

You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.

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).

Personal loans for a 600 or 620 credit score or above are certainly possible to get. Many lenders do offer loans to borrowers with fair credit, but there are some things you should know. You may have to pay a higher interest rate than a borrower who has good credit.

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

Yes, a $20,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.

Yes, $25,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $25,000 or higher.

What credit score do you need for $20000 loan? ›

Requirements for a $20,000 Personal Loan

This means they'll want to see your credit score, income level and DTI ratio. 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.

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.

What credit score do you need for a $75,000 personal loan? Generally, you need a credit score of at least 620 to qualify for a personal loan. However, if you're looking to borrow as much as $75,000, you'll likely need very good to excellent credit — usually meaning a score of 740 or higher.

Calculating the monthly cost for a $50,000 loan at an interest rate of 8.75%, which is the average rate for a 10-year fixed home equity loan as of September 25, 2023, the monthly payment would be $626.63.

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, the required credit score for a personal loan is at least 580. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800 and a high income.

Requirements for a $100,000 Personal Loan

You'll generally need a good to exceptional credit score, generally between 670 and 850, and a steady income to get a $100,000 personal loan. Your income should prove that you can afford to repay the loan on time in addition to your other living expenses and existing debts.

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan.

The best credit card for a 620 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.