650 – 669 = good. 634 – 649 = average. 618 – 633 = below average. Below 618 = very poor.
The minimum credit score for a home loan in South Africa
A score of 600+ usually gives you a fair chance of home loan approval.
Average Credit: 583 – 613.
The highest credit score you can have on the most widely used scales is an 850. For common versions of FICO and VantageScore, the scale ranges from 300 to 850 and lenders typically consider anything above 720 excellent credit.
The average credit score in the United States is 698, based on VantageScore® data from February 2021.
Your score
580 and 669, your rating is fair, and you are considered to be a subprime borrower and the dealership will consider your application. 670 and 739, you have a good rating, and as such, you are not likely to default on your finance agreement. Finance will be approved.
A 707 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 744 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.
You need a credit score of at least 600 for the bank to even consider your home loan application, while anything above 650 is considered a decent credit score. Here's a more detailed breakdown: 670+ = excellent. 650 – 669 = good.
300-579: Poor. 580-669: Fair. 670-739: Good. 740-799: Very good.
In South Africa, a credit score of between 650 and 669 out of 705 is considered to be "Good". Get into that band and you will get some brownie points from the lenders. If your score is below 528, it is considered "very poor".
They are Experian, Equifax and CIBIL. CIBIL is quite popular as it has been in the business for a long time. Non-Banking Financial Companies and banks use the credit score provided by CIBIL, Experian and Equifax to determine the potential risk of lending to a customer.
The minimum credit score for a home loan in South Africa is around 640. A score of 600+ will give you a fair chance of home loan approval - although this may vary according to which bank you use. A score of 670+ is considered an excellent credit score, significantly boosting your chances of home loan approval.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
A FICO® Score of 673 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 711, falls within the Good range.
In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
Pay on time.
One of the best things you can do to improve your credit score is to pay your debts on time and in full whenever possible. Payment history makes up a significant chunk of your credit score, so it's important to avoid late payments.
A 700 credit score meets the minimum requirements for most mortgage lenders, so it's possible to purchase a house when you're in that range. However, lenders look at more than just your credit score to determine your eligibility, so having a 700 credit score won't guarantee approval.
A 707 score should easily secure you a car loan. On average, your score should get you an interest rate between 3.6- 4.6 and between – and 6 percent on a used car. Scores above 720 are more likely to net you the lower percentage rates.