Posted on: 12th Oct, 2010 06:52 pm
I would like to know can you still get a loan with a poor credit score of 530?
Hi jaxbeachbunny,
With a credit score of 530, it'll not be possible for you to get a loan. Even if you want to get a FHA loan, you should have a credit score of at least 580. In my opinion, you should take steps to improve your credit score and then apply for loans. Check out the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
With a credit score of 530, it'll not be possible for you to get a loan. Even if you want to get a FHA loan, you should have a credit score of at least 580. In my opinion, you should take steps to improve your credit score and then apply for loans. Check out the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Many places will tell you that it is next to impossible to get a home loan with bad credit, but the truth is, there are always lenders out there. You may end up having to pay a much higher down payment than most, and your interest rate is probably going to be much higher than the going rates, but as long as you are alright with that, you should still be able to get a loan. You will have better chances if you work on improving your credit score a bit before applying for a loan, however.