How Much You Can Borrow with a 630 Credit Score (2024)

FAQs

How Much You Can Borrow with a 630 Credit Score? ›

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.

Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan.

The best credit card for a 630 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.

What credit score do you need to get a mortgage? Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.

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.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

As someone with a 630 credit score, you have just crossed over into the “fair” territory of credit score bands. You can qualify for financial products, like a mortgage or car loan, but you will likely pay higher interest rates than someone with better credit.

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

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).

Can you get a personal loan with a 630 credit score? ›

If you have a score between 600 to 750, you can approach banks or financial institutions for a personal loan. However, since the score is neither good or bad, lenders will be cautious and may carry out additional credit checks before sanctioning a loan to you.

Cards such as the Amex EveryDay® Preferred Credit Card from American Express and Blue Cash Preferred® Card from American Express (see rates and fees) usually recommend a 670+ score. However, there is anecdotal evidence of scores in the lower 600s being approved.

A 630 credit score is considered “fair” by most scoring models. You may face some difficulty with a 630 credit score, but you are not far from reaching the next-highest tier. With consistent, healthy habits, you can find ways to help improve your 630 credit score.

To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.

Can I get an auto loan with an 630 credit score? The short answer is yes, but you're likely to get a significantly higher-than-average interest rate. To put it into perspective, as of November 2022, the typical borrower with prime credit (720 or higher FICO score) got an APR of 5.34% on a 60-month new auto loan.

Your credit score has less bearing on your ability to get a mortgage than you might think. The minimum FICO score for a conventional loan is 620. The best rate comes with a score of 740 or higher.

A 640 score is typically enough for a $20,000 loan but the loan terms might be stricter compared to a higher score. Can I get approved for a $50,000 car loan with a 600 credit score? Yes, that scenario is entirely possible.

The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.

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).