comparison of auto loan to home loan?
Written By: admin on December 24, 2009
2 Comments
I am now under two car loans with one fixing to be paid off. My first question is how many points will my credit score raise once my first auto loan is paid off? My second question is with a credit score of 585 why cant I qualify for a first time home buyer loan?
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Tags: auto, auto loan, car loans, comparison, Credit Score, first auto, first time home, first time home buyer, first time home buyer loan, home, loan, time home buyer
Lenders have perhaps enough money to satisfy applicants with a score of 700, and you do not have that score. The money goes first to borrowers with higher scores.
As those lenders do have more money so they can lend what is needed, the sub prime loan may be possible once again.
Your score will go up 20 points. No one knows the exact answer because the Honest Isaac Company doesn’t not tell us.
Average score in the USA is 720. Really terrible credit is any number under 620..