Top 213 credible reviews (2023)

FAQs

Is it hard to get a loan with credible? ›

Credible's lending partners will work with credit scores as low as 670. If your score is lower, you can use a qualified cosigner to apply for a loan refinance.

Credible partners with each of the three major credit bureaus (Equifax, Experian and TransUnion). Each credit bureau may provide a different credit score on its final report. Does Credible verify income? Yes, Credible checks your pretax income when determining your eligibility for a loan.

Meet minimum requirements to qualify

In general, you'll need to have a credit score of at least 620 to qualify for a loan.

Does checking your rates with Credible hurt your credit score? For its prequalification process, Credible performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Credible will perform a hard credit check that may affect your credit score.

Build your credit score before you apply

To avoid being denied for a personal loan due to having a low credit score, the best thing you can do is build or repair your credit score before applying.

The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

If you took out an unsecured loan

That means the lender allowed you to borrow money with nothing more than your signature as a guarantee that the loan would be repaid. If you fail to live up to your end of the agreement, it will be reported to the credit bureau and your credit score is likely to take a nosedive.

Knowingly providing false information on a loan application is considered fraud and is a crime. For instance, putting an incorrect salary or falsifying documents would qualify as lying — and can impact you in serious ways. You could lose your loan.

Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan. With that said, it's still possible to get a loan with a lower credit score, including a score in the 500s.

Why is my credit score going down when I pay on time? ›

When you pay off a loan, your credit score could be negatively affected. This is because your credit history is shortened, and roughly 10% of your score is based on how old your accounts are. If you've paid off a loan in the past few months, you may just now be seeing your score go down.

What Is the Minimum Score Needed to Buy a Car? 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.

In order to provide personalized prequalified rates for the loan products on our site, Credible or its lender partners will perform a soft credit inquiry, as authorized by the prospective borrower. Soft credit inquiries do not affect your credit score.

Online lenders: Less than 5 business days. Banks: 1-7 business days. Credit unions: 1-7 business days.

How do hard inquiries impact your credit score? A hard credit inquiry could lower your credit score by as much as 10 points, though in many cases the damage probably won't be that significant. As FICO explains: “For most people, one additional credit inquiry will take less than five points off their FICO Scores.”

Getting rejected for a loan or credit card doesn't impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little.

It's possible to be turned down for a loan despite having good credit because the lender has established that you may not have the ability to repay. It's possible to be turned down for a loan despite having good credit because the lender has established that you may not have the ability to repay.

In order to get your personal loan application approved after rejection, you need to gradually build your credit score and clear your credit report.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

What makes you more likely to be accepted for a loan? ›

One of the most important factors in getting approved for a loan is having a good credit score. If you have existing loans or monthly bills, make sure to pay them consistently and on time to ensure that your credit score remains high. Read more about credit score in one of our previous articles.

Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.

They'll likely check any and all of your bank accounts during this process. Finally, your lender uses your bank statements to see whether you have enough money in your account to cover closing costs. Closing costs typically range between 2% – 5% of the total cost of your loan.

What's more, if you apply for more loans after the 14- to 45-day period is up, it can actually hurt your credit score. Multiple applications outside a short rate-shopping period may indicate to the lender that you're a risky borrower.

The Income Verification Express Service (IVES) program is used by mortgage lenders and others within the financial community to confirm the income of a borrower during the processing of a loan application.

Mortgage lenders usually verify employment by contacting the borrower's employer directly and reviewing recent income documentation. These documents can include an employment verification letter, a recent pay stub, or anything else to prove an employment history and confirm income.

You cannot simply use your spouse's income or your combined household income, even with their permission, when applying for a personal loan in your own name. Now for the good news. If your partner has a strong credit history and income, they can become a secondary “co-borrower” on the loan.

What raises credit score? ›

Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.

Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.

It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.

Paying off your credit card balance every month may not improve your credit score alone, but it's one factor that can help you improve your score. There are several factors that companies use to calculate your credit score, including comparing how much credit you're using to how much credit you have available.

If you take a car loan of $40000 at an interest rate of 4.12% for a loan term of 72 months, then using an auto loan calculator, you can find that your monthly payment should be $628. When the loan term changes to 60 months, the monthly payment on a $40000 car loan will be $738.83.

There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.

Credible's lending partners will work with credit scores as low as 670. If your score is lower, you can use a qualified cosigner to apply for a loan refinance.

Does Credible verify income? ›

Credible partners with each of the three major credit bureaus (Equifax, Experian and TransUnion). Each credit bureau may provide a different credit score on its final report. Does Credible verify income? Yes, Credible checks your pretax income when determining your eligibility for a loan.

Meet minimum requirements to qualify

In general, you'll need to have a credit score of at least 620 to qualify for a loan.

You can often apply online within minutes and might even get an instant decision, depending on the lender. If you're approved, you'll typically get the funds within five business days. Some lenders send money even faster — for example, Lightstream might fund your loan as soon as the same business day.

Credible is not a lender, a bank or a credit card issuer — we partner with top financial service providers so that they can provide you with a variety of competitive options, enabling you to quickly find the right financial product for your needs.

Unlike other student loan companies that underwrite and disburse loans, Credible is a loan marketplace. Through its platform, borrowers can fill out one simple form and get connected to leading private student loan companies and student loan refinancing lenders.

Banks will not approve another loan and will deem you overleveraged. Your DTI (debt-to-income) ratio will be unfavourable and you will not be able to allocate more of your income to clearing off your new loan.

Getting rejected for a loan or credit card doesn't impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little. Learn how to wisely manage your next application and avoid unnecessary hard inquiries.

Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.