A good credit score characterizes the borrower as a bona fide and reliable participant in credit relations and it is a significant factor in approving a loan application. “700-749” credit score opens up for any borrower access to profitable programs at leading banks, loyalty and lower interest rates. Therefore, it is better to take care of the responsible fulfillment of your obligations in advance than to look for methods to correct the negative situation or receive money if necessary.
- 1 What Does a “700-749” Credit Score Get You?
- 2 Who Has a “700-749” Credit Score?
- 3 How to improve/increase credit score “700-749”?
- 4 What loan can I get with “700-749” credit score?
- 5 Where can I get a personal loan with “700-749” credit score?
- 6 Car loan with a “700-749” credit score
- 7 Can I get a mortgage with “700-749” credit score
What Does a “700-749” Credit Score Get You?
1. The main advantage of the borrower’s good reputation is the opportunity to obtain a loan at any convenient institution at any time.
2. Credit history sometimes affects the interest rate. Banks are more willing to give money at low interest if their risks are minimized. Some financial institutions even offer special programs for conscientious borrowers. So, for example, in addition to a reduced interest rate, lending takes place on other, more loyal terms: a long loan term, a large amount, favorable credit conditions.
3. A good credit score can be decisive when applying for a job. Security experts of many companies make inquiries to the Credit Bureau to learn whether the person has problems with the return of funds taken on credit. No one wants to contact the debtor, as there is a risk that the employer will subsequently be involved in the process of repayment.
4. You can safely travel abroad. Border guards may not let out malicious payers either on a business trip, or to relatives, or on holidays. Crossing the border being calm is much nicer than getting nervous and worried about a possible return home.
5. You do not have to have anything to do with representatives of collection agencies. Probably, everyone knows what unpleasant ways they use so that the debtors fulfilled their obligations. And often they spoil the life not only of the borrower, but also of his/her relatives, friends, etc.
6. A timely repaid loan guarantees the fulfillment of all plans and ideas in the future, as there will be no notes on unpaid debts in the credit history.
Who Has a “700-749” Credit Score?
Each bank individually decides to assess the creditworthiness of the client. Here, the nature of the current credit policy, the need to attract additional assets and increase the market share of banking products and services play a large role.
If the borrower has loans repaid on time without delay and violation of the terms of the contract, then he/she can easily get a new loan at almost any bank. In this case, the credit history is good. One-time delinquencies of up to 5-7 days and full repayment of debts are also a reason for some banks to form a good customer credit history.
How to improve/increase credit score “700-749”?
You can improve your credit score with the help of new marks on the timely fulfillment of credit obligations. If you have a completely neglected case (a lot of delinquencies and even fines), then you will have to be careful about your credit, tax and even utility payments for at least two years. You can also take a short-term loan and pay it in a timely manner.
What loan can I get with “700-749” credit score?
The main mistake you can make when you intend to resort to borrowed funds is to go to the nearest bank branch and agree to the very first offer. To get a bank loan and not miscalculate, you need to analyze your needs and opportunities, and then study as many offers as possible in order to choose a truly profitable option. Consider the main types of loans offered by credit organizations.
If you need money urgently and the amount is relatively small, you can turn to express lending. You can get borrowed funds not only in banks, but also in microfinance organizations. To obtain a loan, you only need a passport and application, the process of filling out an application and obtaining a decision on the issuance of funds will take only a few minutes. However, the amount of such “quick” loans is very small, and their rates are very high (can reach 80% per annum). Usually express loans are issued for a period of 12 to 36 months.
Loan without guarantors and collateral
In cases where the borrower needs a more substantial amount, but there is no possibility (or desire) to attract guarantors or provide a pledge, you can take a loan according to a simplified scheme by providing only a few documents. An important condition for granting a loan without guarantors is a good credit history and work experience in last place for at least 6 months. The application will take from 30 minutes to 1-3 days.
No inquiries from work
In some situations, a bank client cannot provide a certificate of employment – freelancers, retirees, students, small individual entrepreneurs, and many other categories. However, they can get a loan. To do this, you will have to provide not only a passport and application, but also one of the documents confirming your financial viability. For example, an account statement opened with any bank, documents confirming the customer’s ownership of the property or confirming the purchase of goods or services during the last calendar year for a significant amount, as well as a credit report proving a good credit history.
To purchase goods
Today, almost all major sellers of goods and services offer their customers a sale service on credit. You can issue the latter directly in the store or office of the company. In fact, a credit for the purchase of goods is the same express loan, to obtain it you will need a passport and an application. The question may arise – why do stores often offer interest-free loans, while in the bank you have to pay for any loan? It’s simple – interest, as a rule, is already included in the price of the goods, so prices at companies that give the opportunity to purchase on an interest-free loan are higher.
Mortgages and car loans
Almost all banks offer their customers special credit products for buying a home or car. The conditions and rates vary markedly – they are affected by both bank rules and the loan amount. When planning a large purchase, you should pay attention to such targeted loans, since the required amounts are very large, and it is simply impossible to get them by taking a non-purpose loan. The repayment period for such loans is usually significant – up to 6 years for a car loan and up to 25 years for a mortgage loan, and the rates are relatively low. But you will need to collect an impressive package of documents and prepare for a long interaction with the bank, which will control each stage of the purchase.
Where can I get a personal loan with “700-749” credit score?
It’s very easy to get a bank loan today – a personal loan has long been the most popular financial product and each bank offers dozens of options. Therefore, it is now possible to obtain a loan without guarantors, certificates and checks, spending only a few minutes on the application process and waiting for approval. Before deciding to apply for a loan, you should carefully and soberly assess your capabilities – after all, you will have to repay the debt sooner or later, with interest. In addition, you should spend a little time comparing loan offers at different banks, as the conditions can vary significantly.
Car loan with a “700-749” credit score
1. Apply for a loan
You can apply for a car loan in various ways. For example, fill out a special form on the bank website or personally visit the office.
2. Submit documents and wait for a solution
The list of documents that will be required to consider the application can be clarified on the bank website or from a loan specialist.
It may take from several minutes to several days to make a decision on the application, depending on the bank and the lending program. If the client’s solvency seems insufficient to the credit committee, he/she will be offered to look for a co-borrower or guarantor. This person will share the responsibility for the loan with the future car owner.
3. Make a down payment
The next action is the conclusion of a contract of sale with a dealer center or an individual from whom the borrower purchases a car. At the same time, the borrower pays a down payment. As a rule, it is from 10 to 50% of the value of the vehicle. Moreover, the rule most often works: the larger the value of such a payment, the lower the overpayment on the loan.
4. Get an insurance policy
Most often, a policy is a prerequisite for issuing a loan. Since the car will be the subject of collateral, it is important for the bank to protect it from all sorts of troubles. Therefore, such insurance must be valid for the entire loan term. At the same time, the bank is not entitled to make the client insure. Instead, it may set a higher interest rate or refuse to grant a loan.
5. Conclude an agreement with the bank
After that, the buyer goes to the bank to sign a loan agreement and a pledge agreement. The latter limits the borrower’s rights to dispose of the vehicle. That is, without the permission of the bank, the owner will not be able to sell the car, lease it, reissue it to another name or make significant structural changes.
6. Pick up the car from the seller
The bank transfers credit money directly to the account of the seller organization. The transfer procedure may take several days, after which the purchase will be considered completed.
Can I get a mortgage with “700-749” credit score
If you have a good credit score, then you can get a mortgage at the bank. To get this kind of loan, you need to do the following:
1. Choose a bank;
2. Specify conditions and additional payments;
3. Collect all the necessary documents;
4. Submit an application;
5. Wait for a decision. Also, our website provides detailed information about “640-699” and “750-799” credit scores. Webmoneyloans is always ready to help you.