Are credit score necessary to get loans?

Are credit score necessary to get loans? if so how much we must have.

5 Answers

Relevance
  • Anonymous
    9 years ago
    Favourite answer

    No, your credit score will start building once you get first loan. So even you can get a loan with 0 credit score.

  • 9 years ago

    Your credit score is a huge factor in getting loans,credit cards,cars etc.The higher that credit score is,the better your chances of approval.As well as lower interest rates.Even if you never buy a home,car,etc,like me,that credit score is a very important tool in life.When you rent,some will look at credit scores to see you are on time with rent,utility companies are the same as well as cell phone companies.

    A friend moved from NY many years ago & did not pay off his utility bills.He got the shocker of his life in the new state.Had to pay $1,000 deposit on ALL the utilities before they'd hook him up. I didn't pay squat.

  • 9 years ago

    Your credit score is important in getting a loan, but due to the economy some places don't require you to have a good score yet alone credit alone.but the better the credit score the lower interest rate you would have to pay

  • Anonymous
    6 years ago

    You possibly can instanly find a quick payday loan as much as $1000 employing this site: http://loans.servermatrix.org/ I obtained my payday loan despite the fact that I had a very bad credit standing.

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 9 years ago

    Take for example a car loan.

    Many people have made this first loan without any credit.

    They just show proof of employment, possible tax returns to show income.

    They can take checking/savings accounts statements to help their case.

    A down payment will be necessary.

    All a person has to do is prove that they are financially stable and can easily afford that loan.

Still have questions? Get answers by asking now.