Are credit score necessary to get loans?
Are credit score necessary to get loans? if so how much we must have.
- Anonymous9 years agoFavourite answer
No, your credit score will start building once you get first loan. So even you can get a loan with 0 credit score.
- aloneandhappyLv 79 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
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- Go with the flowLv 79 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.