FAQs
A Higher FICO Score Saves You Money
| 700-759 | 6.744 % |
| 680-699 | 6.921 % |
| 660-679 | 7.135 % |
| 640-659 | 7.565 % |
| 620-639 | 8.111 % |
3 more rowsAverage online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.37%. |
| Good | 690-719. | 14.87%. |
| Fair | 630-689. | 18.40%. |
| Bad | 300-629. | 21.93%. |
May 14, 2024
Experian is a credit reporting agency that also offers consumer credit monitoring products. FICO is a scoring model. A service called myFICO offers similar consumer credit monitoring products to Experian. The two services are similar in their accuracy.
Is myFICO a legit site? ›
myFICO is a legitimate subscription credit monitoring service that helps Americans track their FICO® credit scores from the three major credit bureaus — Equifax, Experian, and TransUnion — and provides limited identity monitoring, insurance, and restoration services.
What does your credit score need to be to get a 20 000 loan? ›
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
How much money can I borrow with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much would a $5000 loan cost per month? ›
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rowsCompare Car Loan Rates
| Top Auto Loan Lender | Lowest APR | Loan Amount |
|---|
| PenFed Credit Union | 5.24% | $500 to $150,000 |
| Auto Approve | 5.24%** | $5,000 to $85,000 |
| Consumers Credit Union | 6.54% | No minimum or maximum |
| Auto Credit Express | Varies | Varies |
3 more rowsCompare the best low-interest personal loans
| INTEREST RATES | LOAN TERMS (YEARS) |
|---|
| PenFed | 7.99% to 17.99% | 1 to 5 |
| Prosper | 6.99% to 35.99% | 2 to 5 |
| LightStream | 6.99% to 25.99% | 2 to 7 (up to 12 for some types of loans) |
| U.S. Bank | 8.74% to 24.99% | 1 to 7 (5-year maximum for non-U.S. Bank customers) |
4 more rowsFor the majority of lending decisions most lenders use your FICO score. Calculated by the data analytics company Fair Isaac Corporation, it's based on data from credit reports about your payment history, credit mix, length of credit history and other criteria.
Which FICO score do lenders use? ›
While most lenders use the FICO Score 8, mortgage lenders use the following scores: Experian: FICO Score 2, or Fair Isaac Risk Model v2. Equifax: FICO Score 5, or Equifax Beacon 5. TransUnion: FICO Score 4, or TransUnion FICO Risk Score 04.
Does myFICO have a fee? ›
myFICO Basic is priced at $19.95 monthly and includes: Monthly updates from one credit bureau (Experian) FICO scores. Scores for mortgages, auto loans.
Does myFICO hurt your credit score? ›
No, when you check your own credit it does not hurt your credit score. myFICO is the consumer division of FICO ®, launched in 2001 to help consumers get their FICO ® Score directly from the people that make the FICO ® Score. We have an A+ rating from the BBB and our headquarters are in Bozeman, MT.
Is myFICO the same as FICO? ›
myFICO is the official consumer division of FICO, the company that invented the FICO credit score. FICO ® Scores are the most widely used credit scores, and have been an industry standard for more than 25 years.
How big of a business loan can I get with a 720 credit score? ›
If you currently have a credit score of 650 or higher, you will be eligible to apply for loans greater than $150,000. Some SBA-credited lenders will prefer applicants with a business loans with 680 credit score or higher to be eligible for the maximum loan amount.
Is a 720 credit score good enough to get a mortgage? ›
Jumbo loans
Lenders typically seek a FICO score of 700–720, though some may consider scores as low as 680. These loans often necessitate a 10–20% down payment, incorporating home equity as a key part of the borrowing strategy.
