Is 650 Credit Score Good Enough to Get My Loan Approved?

Is a 650 credit score good enough? That is the question that my colleague had asked me when his loan got rejected.

When I first heard about credit scores 6 months ago, I wasn't even sure what a credit score was.

I don't know if you are like I am about money, but I hate to think about it too much. I think that money is hard to get and easy to spend and you need to keep to the basics of not wasting your money but beyond that I'm lost. I could never balance my checkbook for example.

It's a relief that we don't have to use checkbooks too much these days. But I'm still surprised when I get the overdraft notices from the bank pretty much each month. I live paycheck to paycheck even though I get a decent salary. I just don't understand money. Of course, Telecoustic I have to pretend that I understand it when I want to get a loan. And I was really shocked I have to tell you when the last loan I applied for was not approved. I mean I may not be good about high finance, but like I said, I make decent money and am pretty normal as far as I can tell.

Well after I got over the shock of getting denied, I asked the bank why. They mumbled about some possible problems, but gave no concrete reasons. It was then I took things into my own hands and went onto the Internet.

After countless hours of research, I realized that a possible reasons is that my credit score was not good enough, and I knew could do a few things to improve it before I asked for a loan again. I think the websites explained what a credit score is at the time.

There are several sites on the Internet that will tell you your score. Some of them will give it to you once a year, but I needed a service that would tell me often so that I could see if I am improving.

I found a service and it told me my credit score was only 550. And I got rejected for purchasing a house with that score. Even though with a 650 credit score, it is possible to get a loan, but the interest rate will be very, very high.

Why not improve your credit score and then go back and secure the loan?

Do you want to easily secure a loan from the bank for your dream house or car? Are your loans currently being rejected by the bank?

My loans for my home was also not approved initially, but with the knowledge of my credit score , I discovered what is the problem.

You will understand the main underlying reason for bank rejecting loans if you check out my experiences to secure a loan for my dream home.