Credit Score ?

iVillage Member
Registered: 04-15-2003
Credit Score ?
2
Fri, 02-04-2005 - 9:19am

I am applying for a student loan. I have been very diligent in paying my debts (just paid of my Discover Card!) When I last checked my credit score it was 626. Does anybody know if that is good? Will I be able to get a student loan with that?

Any input greatly appreciated!!!

iVillage Member
Registered: 02-01-2005
Fri, 02-04-2005 - 10:16am
This is an average credit score. It is good in the aspect that lenders like to see a score above 600 anything under you are paying a higher intrest rate or being denied. As well as looking at your payment history the also look at your debt to income ratio. Things to improve your score would be to keep your balances low on credit cards and other revolving credit. High outstanding debt can affect your score keep your balances 35-50% below your limit.
iVillage Member
Registered: 01-07-2005
Fri, 02-04-2005 - 7:57pm
Your credit score is a little belore average I would say. An ideal credit score would be 680 or above. You either dont have alot of credit and youre very young,, or you have late payments or other activity. I dont think you have to get approved for a student loan as long as you apply for it through your college. I think almost everyone qualifies,, though there are so many different types of loans now students can get.