I have a 660 average FICO score. Can I qualify for a good interest rate?
To be perfectly honest, I cannot provide you with a specific answer to your question, as the interest rate you should expect to pay will depend greatly on the type of loan you are trying to obtain, and possibly your income, your age, and many other factors. Most lenders do not look at your credit score alone when deciding if they should extend you credit, and at what rate. Rather, your credit score is one aspect, albeit a major one, of your total credit profile which most lenders use when making lending decisions.
If you are seeking a home loan or a mortgage, I'd recommend applying and making several lenders compete for your business... picking the best rate and terms for you:... You can apply with Bills.com's lender network.
Since credit card companies usually rely more heavily on the credit score than other, more conservative lenders, I will try to provide you with a vague idea of the interest rates you can expect when applying for credit cards. With a 660 credit score, which is usually considered fair credit, you should expect to pay anywhere from 14% to 20% APR on a standard credit card. Again, this is based solely on your stated credit score, so other factors could make this rate substantially lower or higher when you actually apply for credit.
I will not attempt to guess what rates will be offered you by secured lenders such as auto finance companies and mortgage lenders. These lenders, more than any others, look beyond your credit score to analyze your ability to pay. If you are looking for the best rate on a car or home, I encourage you to shop around with many lenders, to find the one able to offer the best interest rate and loan terms. By contacting several lenders in your area, you will be able to determine the going rates in your area, which vary widely by region, and find out ways to make yourself more attractive to lenders.
To find out more about credit, credit reports, and credit scoring, I encourage you to visit the Bills.com "Credit Resources page.
I hope the information provided helps you Find. Learn. Save!