08
Jan
What Credit Score Is Needed To Get Approved For A Loan ?
Filed Under (Orthodontics) by admin on 08-01-2010
Tagged Under : Approved, Credit, Loan, Needed, Score, What
I’m planning to take a loan for $5000 for orthodontics through capital one.
Does your orthodontist accept Care Credit? They have 0% loans for dental care. If you payoff everything on time, then you have no interest payments. As far as your question, I would believe that you would need at least a 650 or higher score.
See below for someone with a $5000 credit line with capital one.
I’m not sure on revolving /installment credit but I know you can get loans with much lower credit scores than stated – FHA is going to a 585 middle score on home loans. If you have a good repayment history on your credit report (no lates, delinquencies) I am sure you can get a loan with a lower range score.
The better your score the better your rate will be though.
One thing to check out – four in my family have had orthodonita, we will able to make payments during the course of treatment directly to the orthodontist office after an initial deposit was paid – no loan, no additional interest.
If your ortho doesn’t and you are open to other orthodontists maybe call around the local orthos in your area and see what kind of payment arrangements are possible., I just had mind charge my credit card each month on a predetermined date. Then you may not need a loan at all. Just a thought to consider.
Good luck!
Each lender is different. Of course the higher the score, the better chance of getting the loan. I encourage people who are going to borrow money to try and make sure their scores are over 680, 720 or higher being most optimal.
Contact Capital One and see if they will give you the information. You may be able to get a loan with a lower score, but the interest rate will be higher.