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why was I denied a loan when my credit score is 460 and the min credit score for approval is 300?
- kswck2Lv 71 month ago
A credit score of 300 is like a credit score of Zero. The range is 300-850. If you have a credit score below around 600, you will Not get a loan. Don't even bother applying.
- curtisports2Lv 71 month ago
Your understanding is sorely incorrect. 300 is the absolute bottom for credit scores. There is nothing below 300. Anything below 580 is POOR. You aren't being approved for anything at 460 unless you are being charged a predatory interest rate - a lender's way of compensating for the risk of lending to those who are likely to not repay the loan.
- RICKLv 71 month ago
Same reason Master Card says $50,000 annual income is minimum required for the no limit Black Card. But noone with that low an income gets a card.
- SlickterpLv 71 month ago
Because that is still really bad credit, and score isn't all they look at. Minimum is 300 does not mean everyone over 300 will get approved.
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- Christin KLv 71 month ago
460 is so low I can't even imagine any loan company that is a legal firm making a loan on it.
I think you need to look into improving your score, not seeking more credit or debt.
- StephenWeinsteinLv 71 month ago
It is impossible to have only one credit score. Anyone with a credit score has many different credit scores. The only way not to have more than one credit score is not to have any.
If one of your credit scores is 460, that means that you also have another credit score that is not 460, and they might be using one of your other credit scores.
- ScottLv 71 month ago
Because the credit score is not the sole deciding factor in loan approval.
- ?Lv 71 month ago
Consider yourself lucky to be denied. Loan companies that will accept that low a score charge an insane amount of interest. When you are denied, they have to send you a letter telling you why. It could be that your employment or credit history isn't long enough or that your income is too low, among other reasons.
- Wayne ZLv 71 month ago
300 is the lowest credit score possible.
The lender probably looks at other thing (ie income) to decide other than credit score. I know someone who works for such a lender but I can't remember their name. They charge a high rate of interest but normally only look at income and job stability.
In other words, there was something else that made them say "No" other than your credit.
- Anonymous1 month ago
Because you don't pay your bills and never have. And nobody with a 300 gets a loan either.