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Question By
CharlieDaly

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How can I find out what the credit score bench mark is for a specific loan / bank?
My credit score is 'Very Poor', I need to get a $5,000 loan to give back money to a family member who needs it back straight away. I called my bank but they couldn't (or wouldn't) tell me what the bench mark or approx. bench mark is for credit score for their loans (the minimum credit score I need), and I don't want to just apply everywhere as each time they pull my score it goes down. Where can I find out what credit score is needed for a loan from each place. My score is very poor (550). Thanks.

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Top Contributor
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A loan is not issued on the sole basis of a credit score. Many factors go into a lenders decision including but not limited to: scores, overall credit profile, income, debt to income, time with employer, time at residence, etc. I cannot tell you specifically what lenders would work with 550 scores, but I will say that it will be subrime lenders. Look for consumer finance lenders in your area. Be aware that you have more than one credit score as well. There are different scoring systems and different versions of scores, you don't just have a score of 550. As said, check consumer finance companies and such, but expect a high interest rate as well as collateral needed if you meet the requirements for the loan. Good luck.

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