Lets say your credit score is like 500 (I think that is bad) but you are a doctor, can you still get a loan for a car or a mortgage? But lets say your credit score is like 800 but you are a McDonald’s Janitor, can you still get a loan or mortgage?
How does this credit score thing work compared to other aspects of your portfolio/job/history?
What is a score you always want to be above..?
If there are any other good points to make about credit scores and what-not, I’m open ears… err eyes.
The credit score is an assessment of risk, in theory, the lower the score the more risk the lender is taking on. Lenders counterbalance that risk by raising the interest rate of the loan. So a doctor with a low credit score can certainly buy a car but will have to put more money down and pay a higher interest rate. A janitor with a high credit score can still only buy within his means, he isn’t buying a Rolls Royce with a high credit score alone.