The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account.
Then, can I get a loan with a 630 credit score?
If your credit score is a 630 or higher, and you meet other requirements, you should not have any problem getting a mortgage. … The types of programs that are available to borrowers with a 630 credit score are: conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and non-prime loans.
Consequently, how hard is it to qualify for a Sallie Mae student loan?
In 2020, 94% of applicants that were approved for a Sallie Mae student loan had a FICO Score of 670 or above at the time of their loan’s origination. Minimum age for borrowers: Borrowers must be the age of majority in their state (often 18 years old). Younger applicants will need an eligible and creditworthy cosigner.
Is 616 a good credit score?
A FICO® Score of 616 places you within a population of consumers whose credit may be seen as Fair. Your 616 FICO® Score is lower than the average U.S. credit score. … Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.
Is Sallie Mae a predatory lender?
But those accusations have overshadowed broader claims, detailed in two state lawsuits filed by the attorneys general in Illinois and Washington, that Sallie Mae engaged in predatory lending, extending billions of dollars in private loans to students like Ms. Hardin that never should have been made in the first place.
What credit score is needed for a $5000 loan?
What FICO score is used for personal loans?
® Score 8″>
What is a good FICO score?
What is the minimum credit score for Sallie Mae?
Financial. Minimum credit score: mid-600’s. Minimum income: No income minimum. Typical credit score of approved borrowers or co-signers: 749.
Why is Sallie Mae bad?
The Problem With Sallie Mae or Navient Loans
They are private loans. Sallie Mae and Navient offer few to no options for repayment and do not offer any kind of income-based repayment plans. … No student loan is protected by bankruptcy—not private loans, not federal loans, none of them.
Will Sallie Mae approve me without a cosigner?
Sallie Mae will allow students to get a loan without a cosigner under special circumstances. They also have a program by which cosigners can be released after 12 consecutive payments.