RISE Credit | Official Blog (2024)

FAQs

What is the minimum credit score for rise credit? ›

There's no listed minimum credit score for RISE's loans, but it's generally easier for borrowers with poor credit to get a loan from RISE than from elsewhere.

According to FICO, about 98% of "FICO High Achievers" have zero missed payments. And for the small 2% who do, the missed payment happened, on average, approximately four years ago. So while missing a credit card payment can be easy to do, staying on top of your payments is the only way you will one day reach 850.

The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.

As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.

While you can improve your credit score by 200 points in 30 days, it is also essential to remember that the improvement is based on your current credit status and mix. Some might experience quicker improvements, while others may need more time based on their unique credit histories and financial situations.

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

A perfect FICO credit score is 850, but experts tell CNBC Select you don't need to hit that target to qualify for the best credit cards, loans or interest rates.

What is the lowest credit score possible? Generally, credit scores range from 300 to 850, making 300 the lowest possible credit score. But it's important to note that you typically have more than one credit score. And they may differ depending on the credit-scoring company and when they were calculated.

Paying bills consistently and on time is the single best thing you can do to promote a good credit score. This can account for more than a third (35%) of your FICO^® Score. Length of credit history. All other things being equal, a longer credit history will tend to yield a higher credit score than a shorter history.

Therefore, most financial professionals generally accept that 300 is the lowest credit score a consumer can have. A lower credit score tells a lender there's a higher likelihood that an applicant might repay a credit obligation severely late or default on the debt entirely.

What will be the minimum credit score? ›

Minimum CIBIL score for a personal loan

Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.