How Much Can You Borrow with Excellent Credit? (2024)

FAQs

How Much Can You Borrow with Excellent Credit? ›

The best personal loans for excellent credit have low rates and amounts from $2,500 to $100,000. Compare multiple loan offers before you choose.

With an 800 credit score you may qualify for a personal loan up to $100,000. However, if you have a lot of debt or an unfavorable debt-to-income ratio, some lenders may limit how much they are willing to loan. Most lenders use a variety of factors to qualify borrowers for a loan.

Note that it is very unlikely you will be approved for an unsecured $100,000 loan with a score below the “good” range, which for FICO is 670 to 739.

You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income. Large unsecured loans tend to be expensive because they have high interest rates and long loan terms.

A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.

On a salary of $36,000 per year, you can afford a house priced around $100,000-$110,000 with a monthly payment of just over $1,000. This assumes you have no other debts you're paying off, but also that you haven't been able to save much for a down payment.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

You will likely need a credit score of at least 580 for a $50,000 personal loan, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, having a valid bank account, and being a U.S. citizen, permanent resident, or visa holder.

The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

What is a good credit score to get a $10,000 loan? ›

Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.

A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.

According to the 28/36 rule, your mortgage payment should not exceed 28% of your gross monthly income. Hence, assuming no other debt, you'd need a monthly income before taxes and deductions of at least $5,821, or an annual gross income of at least $70,000 to be eligible for the mortgage.

On a salary of $45,000 per year, you can afford a house priced at around $120,000 with a monthly payment of $1,050 for a conventional home loan — that is, if you have no debt and can make a down payment. This number assumes a 6% interest rate.

For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.

Since you likely can't get a $200,000 loan from one lender, you'll need to take out multiple loans from a few different lenders to get this amount. The higher your credit score, the more likely you can qualify for the amount you need with the lowest interest rates offered.

833 to 1200 (Excellent) – Home loan providers will interpret an excellent score as extremely low risk that you will default on your loan. You will find it easy to get an approval, and you can choose from more options.