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

FAQs

How Much Can You Borrow with Excellent Credit? ›

You can borrow $1,000 to $100,000+ with excellent credit, depending on what type of loan or line of credit you use to borrow the money. In addition to an excellent credit score, you will need enough income to afford the monthly bill payments along with your other financial obligations in order to borrow a lot of money.

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.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

Requirements to receive a personal loan

This allows them to look at your history from the past seven years and see whether you've typically made payments on time. 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.

If you're more interested in a personal loan, you could borrow up to $100,000. The best personal loans for an 800 credit score are from LightStream because they offer $5,000 - $100,000 in funding with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months.

Requirements for a $20,000 Personal Loan

Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670. Some lenders state they require stable, consistent income, while others list a minimum income requirement.

Applicants with “very good” scores (740-799) are having an easier time accessing credit, with 44 percent facing a loan denial. Just 29 percent of applicants with “exceptional” credit (800-850) have been rejected.

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.

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.

What credit score is needed for a $1,000 dollar loan? ›

Requirements for a $1,000 Personal Loan

A good to excellent credit score of at least 670 is often required, but there are some lenders that weigh other factors more heavily — allowing you to qualify even with a lower credit score. One of those factors is your income level.

To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

Best for excellent credit: LightStream

It's one of the fastest overall in terms of loan funding speed, with borrowers able to obtain funds as quickly as the same day they're approved. LightStream loanscan be used to cover a variety of expenses, from debt consolidation to home renovations to emergency car repairs.

The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.

If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.

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.

Different minimums may apply across the various institutions that offer personal loans in the $10,000 range. Those with a 640 or higher credit score are likely to find a number of options for a $10,000 personal loan; those with higher scores may have more options as well as more favorable terms.

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.