When it comes to applying for a mortgage or home loan, one of the things creditors will be looking at would be your credit score. In this article, we will talk about the credit score you will be needing when it comes to taking out a home loan. Just keep on reading below for you to learn more:

What Credit Score Do I Need?

It is important to understand what kind of scores you may need to ensure that you get a home loan. While there is no one fixed score, and would still depend on the creditor, Equifax has made their own scale to give people an idea of what the credit score ranking looks like:

  • Below 509 (Below Average)
  • 510 to 621 (Average)
  • 622 to 725 (Good)
  • 726 to 832 (Very Good)
  • 833 to 1200 (Excellent)  

Again, this all depends on your credit history. Furthermore, the highest score will still not guarantee you a home loan. It is still completely up to the creditor whether they would want to take the risk or not.

However, it is still common practice that they will most likely approve loans for those with higher credit scores. This is because higher credit scores show good payment history, making them more reliable for loans. However, those with lower credit scores can be bad payers, but of course, that is not the case for all with low credit scores.

Can I Still Get a Loan with a Bad Credit Score?

Of course, you can. As we have mentioned before, it is up to the creditor to lend some financial assistance to whomever they would want to. This means that even your low credit score would not matter if the creditor has reason to believe that you can pay the loan off or would want to help you financially.

There are even specific businesses that have been made or created to help those with bad credit scores get their loan. This will make it easier for them to apply for a mortgage with these companies that work with those with bad credit scores.

However, it is important to note that this deal does not come without a price or its own requirements. There are certain things that you would need to know when applying for a loan at these companies that help people with bad credit scores.

For one, they are not big banks and will be smaller establishments. This means that while they can still be regulated, they will have full control. This could mean that they may have higher costs, fees, and interest rates compared to other establishments.

However, as long as you work with a legitimate company, these interest rates would be worth it. Not only will you get your own loan, but you will then be able to raise your own credit score a little more. Just make sure to not be late on any of the payments for the loan.


When it comes to getting a loan, you will need to take into consideration your own credit score. However, do not lose hope if you think your credit score is lower than others. You will still have options for yourself. Just make sure to consider the factors that we have mentioned above.

If you are looking for home loans for bad credit scores, then Wealthy You has you covered. We offer mortgage loans for those with bad credit scores and a wide variety of mortgage and home solutions to fit your needs. Contact us today for a consultation!