ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Yes, your 620 credit score can qualify you for a mortgage. And you have a couple of main options. With a credit score of 580 or higher, you can qualify for an FHA loan to buy a home with a down payment of just 3.5%.

Detailed explanation-2: -A FICO® Score of 620 places you within a population of consumers whose credit may be seen as Fair. Your 620 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

Detailed explanation-3: -There are lenders out there willing to offer personal loans to borrowers with a credit score of 600 or below. But with higher interest rates and fees, you may end up paying more for your debt in the long run.

Detailed explanation-4: -A good CIBIL Score is a score between 700 to 900, which means the borrower has a higher chance of getting a higher loan amount at a low-interest rate.