Affirm holds a significant position when it comes to consumer tech. But the credit score For Affirm is a mystery. Affirm can be used in a wide range of outlets, you can use it at restaurants to buy tickets for the NFL matches. So, it is important to know your credit score. In this article, I will be telling you about this score. Stay connected to know.
Affirms provide two payment options to their customers: longer-term installments for larger purchases and pay in four plans for smaller expenses, that too without any interest. Interest charges are, however, levied on longer-term plans. All these plans are helpful to do away with the financial stress.
You can opt for the Affirms at times of financial crunch, provided your credit score for Affirms makes you eligible for the facility.
What Credit Score For Affirm is Okay?
The credit score for Affirm is determined by a number of factors. If your credit score is 640 or higher, there are more chances of approval for affirms. In some cases, even a score below 600 has been approved. Revolving balance and payment history, among others, are some of the determining factors.
Facts You Must Know About Affirms
1. The amount of loan ranges from $50-$17,500.
2. Since there is no set credit score limit. In some cases where the loan has been approved on a credit score of 550 as well.
3. If you opt for pay in four plans, the interest charged will be 0.
4. If you choose for monthly plan, up to 30% APR will be charged.Â
5. Since it opts for a soft credit check, therefore it will not have any imapct on your credit score.Â
6. There are two installment options:
(a) Four installments over eight weeks
(b) Monthly payment plan over 3-36 months.
7. You will not be charged any other fee except missed or late fees.
How to Improve Your Chances of Approval?
Having said that, factors like credit score, Affirm borrowing history, and amount of personal information given by you, there are certain tips you can try to improve your chances of approval. Given below are some of the tips mentioned.
1. Keep an eye on your credit score. Report the error if found.
2. In order to enhance your payment history, never delay your bills. Pay your bills consistently.
3. Pay your existing debts to reduce the debt-to-income ratio.
4. If your credit score is low, you can consider the co-signer option.
5. A stable employment status and regular income status to improve your chances.
Wrapping Up
So, it has come to the fore that there is no definite and set credit score for Affirm. It varies from client to client. For some, the score could be 550, and for some, it could be 640. There are a number of varied factors that contribute to the credit score. You must be careful about the ways and methods of dealing with credit scores.
In this article, I have at length explained about credit score for Affirm. You can refer to this article in case you have any doubts about the topic.Â
Also Read – How Much Does 1 Late Payment Affect Credit Score?
