Cryptocurrency Q&A
Is there a minimum credit score for Prosper?
Is there a minimum credit score for Prosper?
Tommaso
Wed Sep 18 2024
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6 answers
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I'm curious to know if there's a specific credit score threshold that Prosper requires for borrowers to qualify for a loan. I understand that creditworthiness is a key factor in determining eligibility, but I'm wondering if there's a hard and fast rule when it comes to credit scores. Could you clarify if Prosper has a minimum credit score requirement, and if so, what that number might be? Additionally, I'm interested in understanding how Prosper evaluates creditworthiness beyond just credit scores, as I'm sure there are other factors at play.
6 answers
Maria
Fri Sep 20 2024
In addition to the FICO score, the secondary borrower must also have at least one open trade reported on their credit report. This indicates that the borrower has a history of taking on and managing credit responsibly.
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SamuraiCourage
Fri Sep 20 2024
Furthermore, the secondary borrower cannot have any bankruptcy filings within the last 12 months. Bankruptcy is a serious financial situation that can negatively impact a person's credit score and ability to obtain credit in the future.
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KpopHarmonySoul
Fri Sep 20 2024
When it comes to secondary borrowers, there are specific credit criteria that must be met in order to qualify for a loan. These criteria are designed to ensure that the borrower has a sufficient credit history and is financially stable.
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CryptoPioneer
Fri Sep 20 2024
By requiring these additional credit criteria, lenders are able to assess the risk associated with lending to a secondary borrower and ensure that they are making a responsible lending decision.
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CryptoLordess
Fri Sep 20 2024
One of the key requirements is a minimum FICO score of at least 600. The FICO score is a widely used credit score that takes into account various factors such as payment history, credit utilization, and length of credit history. A score of 600 or above is generally considered to be in the fair to good range.
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