Question

in order to approve a loan, lenders want to see a credit score of at least ______.
a. 300
b. 500
c. 700
d. 1200

Explanation:

Analyze standard credit score ranges

Standard FICO and VantageScore credit scores range from 300 to 850. A score of 1200 is outside the possible range, and 300 is the absolute minimum possible score, which represents extremely poor credit.

Evaluate typical lender requirements

While some specialized or subprime loans can be obtained with lower scores, traditional lenders generally look for a "good" credit score to approve standard loans. A score of 700 falls into the "good" credit range (typically 670 to 739), making it the standard benchmark lenders want to see for favorable loan approval.

Answer:

• a. 300
• b. 500
• c. 700 (Correct answer)
• d. 1200