For more info visit LightStream's FAQ: https://www.lightstream.com/faq?cid=em-acou-alts20811173&acrid=NzI2NjY1MjU3NTgxS0
When your customers have good credit, LightStream makes it easier for them to buy your product or service. LightStream rewards good-credit customers with exceptional rates and superior service. Many people ask: what is the minimum FICO® score someone needs to get approved? In truth, it’s not that simple. Our process looks beyond a customer's FICO score to closely examine their entire credit profile. With LightStream, we require a minimum FICO score of 660 as a qualifier to be reviewed. However, a high FICO score does not necessarily mean a customer will be approved. Given the unique nature of each individual's credit profile, we believe there is no single definition for ‘good’ credit.
So, how does LightStream determine "good credit"?
We do find that our good-credit customers share these four characteristics:
Credit History Several years of credit history with a variety of account types. They can be major credit cards, installment loans, vehicle loans and mortgage debt if applicable.
Assets Shows a customer’s ability to save, evidenced by: retirement/investment accounts and liquid assets––including checking and savings accounts, etc.
Income and Debt Stable, sufficient income and assets with the ability to repay current debt obligations in addition to any new loan with LightStream.
Payment History A good repayment history with no recent or few to any delinquencies and other problems repaying debt obligations.
How do you define 'excellent' credit?
Given the unique nature of each individual’s credit profile, LightStream believes there is no single definition for "excellent credit." However, we find individuals with excellent credit usually share the following characteristics:
Five or more years of significant credit history.
A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
An excellent payment history with no delinquencies or other problems repaying debt obligations.
A proven ability to save, evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings, and little, if any, revolving credit card debt.
Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.
Finally, it should be noted again that each individual profile is different and that we make our credit decision based on the specific facts of that profile. Ultimately our determination of excellent credit is based on whether we conclude that there is a very high likelihood that our loan will be repaid in a full and timely manner.