BankMobile Borrowers must have a minimum FICO or Vantage score of 640 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a FICO score.
In addition, there cannot be any subsequent disqualifying events in your credit report from the time the loan was offered to you and closing. Such events include a 25 point or greater drop in your credit score, additional debt obligations, new hard credit inquiries, or having any existing accounts be more than 30 days delinquent. If this occurs, your loan will be declined.
We also check to see how much debt you have in comparison to the income you receive.
You must not have any bankruptcies, or public records on your report within the last 3 years.
You must also not have on your report any accounts that are currently in collections or delinquent; have amounts that are currently past due; or have accounts that, in the last three years, have been moved to collections or partially or wholly charged-off unless they are below certain thresholds.
You must have fewer than 6 inquiries on your credit report in the last 6 months, not including any inquiries related to student loans, vehicle loans, or mortgages.
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