Affirm does not have a strict minimum credit score requirement to qualify for a loan. This means there isn't a specific FICO or VantageScore you need to meet to be approved.
How Affirm Determines Eligibility
Instead of relying on a single minimum credit score, Affirm evaluates a broader set of factors to determine your eligibility and the loan amount you can receive. This comprehensive approach allows them to assess your financial health more holistically.
Key factors that influence Affirm's lending decisions include:
- Your Credit Record: While there's no minimum score, Affirm does review your overall credit history. This includes your existing debt, repayment patterns, and how responsibly you've managed credit in the past. It's a more detailed look than just a numerical score.
- Your Payment History with Affirm: If you've previously used Affirm, your track record of on-time payments can significantly impact future approvals and loan terms. Demonstrating responsible repayment builds trust with the lender.
- Merchant-Specific Loan Limits: Loan limits can vary depending on the specific merchant where you are making a purchase. Different retailers may have different criteria or maximum loan amounts available through Affirm.
- The Total Amount of Your Purchase: The size of the loan you're requesting can also play a role in the approval process.
Checking Your Eligibility Won't Hurt Your Credit
One significant advantage of Affirm's process is that checking whether you prequalify for a loan will not damage your credit score. Affirm performs a "soft" credit inquiry, which is visible only to you and does not impact your credit score. A "hard" inquiry, which can temporarily lower your score, only occurs if you proceed with a loan and formally accept the terms.
Factors Considered for Affirm Approval
| Factor Assessed by Affirm | Explanation | Impact on Approval |
|---|---|---|
| Your Credit Record | Overall credit history, including payment behavior and existing debts. | Stronger history increases approval chances and favorable terms. |
| Payment History with Affirm | Your past repayment behavior on Affirm loans (if applicable). | Positive history improves future eligibility. |
| Specific Merchant & Purchase Amount | Loan limits and approval criteria can vary by retailer and the size of your purchase. | Can influence the maximum loan amount or approval for specific transactions. |
| No Minimum Credit Score | Affirm does not set a baseline credit score (e.g., 600 FICO) for approval. | Allows for a broader range of applicants to potentially qualify. |
By considering these multiple factors, Affirm aims to provide financing options to a wider audience, moving beyond the traditional reliance on a single credit score threshold.
