There is a specific credit score required from a potential customer who wants to have bread financing. If you want to get Quicken Loans, the credit score needed should be 620 at least for a conventional loan. If your score is higher, you can apply to get the loan through the Bread financing platform. This is just a quick review on a conventional loan, but there are other types that also exist. Let’s take a quick glance at them:
| Loan Type | Minimum FICO Score Required |
| Conventional | 620 credit score |
| FHA loan that requires a 3.5% down payment | 580 credit score |
| FHA loan that requires a 10% down payment | 500 credit score, however, Quicken Loans requires a 580 credit score for an FHA loan at least. |
| VA loan | 580 credit score |
Does Bread Financing Effect Your Credit Score?
Yes. All types of financing affect your credit score. The credit bureau shows the loan and the payments being made. You can increase your credit score by properly maintaining your loans. Missing payments will make your credit score go down. The better you are at showing history of proper maintenance of loans the better your overall credit score will be.
What is Bread Financing?
Bread Financing is an online program, similar to other loan programs that allow you to “buy now, pay later.” Unlike a typical credit card, Bread Financing works with each customer to find terms that are flexible and affordable. You can work with Bread Financing to determine what your needs are for payment amounts and schedule. However, this doesn’t mean that Bread is actually the lender in this transaction. When you purchase through bread, the loan that you apply for derives from Cross River Bank in the US and Royal Bank in Canada. Bread financing can be used to purchase things just like a traditional credit card. Items like furniture, jewelry, computers, phones and other goods.