The short answer is - it depends.
There are some scenarios where the applicant with a high score can get declined. It is important to understand that the final decision is not based solely on your credit score. We take into account hundreds of variables across multiple areas to make a final decision.
The good news is that people with no credit or limited credit are approved because of our innovative underwriting that considers a lot of alternative factors other than just the credit score.
Most immigrants and applicants with limited credit have a short credit history. They have only a few months or 1-2 years long credit history. This length of history is considered "insufficient" for most lenders - not for Stilt. We specialize in lending to people with limited credit history.
Below are some examples when your loan may be declined even with a good credit score:
* Invalid visa - if your visa is expired or your visa is valid only for a few months, the loan may be declined
* No source of income - if you are applying for a personal loan where you had an income but have lost all sources of current/future income may not be approved for a loan
* OFAC/Fraud issues - if the applicant on any Office of Foreign Assets Control or fraud/terrorist list, the application will be immediately declined
* Identity theft - if there is evidence of identity theft or we are unable to verify the identity of the applicant, we will not be able to approve the loan
These are a few reasons why an application may be declined even with a high credit score.