It may depend on what type of loan you are looking for and what lender you choose to go to. The average minimum that lenders are willing to expect would be around 620. But this is the average so some lenders may go as 580 and some may want a score as high as 680, you just have to shop around. I would think you should be able to apply for a loan but it also depends on other factors as well like the lender, loan, income, employment, and other things as well. I do recommend that you still try to increase your credit score because it will always be to your future benefit. The most effective way to fixing your credit score is to pay your revolving credit card balance and debt. If you've had a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.
I hope this helps! If you found this comment helpful, feel free to leave me a recommendation on my profile page.
Sr. Mortgage Banker
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