A 550 credit score is not a great. It is thought poor. You have trouble being qualified for all the variety of financing that really needs a credit assessment. When you’re accepted for a free account, expect to score a higher interest than you want.

No, 550 is not a good credit score to have a home loan. Its a bad score. Which desk suggests that FICO cannot render a credit history interest speed to possess credit scores below 620.

Mortgage Rates by Credit score

To possess a mortgage, a keen FHA mortgage is best substitute for borrowers having an effective credit history off 550 or more. A federal Casing Administration (FHA) financial may take money that have credit scores as low as 500 if you make a down-payment with a minimum of 10%.

A credit rating out-of 580 or even more will become necessary to you personally discover financing if you’re unable to manage to set out 10%. But when you put out a little effort, you happen to be capable reach that goal mark in a number of days.

When you have a terrible credit history and your lending company decides to accept the application, it is possible to probably get the maximum rate of interest. Because mortgages need such large down repayments, it is best to postpone your application up until your own borrowing enhances.

Are 550 good credit to own an auto loan?

To possess an auto loan, a credit history out-of 600 or below is not thought higher level. A beneficial 550 credit history enables you to get an auto loan, however the interest might be heavens-large.

Auto loan overall personal debt is generally lower than the ones from domestic loans regardless of if its limit rates are many minutes huge. Celý příspěvek →