This new FICO identifies credit ratings ranging from 300 so you can 800, which have highest results reflecting good credit and vice-versa. Therefore, is 550 a bad credit rating?

Considering FICO reporting, a credit score from 550 is less than perfect. And since it is very lower for the credit score size, a great 550 credit history make a difference your financial coming.

Do you know the Outcomes of obtaining an excellent 550 Credit rating?

The results of obtaining less than perfect credit normally contact pretty much every region of your life. Out-of to buy a property to help you obtaining student education loans, an excellent 550 credit rating can also be hinder your financial increases. Listed here are a few of the most high headaches that have an excellent 550 credit history can give you:

You are able to Shell out Higher-Interest levels to the Car and truck loans

Just like the a good 550 credit history is quite worst, this always mode you are able to spend highest rates to your car loans. Auto buyers with poor credit will pay rates from 18 percent or even more. Because they build your credit back up, you might prevent expenses thousands of dollars inside car loan focus.

Renting Can become a horror

Extremely landlords will run a credit rating and you may background records searches towards all you’ll be able to tenants. Read more