What type of credit score was 550?

A beneficial 550 FICO credit history is known as deep subprime, with respect to the Individual Economic Cover Agency. The newest Reasonable Isaac Business (FICO), which is one of the most widely used credit scoring steps, categorizes fico scores away from 579 or lower because the bad.

How bad borrowing from the bank affects cost

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Lenders see a reduced get while the an indication of exposure. So to help you offset loss off possible skipped payments or a defaulted loan, lenders have a tendency to fees more about desire should your borrower features poor credit. Average loan rates of interest mirror so it routine:

The way to get a consumer loan that have an effective 550 credit score

Getting an excellent 550 credit score financing tend to be difficult. It’s important to end up being carefully happy to navigate the method.

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  • Avant: Avant lends to people with credit ratings as low as 550.
  • Upstart: Upstart sets no minimal credit score requirements. Instead, the acceptance program talks about your income and you will training level, among other variables. Continue reading