An excellent 550 FICO credit rating is deep subprime, with respect to the Consumer Monetary Coverage Agency. This new Fair Isaac Enterprise (FICO), that’s probably one of the most widely used credit scoring procedures, classifies credit ratings regarding 579 or all the way down because the worst.

How lousy credit impacts rates

Lenders come across less rating due to the fact a sign of risk. Therefore in order to offset losings off possible overlooked money otherwise a great defaulted mortgage, lenders often charges on focus in the event the borrower provides poor credit. Mediocre loan interest rates mirror that it practice:

How to get a personal bank loan which have a 550 credit score

Getting a beneficial 550 credit history mortgage are more tricky. It’s important to feel carefully prepared to browse the procedure.

Shop around

• Avant: Avant lends to those which have credit scores only 550.
• Upstart: Upstart set zero minimum credit rating requisite. Rather, its approval system talks about your revenue and you will training height, one of other factors. Upstart is the newest 2024 Bankrate Awards discover to possess finest bad-borrowing bank. Read More >