Credit Reports
Money Management

Whats does a credit score of 550 mean?

Top Answer
User Avatar
Wiki User
Answered 2007-02-23 03:40:11

I the world of credit, your credit rating is represented by a score. Eight hundred is the highest score or rating available. Many different things contribute to ones score, and I do not fully understand them myself. A score of five hundred fifty is, I believe slightly below average. Which translates to higher down payments and higher intrest rates on any financed purchase or money loan.

User Avatar

Your Answer

Still Have Questions?

Related Questions

If you have a credit score of 550 would you be guaranteed car finance?

With a credit score of 550 it would be almost impossible to get a car loan unless you went to a company that states: 'Good credit, bad credit, with $39 down................'. The downside to places like this is you will have a very high payment and interest rate, but after a year you can show good payment history and refinance.

Is 620 a bad score?

Credit scores are on a scale from around 300 - 850, with 850 being the highest credit score possible. To give you a feel for the extremes, while the national average credit score is 680, only 13% of the nation's population has scores above 800. At the other extreme, roughly 15% of the population has a credit score lower than 550. In general, a good credit score is anything above 700 (From

Is a credit score of 580 a fair score?

Poor would probably be a better adjective to describe 580. Fair Isaac describes anything as below 550 to be "awful".

Can you get a car loan with a score of 550?

Some of your larger dealerships you can, but in todays credit market, you better have 20% down and a co-signer

Would a co signer with excellent credit help your not so excellant credit on a FHA loan?

It depends also on the amount of income added. If there are 2 borrowers on the loan, and they have 6 scores. Borrower A 600, 550, 500. The lender will use the middle score 550 Borrower B 700, 750, 800. The lender will use the middle score 750 When there are two borrowers, they will use the LOWER of the 2 middle scores. In this case it will be 550.

Is a credit score of 569 good?

A score of 569, according to, is subprime. It's not poor, but it's also not generally acceptable either. An acceptable credit score starts at 620, whereas a poor one is less than 550. At 569 you can probably find credit or get a loan, although the terms won't be great and you'll end up paying much more in interest than if you had a higher score.

Whats the annual salary of a cosmitoligist?

550 dollars a week

Whats half of 1 100?

One half of 1 100 is 550 because 1 100 divided by two is 550.

What is the best possible score for tesol certification?

550 is the highest possible score that you can recieve for a tesol. The avgerage score is around 300 to 350.

Is 550 a bad score in a verbal sat?

what do you mean by verbal sat? if you mean the critical reading or writing portion then no it's not bad. That's average or slightly above average.

How bad its 520 credit score?

This is a fair credit score.

Reginald's credit card statement states that his balance is 550 What does the term balance mean?

The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.

How can you make sure that you qualify for guaranteed car finance?

The first thing to do is to get a copy of your credit report. If your score is below 550, you may need to apply for a bad credit loan which would have you paying very high interest. In this case, clean up your credit first. Get rid of credit cards that you don't use or ones that have low balances.

Is a credit score of 578 good?

That score is in the "sub-prime" category. Although it is still considered a poor score, you may still be able to qualify for a home loan at a higher interest rate, an auto loan and possibly some credit cards depending on your income. Anything between 550-600 is considered sub-prime. Getting into the 600's would lower your interest rates. Here's some more info

Whats the max payload for a Ford F 550 truck?

depends on how fat your mom is

What kind of loan should be used for a manufactured home on a basement with a score of 572?

It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry

Can you get a mortgage with a score of 509 and a co signer?

Heck no you are dreaming minimum credit score is mid 600's that is MINIMUM my score is 550 and even w/ a co-signer who has a score close to mine IS NOT POSSIBLE. On the other hand if the co-signer has a score of 630+ and has good income 50k+ sure you can get a loan it all depends on co-signer really not you, if both of you have bad scores forget out about ESPECIALLY IN TODAY'S MARKET. Call a debt consolidation company and fix your credit I know a specialist who helps people rebuild their credit. For example this couple had collection accounts and score of 500 and 9 mo later not only they had a good score, they bought their first home and closed by 9th month. Hope this was helpful

What are good fico credit scores?

over 550 to 600 is acceptable but 700+ is good; 800 is very goodThe following table shows what is "generally accepted" as the Credit Score ratings.350 - 619 Poor620 - 659 Fair660 - 749 Good750 - 850 Excellent

What does 550 marked on silver tray mean?

If it's .550, not just 550 it is referring to the percent (.550x100=55%) of silver the product is made from.

What is the average of these numbers 175 550 750 1100?

Mean average of 175, 550, 750 & 1100 (175+550+750+1100)/4 = 643.75

Can you get a mortgage with no money down with a credit score of 577?

No, you cannot get a mortgage with 0 down with a credit score that low. Sorry Yes you actually can. Under certain government loan programs you can get a 0 down mortgage with a low credit score. For instance I had a middle score of 525 and applied for a VA loan, which requires 0 down payment. I had to write a letter to the underwriter with a very good explanation as to why my score was so low. The underwriter contacted the VA and learned that they could approve the loan if they felt I had extenuating circumstances and was a good credit risk despite my low scores. I was approved for the loan with a good interist rate. So it can be done it just requires convincing the underwriter you are a good risk. Actually there are several ways that you can. The most popular is using an FHA loan coupled with a DPA (down payment asst. program). The money never needs to be repaid and you can qualify with a score as low as 550. You must verify income though.

What are the loans for people who have bad credit?

1. Mudrakwik - This app is a great app for those who have a very bad cibil score. The App gives you the instant approval of your payments. This app gives up to ₹ 5 Lacs. This app approves your loan when your credit score is below 550.2. Kreditbee- By using Kreditbee App u can get up to ₹ 2 Lacs. With the benefits of instant loan approval. This app approves your loan when your credit score is below 650.3.LoanMart - LoanMart app is also a good app for them. The LoanMart app is instantly approved your loan. U can get a loan of up to ₹ 10 Lacs with an interest rate as low as 3%. This app approves your loan when your credit score is below 500.4. MoneyTap - By Using MoneyTap App u can get an instant approval for a credit line online of up to ₹ 5 Lakh. This app approves your loan when your credit score is below 600.5. EarlySalary - EarlySalary app gives up to ₹ 2 Lacs. By using Early Salary u can get instant cash in your bank account within just minutes. This app approves your loan when your credit score is below 675.

What accounts are affected when you receive 550 from a customer for future services?

Debit - Cash. Credit - Customer Deposits.

What does 550 plus 550 equals?

550 + 550 = 1100

What is the answer for 550 decreased by 10 percent is?

495550 decreased by 10 percent= 550 - (10% * 550)= 550 - (0.10 * 550)= 550 - 55= 495

Still have questions?