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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 http://www.lendingtips.com/credit/fixingbadcredit/credit_score.html

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