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Download Can You Get A Loan With A Credit Score Of 550? Background
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Download Can You Get A Loan With A Credit Score Of 550? Background. The reason for that is that loans with even the most lenient approval requirements consider a credit score between 550 to 590 bad. Before applying for a loan, make sure you are aware what credit check the lender uses as a credit score of 550 may be deemed poor or may be considered fair depending on the credit check used.
Keep in mind, that in order to qualify for a 3.5% down payment, you must have at least a 580 credit score. Credit cards and auto loans offer the best approval odds for someone with a 550 credit score. It's partly a savings tool, but the real benefit comes as the credit union reports your payments to the national credit bureaus.
While credit cards may be the easiest type of credit product to get with a low credit score, the limits you'll be offered on an unsecured credit card with a score of 550 to 600 are likely to be only a few hundred dollars.
Lenders have different criteria for offering personal loans, so there's no certain threshold that means your credit scores will get you approved for a loan. It's partly a savings tool, but the real benefit comes as the credit union reports your payments to the national credit bureaus. Most banks look for a minimum score of 750 when deciding whether to approve a loan application. Poor or bad credit may prevent you from getting a loan from a bank or traditional lender.
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