In this essay:
You are in a position to get a personal bank loan by having a 550 credit history, however you is probably not approved for a big loan or one with a reduced apr (APR). With respect to the situation, you might want to seek out alternative types of work or financing on enhancing your credit and before you use.
What type of Credit Rating Is 550?
A 550 FICO rating places you into the very poor credit rating range, which goes from 300 to 579. Although a 550 is regarding the upper end associated with the range, it really is nevertheless considered a reduced credit history. There are numerous explanations why you might have a score that is low such as for instance delinquent records, formerly missed re re payments or an archive of bankruptcy in your credit history. The entire time over time, the impact of these negative marks will diminish, but most negative items can stay on your credit reports for up to seven years and affect your credit scores.