A 550 credit history is not an effective. It is felt poor. You’ll have trouble being qualified the brand of loan that really needs a credit check. While you are recognized to own an account, expect to rating a greater interest rate than you desire.
No, 550 is not a good credit score getting a home loan. It is a terrible get. This table demonstrates FICO cannot give a credit rating focus price having fico scores below 620.
Getting a mortgage, a keen FHA financial is the better alternative for individuals which have a beneficial credit history out-of 550 or even more. A federal Homes Government (FHA) financial usually takes fund that have credit scores as little as 500 if one makes a deposit of at least 10%. (more…)