Brand new FICO decides fico scores anywhere between three hundred so you’re able to 800, having higher ratings showing good credit and vice-versa. So, is actually 550 a poor credit rating?
Predicated on FICO revealing, a credit rating away from 550 is recognized as sub-standard. And because they consist thus low toward credit score size, a good 550 credit rating make a difference to your financial coming.
Exactly what are the Outcomes of obtaining a great 550 Credit score?
The results of experiencing less than perfect credit is also touching almost every region you will ever have. Away from to order property so you’re able to trying to get student loans, a good 550 credit rating is also obstruct debt development. Listed here are a few of the most tall worries having an effective 550 credit history can supply you with: