How much of a loan can I get with a credit score of 550?

You may be able to get a personal loan with a credit score of 550. But keep in mind that you'll have to shop around, as not all lenders will offer an offer to someone with a low credit score. When talking to potential lenders, be sure to ask them if they originate loans insured by the Federal Housing Administration. Loans, backed by the FHA, are available to any borrower with a credit score of 500 or higher.

In other words, if your score is 550, you can apply for an FHA loan that only requires a down payment of 10 percent of the home purchase price. When banks consider a credit score of 620 to be high risk, online lenders will be happy to receive your loan application. You can expect, within a day or less, an indication that a lender is interested in offering you a loan. This website may use other proprietary factors to affect the listings of card offers on the website, such as consumer selection or the likelihood of an applicant's credit approval.

All you need to do is provide a few details about the type of loan you need, after which you will send your application to your lender network and connect you with up to five competing mortgage lenders. If you have an updated copy of your personal credit report, simply enter the report number where it is listed and follow the instructions provided. In fact, this standard for bad credit is assumed in most institutions and, with such a score, there is no leverage to trade. Lenders reserve the right to refuse your loan application if they consider you to be a particularly risky borrower.

Here's what Credit Sesame member Sam said about how an FHA-insured home loan helped him buy a home with bad credit. Credible makes it easy to compare the rates of personal loan lenders willing to work with borrowers who have poor or fair credit. The good news for consumers with a credit score of 500 is that there is a lot of room for improvement. There are several factors that can influence the cost of a personal loan, such as interest rate, APR, fees, loan term, and credit rating.

Some lenders give fast approval times for loans, but this is more common if you have a good credit score. It's hard to find a conventional lender that approves car loans when your credit score is in the 500 to 550 range. Auto Credit Express helps fill the gap left by banks, credit unions and other lenders for consumers of bad credit auto loans. Secured cards are available to people with any credit rating, and interest rates are usually relatively lower than comparable unsecured cards.

The product links to your bank account and allows you to get credit for paying your utility and telephone bills.

Tonia Baldy
Tonia Baldy

Passionate entrepreneur. Freelance pop culture enthusiast. Award-winning pop culture advocate. Music expert. Friendly beer fan.