A good 550 credit rating isnt a great. Its felt poor. You should have a hard time being qualified for all the style of loan that really needs a credit check. Whenever you are recognized having a free account, be prepared to score a much higher interest rate than simply you want.
Zero, 550 is not good credit for a mortgage. Its a bad score. It desk demonstrates that FICO will not provide a credit rating interest rate to have credit scores less than 620.
Home loan Pricing because of the Credit history
To possess home financing, an FHA financial is best substitute for individuals which have a credit history away from 550 or maybe more. A national Housing Government (FHA) financial may take money that have fico scores as little as five-hundred if you make a down-payment of at least 10%.
