A FICO credit score under 580 is considered to be poor credit.
If your score is below that, it’ll be hard to qualify for a personal loan – and for a good reason.
But other types of personal loans or lenders might still be an option, even with a 550 credit score.
Can I get a loan with 550 credit score?
Ask lenders if they originate loans insured by the Federal Housing Administration. FHA-backed loans are available to any borrower with a credit score of at least 500. If your score is 550, you can apply for an FHA loan that requires a down payment of 10 percent of your home’s purchase price.
Can I get a loan with a credit score of 524?
A 524 credit score is classified as “bad” on the standard 300-to-850 scale. A 524 credit score won’t knock any lenders’ socks off, but it shouldn’t completely prevent you from being approved for a credit card or loan, either.
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