How Much You Can Borrow with a 550 Credit Score (2024)
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You can borrow anywhere from a few thousand dollars to $100,000+ with a 550 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Personal loans: Personal loans are unsecured loans that can be used for various purposes, such as debt consolidation, home improvement or unexpected expenses. While getting a personal loan with a 550 credit score is possible, you will likely face higher interest rates compared to borrowers with stronger credit.
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
U.S. Bank typically looks for borrowers with a good to excellent credit score of 660 or above for existing customers and 770 or higher if you're not a U.S. bank customer. Additionally, applicants must provide proof of income, employment history and DTI ratio.
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