How Much You Can Borrow with a 550 Credit Score (2024)

FAQs

How Much You Can Borrow with a 550 Credit Score? ›

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.

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.

What credit score do I need for a $10,000 loan? Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.

A few lenders require a 550 credit score to qualify for a personal loan, but most require a FICO score above 640. Emily Batdorf is a personal finance expert, specializing in banking, lending, credit cards, and budgeting.

Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.

The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

A good to excellent credit score of at least 670 is often required, but there are some lenders that weigh other factors more heavily — allowing you to qualify even with a lower credit score. One of those factors is your income level.

To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.

Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan.

Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.

What is the easiest loan to get approved for? ›

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Still, there are personal loans you can get if your credit score is less than ideal. Some lenders cater to applicants with lower credit scores in the poor range (below 580) to help them borrow money for emergency expenses, a medical bill, debt consolidation and other financing needs.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

One lender that considers borrowers with a credit score of 550 is Avant. They can lend up to $35,000, and their rates range from 9.95%-35.99%. OneMain does not have a minimum credit score, and the maximum amount they lend is $20,000. Their rates range from 18%-35.99%.

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. Lenders might also impose stricter terms, such as shorter repayment periods. Secured loans: Secured loans are backed by collateral, such aslike your car or home.

Home buyers with a credit score at or above 580 can borrow up to 96.5% of a home's value. While borrowers with credit scores of 500 – 579 may still qualify for an FHA loan with a 10% down payment, many lenders have their own minimum credit score requirements.

Requirements for a $5,000 Personal Loan

Some lenders may have a strict minimum credit score requirement, while others may be willing to approve you with a lower credit score. You will also need to have a source of income and a history of paying bills and past debts on time.

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.