Is 550 a good credit score?

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A 550 score is in the "poor" range, so you may be charged higher interest rates on loans. But you can increase it following some simple advice.

What is a bad credit score?

550 credit score falls within the range of scores from 300 to 579, which is considered “Poor Score” by FICO rating. It’s lower than the average score which makes borrowers with 550 credit rather risky for lenders.

Some lending companies prefer not to offer loans to bad credit as there’re high opportunities that they default the loan. Applicants with the score below than 580 may need to provide a collateral or apply with a co-signer. Otherwise their interest rates are going to be rather high.

However, you are not alone with the credit score of 550. More than 16% of all Payday Loan consumers have poor FICO® Scores.

Credit score range

Find out what are the other credit score types according to the FICO range:

Score Range

Value Range


Excellent Credit Score

800 & Above


Very Good Credit Score

740 - 799


Good Credit Score

670 - 739


Fair Credit Score

580 - 669


Poor Credit Score

579 & Below





550 credit score

A 550 credit score is "bad, or poor" according to the standard 300-to-850 FICO score scale. A 560 credit score will hardly impree any lending organizations. Banks will even not consider your application in most cases. But what concerns online lenders, you still have good chances of approval for the necessary funding even with 550 score. Choose bad credit Payday Loans from direct lenders and you are sure to find an offer.

Here’s an overview of a 550 credit score:

  • Credit Rating: Bad
  • Loan Options: Bad Credit Loans
  • Loan Cost: High. 400% APR and higher
  • Best Option: Online Payday Loan with no credit check for bad credit

550 Credit Score Loan Options

As 550 is a poor credit score, you should consider borrowing bad credit loans – the most popular, quick and easy ones being Online Payday Loans and Personal Loans for bad credit. Your choice is likely to be short-term and small-dollar emergency loan with no hard credit check. Then, even with low credit you can get guaranteed approval from a legit direct lender specializing in quick loans.

How to improve your 550 Credit Score

Though your 550 score is pretty much lower than the average credit score of 704, there’re many things you can do to improve it.

91% of consumers have FICO® Scores higher than 550. They did it, so will you!

Just follow this expert advice and in several months you are guaranteed to increase your score to a much better level:

  • Get a free credit report to check your credit score. It will help you prioritize any credit missteps you should address first
  • Pay bills on time and try not to use more than 30% of the credit limit on all your credit cards. The less you use, the better it is for your score.
  • Apply for secured loans backed by collateral.
  • Consider a  credit-builder loan.
  • If you can’t repay any loan, discuss a  debt-management plan  to get some relief.
  • Apply for a secured credit card. Regular payments will be reflected in your credit report and will contribute to your credit score improvement.

What’s a good credit score?

If we speak about a standard FICO score range between 300-850, a good credit score is 700 and above. Most consumers have 600 – 750 credit score.

What’s the highest credit score?

The credit score above 800 is considered to be excellent. The highest possible score according to the major scoring models is 850. Only 20% of Americans can boast of the score higher than 800.

Does checking your credit score lower it?

First of all, let’s check what main factors affect your credit score. It will let you build the correct tactics how to improve the score.

FICO Scoring Model Calculation (Weight) Factors

Credit Factors

Credit Score Weight

Payment History


Credit Utilization


Credit Age


Different Types of Credit


Number of Inquiries


How does each factor influence the credit score and what can be done about it?

  • Bankruptcy – can hurt your score significantly. Besides, it stays on your report for a long time - 7 up to 10 years. Only with time the score will recover.
  • Credit utilization rate shouldn’t rise over 30% to avoid hurting your credit score.
  • Late or missed payments on bills take about 35% of the affect on credit score. Try to avoid it.
  • Duration of credit history - a longer credit history tends to lead to a higher credit score.
  • Total outstanding debt and types of loans you take out are responsible for 10% of your FICO® Score. The richer your credit portfolio is the better.
  • Multiple loan applications recently can lower your credit score. The fewer hard inquiries you have the safer your score is. So, avoid applying to a lot of lenders or choose those with no hard credit check.

(Checking your own credit is a soft inquiry and does not affect your credit score.)

Dealing with credit report errors

It’s useful to check your credit report not only to find out your score but also to make sure it contains only correct information. There may be some errors which must be corrected immediately to avoid making your 550 credit score even worse.

Negative incorrect information takes 33% of all the factors that can damage your credit score!

How to dispute your credit report?

If you noticed any errors on your credit report, you should immediately file a dispute with the credit bureau.

Check my credit score

Every improvement must start somewhere. 550 credit score is a good point to begin with. Check your credit score at forst by getting your free credit report from EquifaxExperian, or TransUnion.  Get access to more loan options, lower interest rates, and reduced fees and terms.

How Good Is Your Credit Score?

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