What type of Credit Rating Is 550?
A 550 FICO rating places you into the extremely dismal credit rating range, which goes from 300 to 579. Although a 550 is from the high end of this range, it really is nevertheless considered a low credit history.
There are numerous main reasons why you might have a low rating, such as for instance delinquent reports, formerly missed repayments or accurate documentation of bankruptcy in your credit history. The entire time over time, the impact of these negative marks will diminish, but most negative items can stay on your credit reports for up to seven years and affect your credit scores.