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    is a 555 credit score ok?

    i applied for a 5000 dollar personal loan with hsbc and they turned me down. i know 555 credit score is not that good but, how am i going to get better credit if no one will give me the opportunity to do so? by the way i own my home have been employed at the same job for 5 years and have an annual income of 82000.00. i don't really need the money. i just wanted to build my credit. so my score would go up. what is going on in the world of financing today?? good luck to all of you, it looks like it going to be a long time before this is corrected.
    10 days ago 6 Answers

    Best Answer

    Anything under 600 is low. If you have no credit, I don't know why it is that low, but an unsecured loan is not the way to start. Applying for and being rejected for the loan made it lower, too. Besides, if you own your home, didn't you have a mortgage at some point? Didn't you ever buy or lease a car? Have you paid bills on time or late? All that would affect your credit score. Start by getting all three of your credit reports to see what's on them. Perhaps someone with a similar name has their info mixed with yours. Clean up any mistakes on it. Maybe apply for a VISA card with your bank or with a bank that offers secured VISA cards. Or take out a small home equity loan, so it's secured by your home. Or get a store credit card - they're pretty lenient these days.
    a few seconds ago

    Other Answers

    • Is a 555 credit score ok? T.R.Y T.H.I.S. S.I.T.E W.H.E.R.E Y.O.U C.A.N F.I.N.D T.H.E B.E.S.T S.O.L.U.T.I.O.N F.O.R Y.O.U

      by ? - a day ago

    • If you have a savings account with at least $5,000, convert it into a secured credit card and charge a few things every month and pay it off. Make sure your bank reports secured loan to the credit bureaus before you set it up

      by ? - a day ago

    • you need to apply for small credit and then pay the bills on time. do this repeatedly and you will move your credit score up. do not apply for credit over and over, every time you apply for a credit card it moves your credit score down. A 555 credit score is NOT GOOD.

      by jumbos_mom - a day ago

    • What does this mean :good luck to all of you, it looks like it going to be a long time before this is corrected. : many of us have worked hard all of our lives and managed to maintain a very good credit score and history. Granted we do not know what got you to a 555 credit score but it certainly was not financial responsibility and now you are unfortunately paying the price. But it is unfair to lump everyone in the same financial boat as yourself.

      by Sally - a day ago

    • 555 is considered poor. You are considered as High Risk. It doesn't matter how much money you make, your credit history tells all. Lenders sees you as financially irresponsible and thinks you will default on the loan. If you have a co-signer or collateral, you will have better chances for a personal loan You might want to start off with a credit cards for bad credit. You will have to pay fees to use the card but it establishes your credit.

      by sunshine - a day ago

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