555 Credit Score from Carma Galstian's blog

The Fair 555 credit score range is not a low credit score by any means, but it does mean that you can get a loan with a decent interest rate if you follow some basic guidelines. First of all, you should avoid opening new credit accounts as these will trigger a hard inquiry and lower your score. While these inquiries typically only affect your score for about a year, they can still cause damage. In addition, derogatory marks such as bankruptcy will stay on your credit report for a decade or more.

You can, however, still open a credit account if you have a 555 credit score. Credit cards designed for people with bad credit, or subprime credit, will be available to you but come with a few important drawbacks. Credit cards in this range will not have the incredible benefits and rewards schemes of higher credit scores. For those who are looking for a credit card with a 555 credit score, you should consider getting a secured credit card.

While the Fair 555 credit score is significantly higher than the lowest credit score (300), it is still far below the ideal score (850). This score range is not ideal and may make it difficult to qualify for many types of credit.

If you're looking for ways to improve your poor credit score, there are some important factors that you must be aware of. Firstly, you should realize that the total amount of debt you have is not the only factor that contributes to your credit score. Other things, such as marital status and child support payments, can have little or no impact.

However, this doesn't mean that you're out of options. You can still apply for unsecured credit cards and personal loans, though you should be aware that the interest rates may be high. Secured credit cards are another option, but you'll have to make payments on time to maintain their value.

Even if you have a low credit score, you can still apply for a student loan. Nearly 25% of all student loans are granted to individuals with credit scores below 540. This means that getting a degree may be easier than you think. Plus, your new degree may lead to a higher income and better repayment options.

A poor credit score of 555 is considered "fairly poor" by the FICO credit scoring system. Although getting a loan with a credit score of 555 will not be difficult, you'll have to pay a higher interest rate. Because of this, you'll most likely be considered a "subprime" borrower. This means that you will be offered worse terms and higher interest rates than those with a higher credit score.