How bad is a credit score of 559?

Question

I mean is it REALLY bad..or is there hope? Thanks!

Answer 1

A credit score of 559, no doubt, is well below average - but if could begin to manage your credit responsibly, there would be a brighter hope in the very near future. With the score, you could still obtain a credit card or an auto loan, but it would come with a very high interest rate.

It takes time to build a good credit score (say two years) or, even more in some cases. You could realize it by paying your bills on time (avoiding late fees) and ensuring that your creditors report your accounts monthly to the three major credit bureaus.

Good luck!

Derrick

Answer 2

559 Credit Score

Answer 3

Average FICO score is 725. That makes your score a D.

A poor credit score affects more than your ability to get loans. It also impacts your car insurance rates and ability to get some jobs.

Now would be a good time to start cleaning up your credit. Pay all your bills on time. Pay off all credit cards and don't carry a balance. Negotiate settlement of any bad debt.

Answer 4

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It is possible to get an FHA deal done with a score down to 550, but that won't last long. Guidelines are changing and 620 will likely be the standard shortly. Lets start with credit. Paying OFF credit cards (or at least down < 50% of the limit) is imperative for you. This will PULL your scores up! Also, that demostrates to a lender that you can manage your finances. I don't know what to say about 25 inquiries... Your modest income creates a high debt ratio issue. It can be dealt with by a knowledgable mortgage professional. He/She will describe to the underwriter COMPENSATING FACTORS. These are: 1) Job stabiltiy 2) Year over year growth in income 3) All ccs paid down/off 5) all collections paid off 6) $ in the bank... reserves You will need to qualify with paystubs/W2s/bank statements. Your mortgage payment + all your bills (that appear on credit) will need to be less than half of his GROSS income. $28K + $12K / 12 months = $3333, so your mortgage payment plus ALL bills on credit will need to be less than $1500. At 89000 that is $562 P&I + $150 Tax/Ins + $37 MI leaves you with $750/month in other bills ... sounds like you would qualify... Now just get yourself to a professional who can put that together for you! Best of luck!

Answer 5

Not so great. It's tough to get a loan with that.

To repair your credit, consider paying all of your bills on time for a year. Also, get a credit report and write letters refuting derogatory remarks and that will help. Excessive inquiries should be explained, such as loan hunting. Get your credit cards you owe down to 30% of your card limit. That alone will help your score a lot.

Answer 6

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RE:
How bad is a credit score of 559?
I mean is it REALLY bad..or is there hope? Thanks!

Answer 7

Two years ago could of possibly gotten something, read the news in todays market there is no subprime even Alt-A is having problems and that is above 620-650 SO what do you think?

Answer 8

It's not really bad, but it's bad. You'll have trouble getting some loans, and it will be impossible to get good interest rates.

Answer 9

the credit score of 559 is not bad its ok

Answer 10

I asked this same question two times, and did not get a good answer