Is 549 a bad credit score? I know it's not good but just how bad is it?

My husband and I are trying to get a loan at a local bank in town. She ran a credit report and said she didn%26#039;t think she could help us but, she said she would have to talk with the president of the bank to see if he will approve it. In the mean time I have a friend who works at the bank and she book loans everyday for people who have credit worse than ours but I can%26#039;t say that to the loan officer. They can do it for the ones they want to do it for. How should I handle this? She had the nerve to tell me not to expect much. (You never say that to a customer). I personally think that she is doing all she can not to give us the loan. I failed to mention that both myself and my husbands credit is bad because we both went through bad divorces. I really need some quick advice on this matter.

Is 549 a bad credit score? I know it%26#039;s not good but just how bad is it?

It is a tad on the low side. I%26#039;d work on trying to improve your credit before trying to get a loan (which, if anyone would approve it would drop down your score even more)

Is 549 a bad credit score? I know it%26#039;s not good but just how bad is it?

You really should try to get your score to a 560, or better. So work on it and you%26#039;ll be headed in the right direction.

Is 549 a bad credit score? I know it%26#039;s not good but just how bad is it?

You can get a loan if you have income and your debt to income ratio is good. What type of loan are you trying to get? Personal loan, car loan or mortgage loan. If it is a Mortgage loan then you would be better off with a Mortgage broker. They are able to place your loan with lenders that will accept your credit score. Also if possible move your account(s) from the bank to a Credit Union if you belong to one or can join one. There should be a list of credit unions in the state you live in from the financial institutions bureau or similar goverment agency in your state. Credit unions have more lenient lending policies for their members. Anything below 720 is considered challenged credit. You can go to annualcreditreports.com and get a copy of your credit from all three bureaus. Make sure everything is accurate if not dispute it to raise your score.

Good Luck

Is 549 a bad credit score? I know it%26#039;s not good but just how bad is it?

More than likely, the people with worse credit that are being approved have some kind of %26quot;compensating factors%26quot; that swing the decision in their favor. That usually includes some kind of down payment, extra money in the bank, long job time, or something like that.

549 is pretty low, most mortgage lenders won%26#039;t touch anybody that is under 500 so you%26#039;re close to the bottom but there are some minor things you can do to raise your credit score to 580 which would allow most mortgage brokers to do a 100%-financed home. Email me if you need any tips.