A good 550 FICO credit rating is regarded as strong subprime, with regards to the Consumer Monetary Coverage Agency. The newest Reasonable Isaac Business (FICO), that’s one of the most widely used credit reporting measures, categorizes fico scores off 579 or all the way down given that poor.
How lousy credit affects cost
Lenders see a diminished get once the an indication of exposure. So to help you counterbalance losings off possible skipped costs otherwise a good defaulted financing, lenders will charges on attention in the event the debtor have less than perfect credit. Mediocre mortgage interest rates reflect this behavior:
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