The majority of banks and financial institutions would like to provide credit for the applications with a credit score of at least 750. Generally, with a credit score of 550, it would be difficult to get a loan. So before applying for the credit, try to focus on improving your score. Go through your credit report thoroughly to find out the reasons for having a lower score, try to raise concerns, and resolve the issues if there are any errors from the administrative perspective. Try to look for late or missed payments or check if your credit utilization rate turns very high. Following best practices help in increasing your credit score which helps to get your loan easily when you apply for it.
