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Is 552 a good credit score?
I checked my credit score for the first time yesterday, and it was 552. Is this a good or bad score? I’m getting ready to buy a car for myself and I’m wondering what kind of impact this score could have.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, 552 is not a good credit score. However, that doesn’t mean that a car loan is off the table! What it really means is that finding a loan with good terms may be a lot more difficult for you.
Since raising your credit score takes a lot of time and work, it might be a good idea to get a cosigner who has excellent credit. You’ll usually be offered better rates this way, plus you’ll be qualified for more loans.
It also helps to save up so you can make a large down payment. Doing this helps to prove that you’re a reliable borrower, so you’re more likely to be approved with good terms if you’re able to put a lot of money down.
To save up for your down payment, try cutting on other monthly costs. The
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app makes it quick and easy to find the best rates available on the car insurance coverage you need. Just download the app and answer some quick questions to see quotes customized for you.MORE: What is a good credit score for a car loan?
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