• Can I get a loan with a credit score of 550?

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    Most banks and financial institutions would like a probable credit loan applicant with a score of at least 750. So with a score of 550 points it would be difficult to get a loan. But you can always increase your score, the first step to increasing your score would be to study your credit report thoroughly. Find out the reasons for your score being low, it could be errors from administrative perspective, or payments of late nature, or even your credit utilization rate being high.

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    If you are having any trouble understanding the credit report and require help with how to analyse it you could always ask a professional to help you. Firstly you need to know what are the criterias that actually are in our credit report, CIBIL will check your Repayment History (35%), Credit Utilization (30%), Mixture of credit (10%) Duration of Credit Servicing (15%), Credit Inquiries made (10%).

    Keeping a check on your Repayment History, by paying all your cards, EMIs, on time and clearing them in a timely manner. Gives you a perfect score in this criteria. Also, having a credit utilization ratio that is high is very risky and will cause your credit score to fall. Considering to reduce your liabilities will help you with keeping this in check as well. Have a mixture of credit like auto loans, personal loan, credit cards, help you in improving your score as well. The duration of your loan or credit servicing will increase your score by keep a check on your payments in a timely manner. Also limiting your credit inquires affects your credit score, if it’s applying for a home loan or even a credit card, limiting your number of inquires gives you a much healthier score. When you have a low score, it also increases and impacts the interest rates banks are willing to provide you. The rate of interest depends on your score, from a score of anywhere between 760-850 you can hope to get an interest rate of 3.9%; if you have a score of 700-759 you can expect a interest rate of 4.1%; with a score of 620-699 the interest rate can rage anyway between 5.5% - 4.3%.

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    Customer Reviews

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    • Bank Bazaar Credit Card
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2 months, the services provided by bankbazaar is very good when compared to all other banking websites. My experience was good so far with bankbazaar. Customer service was good and their response was prompt. I check offers and credit score in bankbazaar. The website is easy to navigate and is user friendly.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • Bank Bazaar Debit Card
      "Easy to do"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is truly helpful Thank you guyz Keep it up Its such a nice and Good experience to search any kind of financial thing. Such as Credit Score Credit cards And now 0 balance account also thank you once again very sime abd safe site.....
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Very good"
      SBI CARDS
      0.5 4.0/5 "Great!"
      BANK BAZAAR is a good platform for all the financial products .The customer service and responses was very good . I have taken my credit card here . The executives were very supportive and the process was also very quick. I have tried using the tools like EMI calculator and credit score option which was very helpful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 23, 2018
    • Bank Bazaar Personal Loan
      "Very good"
      FULLERTON
      0.5 4.0/5 "Great!"
      BANK BAZAAR is a good platform for all the financial products. The customer service and responses was up to the mark. The website is really amazing with many good features like EMI calculator and credit score option which was useful. My overall experience was very good and its recommendable.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 3.5/5 "Pretty good"
      I am a first time user of bank bazaar,the options are easy and simple with them.They have processed immediately and the response is very good.They called me and shared the complete credit card offer details.I am planing to check my credit score through bank bazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • SBI Cards Credit Card
      "Services are good"
      SBI CARDS
      0.5 4.0/5 "Great!"
      I hold a simply click credit card with State Bank of India I got the card in five days and it is a fast process. The credit limit is not okay. It is very less and not to my salary and credit score. It is only of 12K. There are annual charges of Rs.500 plus GST. I will get the Amazon voucher after bill the payment.
      Was this review helpful? 0
      , noida
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Good service"
      HSBC BANK
      0.5 4.0/5 "Great!"
      I am the first time user of bank bazaar website,the online webpage is very convenient to use.i checked mt credit score its very informative and accurate,i got multiple follow ups and alerts were sent on time,whenever i have requirement i visit the site.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have been suing bank bazaar mobile App for last 3-4 months of time,the executives called me on time to share the card offers,i got alerts and follow ups.I have checked my credit score through bank bazaar its accurate and informative.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Best service"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      This was my first time experience with bankbazaar and it was good, i checked my credit score in bankbazaar. The services provided by bankbazaar is very good when compared to all other banking websites. Customer service was good and their response was also good. The mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 23, 2018
    • Bank Bazaar Credit Card
      "Excellent service"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 5 years, the services provided by bankbazaar is good when compared to all other banking websites. My experience was good so far with bankbazaar. Customer service was good and their response was prompt. The website of bankbazaar is easy to navigate and is user friendly. I also check my credit score in this website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 22, 2018
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      It is very helpful to check the credit score and the offers are very good with the bank bazaar portal. I have started using the bank bazaar service around a year ago. The customer support and the response is excellent with the bank bazaar team.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 22, 2018
    • Bank Bazaar Credit Card
      "Better service"
      CITIBANK
      0.5 4.5/5 "Excellent!"
      I am the first time user of bank bazaar website,they had called me on time to explain about the card features, the options like credit score and EMI calculator is good on the mobile App is easy to understand and navigate.I get offers alerts and follow up calls were made.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Best service"
      CITIBANK
      0.5 4.0/5 "Great!"
      I have been using bank bazaar website for last one year,the executives gave prompt response to the customer options like credit score is good,its should be little more accurate and informative.I use both mobile App as well as online webpage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Very good services"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has been good overall in the customer services. They contacted me on time and informed me the details. It is a very good portal as I was able to get the Credit score in an instant and I could also compare the banks and choose the best offer.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      This is the second time, I took my credit card from bankbazaar.com through online. The procedures are very simple. The website is good and easy to access. The customer service and response was good. I had checked my credit score without any hassle.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Excellent"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is good and easy to apply the credit card. They provide a option to check the credit score at free of cost. The customer service was good and I got a immediate response. This is the first time, I had applied my credit card through bank bazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good App"
      SBI CARDS
      0.5 4.0/5 "Great!"
      The Bankbazaar are pretty good with their customer services. I have been using their services for the past 8 months and consequently have got Two Credit Card through them. Their App are pretty easy to use and apart from that I was able to check my Credit Score pretty easily through them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am the first time user of bank bazaar,the online webpage is good,they had approaches me on time,executives responded on time.I checked my credit score and EMI calculator is good.I am happy using the bank bazaar website.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • Bank Bazaar Credit Card
      "Fast services"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      Bankbazaar employees are good and they are responsive and they are very fast as well. The website is also good, I can track and see the application and also get my and credit score in one touch. I had no hassles or inconvenience in this process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • Bank Bazaar All Products
      "Very good service in bank bazar"
      ALL BANKS
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is a good platform for all the financial products . The customer service and responses was satisfactory . The website was really amazing with good features and I have tried using the tools like EMI calculator , credit score option which is amazing.My overall experience was excellent.
      Was this review helpful? 0
      ,
      Reviewed on Feb 19, 2018
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