How bad is a credit score of 533?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 533 FICO® Score is significantly below the average credit score.

Can you buy a house with a credit score of 533?

There is no legal minimum credit score required to qualify for an FHA home mortgage. However, most FHA loans generally require your FICO score to be at least 500-580. The specific numbers required are often considered jointly with what percentage of the home’s value is included in the down payment, if there is one.

Can I get a car loan with a 533 credit score?

A credit score below 579 is considered poor, which means that getting approved for a car loan with good terms with a credit score of 533 is unlikely. Most lenders choose not to approve car loans for people with poor credit scores. Because of this, your options to borrow money or finance are limited.

How can I raise my credit score 533?

The one thing anyone with a 533 credit score should do is open a secured credit card. Even if you don’t use it to make purchases, a secured card can help improve your score by adding positive info to credit report on a monthly basis.

Can I rent an apartment with a 533 credit score?

A 533 credit score is a poor credit score. It makes it very difficult to qualify for credit or even apply for an apartment but it can absolutely be improved.

How long does it take to build credit from 500?

Average Recovery Time For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you’ve made it to the good credit zone (670-739), don’t expect your credit to continue rising as steadily.

How many points can your credit score go up in a month?

Once the incorrect information is changed, a 100-point jump in a month might happen. Large errors are uncommon, and only about one in 20 consumers have one in their file that could impact the interest on a loan or credit line. Still, it’s important to monitor your score.