Issue with proper increment in a while loop/if statement [on hold]

My code currently determines if a guess is wrong or correct. If wrong, guess count goes up. When the guess count hits 6 it should exit out of the loop and say "You Lost". The issue is, with <5, when the counter is at 5 and the next guess is correct, it still says "You Lost." I tried setting the loop to <6, however it then does not say "You Lost" until the 7th guess. I am not sure what I am doing wrong, any help is appreciated.

Where guess is incremented:

public String updatedHiddenWord(){ 
    StringBuilder updatedDashes = new StringBuilder(dashes);
    boolean wrongGuess = true;
        for (int i=0; i<word.length(); i++) {
            if (word.charAt(i) == hv.keyChar) {
                updatedDashes.setCharAt(i*2+1, hv.keyChar);
                wrongGuess = false;
                correct++; //ignore this counter 
                System.out.println(correct);
            }
        }       
        dashes = updatedDashes.toString();
        if (wrongGuess){
            guesses++;
        }  
        return dashes;        
    }

Where the if statements and while loop are:

public String guessNotification(){

    while(guesses < 5 && correct < word.length()){  

        if(word.indexOf(hv.keyChar)!=-1 && (hv.keyChar >= 'a' && hv.keyChar <= 'z')) {
            letterGuessed = hv.keyChar + " is in the word";
            hv.guessResult(this, size); 
            if(correct == word.length()){
                letterGuessed = "You win!!";
                hv.winResult(this, size);
            }
        }   
        else if(word.indexOf(hv.keyChar)==-1 && (hv.keyChar >= 'a' && hv.keyChar <= 'z')) {     
            letterGuessed = hv.keyChar + " is not in the word";
            hv.guessResult(this, size);
            hv.partAdder();
        }
        else{
            letterGuessed = "Not a valid letter";
        }
        return letterGuessed;
    }
        if(correct == word.length()){
            letterGuessed = "You win!!";
            hv.winResult(this, size);
            guesses = 5;
        }
        else{
            letterGuessed = "You Lost!!";
            hv.loseResult(this, size);
            hv.partAdder();
        }
        return letterGuessed;
}