Is 570 a Good Credit Score?

570 credit score

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    By Dan Miller

    A 570 credit score is considered “poor” and is significantly lower than the average credit score of 717. Borrowers with a 570 credit score may find it difficult to qualify for credit cards, mortgages, and other types of lending products. And if they are approved, it may only be for financial products with high interest rates and fees.

    Learn what a 570 credit score means, what loan products you may qualify for, and ways to improve your score.

    Key Points

    •   A 570 credit score is categorized as poor, making it difficult to secure loans or credit cards with favorable terms.

    •   Borrowers with this score often face higher interest rates and fees when approved for financial products.

    •   Secured credit cards, which require a deposit, can be a viable option for building credit.

    •   For auto loans, individuals may need to provide a larger down payment and will likely face higher interest rates.

    •   Improving a 570 credit score involves timely bill payments, low credit utilization, and regular credit report checks.

    What Does a 570 Credit Score Mean?

    As we mentioned, 570 is a poor credit score. A borrower with this score may have had issues managing their debt, or they could simply lack a credit history.

    Here’s how FICO® Score — which is used in the vast majority of lending decisions — ranks credit scores. The higher the number, the better the credit score.

    •   300-579: Poor

    •   580-669: Fair

    •   670-739: Good

    •   740-799: Very good

    •   800 or more: Excellent

    It’s important to keep an eye on your credit score. Not only does it indicate how likely you are to pay back a loan or credit on time, lenders often use it when making lending decisions, such as for personal loans.

    If you have a 570 credit score, lenders may see you as a risky borrower. You might find it challenging to qualify for lower interest rates and larger loan amounts. You might also have a difficult time getting approved for credit cards with lower APRs and attractive perks, like cash back.

    What Else Can You Get with a 570 Credit Score?

    A 570 credit score may negatively impact your ability to qualify for many loan programs or other types of credit. Let’s take a closer look at some different scenarios.

    Can I Get a Credit Card with a 570 Credit Score?

    While you may qualify for a credit card with a 570 credit score, your options might be limited. What’s more, some credit card issuers could also require you to pay extra fees or put down deposits on your card.

    You may want to look into cards designed for applicants with lower credit scores. A secured credit card, for example, requires a security deposit that acts as collateral in case the cardholder defaults on their payments. When managed responsibly, these cards can be an effective way to build credit.

    If you have high-interest credit card debt, a credit card consolidation loan could be worth exploring. You can transfer multiple balances to a single loan — ideally one with a better rate — which could reduce monthly payments and streamline bill paying.

    Can I Get an Auto Loan with a 570 Credit Score?

    Typically, you need a credit score of 600 to qualify for an auto loan, but some lenders may be willing to work with buyers who have a lower credit score. If you are approved for a loan with a 570 credit score, you could be charged a higher interest rate or have to put down a higher down payment than borrowers with better credit scores.

    Can I Get a Mortgage with a 570 Credit Score?

    Getting a mortgage with a 570 credit score isn’t impossible, but be prepared to have fewer options. You may also have to pay a higher interest rate and put down a larger deposit. For example, borrowers with a credit score as low as 500 might qualify for an FHA loan, but they’ll likely need to have a down payment of at least 10%.

    Can I Get a Personal Loan with a 570 Credit Score?

    It’s possible that you will be able to qualify for some personal loan options with a 570 credit score. However, as with other types of financial products, you may have fewer options to choose from than a borrower with a better credit score.

    One of the main metrics lenders examine when reviewing a personal loan application is the applicant’s credit score. Typically, the lower your credit score, the more challenging it is to get approved for a loan. And if you are approved, you could pay higher interest rates.

    A personal loan calculator can help you explore options for your specific financial situation and look for potential ways to save on interest.

    How to Build Your Credit Score

    If your credit score isn’t where you want it to be, there are steps you can take to improve it before you apply for a loan or credit card. Here are some credit-building strategies to consider:

    •   Pay your bills on time.

    •   Keep your credit utilization low.

    •   Keep older accounts open.

    •   Apply for new credit only when needed.

    •   Regularly check your credit reports for errors and fix any inaccuracies you see.

    The Takeaway

    Is 570 a good credit score? According to FICO, it’s in the “poor” range. Many lenders use an applicant’s FICO Score as a major determining factor when deciding whether to approve a loan application. With a 570 credit score, you may be approved for some lending products, but you may be charged a higher interest rate and have less-desirable terms than borrowers with better credit scores. If your score is on the lower end, it may be a good idea to work on improving your credit score before you apply for a credit card or personal loan.

    Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

    SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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