Is 585 a Good Credit Score?

By Jamie Cattanach

Sometimes, three little numbers can have an outsized impact on your life. That’s especially true when those digits are your credit score. How does a credit score of 585 stack up? It’s categorized as “fair,” which is the range below good. While it’s not the best score you can get, it’s also not the lowest.

Below, we’ll take a closer look at what a 585 credit score means, how likely it is to impact your ability to qualify for certain types of loans, and what you can do to improve your score.

What Does a 585 Credit Score Mean?

Let’s start at the beginning: What exactly is a credit score? This three-digit number reflects your creditworthiness, or how likely you are to pay back the money you borrow. Lenders consider it along with other information to determine whether to approve you for credit and at what interest rate.

Although you have multiple credit scores, the one used in most lending decisions is the FICO Score. FICO Scores range from 300 to 850 and are categorized as follows:

•   Poor: 300-579

•   Fair: 580-699

•   Good: 700-739

•   Very good: 740-799

•   Exceptional: 800-850

Your credit score is calculated based on information in your credit reports — in particular, your payment history, the age of your credit history, how much total debt you owe, and the diversity of your credit mix.

What Else Can You Get with a 585 Credit Score?

As you can see, a 585 credit score is considered a fair credit score. It may impact your ability to qualify for certain types of loans, and your interest rates may be higher than they would be if your credit score were higher. Still, there are some financial products you’ll likely be able to get with a 585 credit score. And there are strategic steps you can take to build your credit.

Can I Get a Credit Card with a 585 Credit Score?

There are credit cards available for borrowers with fair credit. In fact, many credit cards are designed specifically with credit-building in mind. For instance, secured credit cards allow you to put down a cash deposit, which is usually equal to your credit limit. You’ll be able to use your credit card as normal while the bank holds that cash as collateral.

Once you build your credit score sufficiently, you may be able to transition to an unsecured card, either from the same issuer or a different one. Even better, the security deposit is refundable.

Can I Get an Auto Loan with a 585 Credit Score?

Generally speaking, when it comes to auto loans, the higher your credit score, the better. That’s because higher scores generally mean lower interest rates, and cars are depreciating assets, meaning they lose value over time. Paying a lot of interest on something that’s going to be worth less than when you bought it isn’t a great equation for the borrower.

Still, sometimes you just need a car loan in order to buy a car — and you just need a car in order to get to work and earn the money you need to pay that loan back (plus all your other bills and expenses).

Fortunately, some dealerships will work with borrowers with fair scores, though you might end up with an interest rate in the double digits. By comparison, the average interest rate on a new car for a borrower with a credit score of 781 or higher is just 5.25%, according to 2024 data from Experian.

Can I Get a Mortgage with a 585 Credit Score?

Having less-than-perfect credit shouldn’t affect your ability to keep a roof over your head.

That’s one reason why FHA loans exist. Backed by the Federal Housing Administration, FHA loans are offered by private lenders, but with less-stringent eligibility requirements than conventional mortgage loans. In fact, borrowers with credit scores as low as 500 might successfully apply, though they’ll need a 10% down payment to do so.

Fortunately, with a credit score of 585, you’re over the 580 credit score threshold to take out an FHA loan with the lower required down payment of 3.5%. Your lender will also look at other factors in your financial portfolio, including your job consistency, overall earnings, and debt-to-income (DTI) ratio.

Can I Get a Personal Loan with a 585 Credit Score?

Because they’re not secured with any kind of collateral (like a house or car), personal loans — also known as unsecured loans or signature loans — tend to have loftier eligibility requirements than others.

Still, there are lenders out there who may qualify you for a personal loan with a credit score of 585. This can be especially beneficial if you use the personal loan money to consolidate other existing debt, such as maxed-out credit cards.

Still, you may find yourself with a higher interest rate on the new loan, which can tie up money you might otherwise use to meet other financial goals. A personal loan calculator can help you understand how much you’ll pay for the loan over its lifetime.

The Takeaway

While a credit score of 585 isn’t good, it’s also not the worst out there. With some hard work and persistence, you can push your score up (and maybe even score lower-cost loans in the long run).

One way to improve your credit score: Make on-time payments to all your existing debts each and every month. Payment history accounts for 35% of your FICO Score, which is the most heavily weighted of the factors that go into the calculation. Amounts owed comes in at 30%, so keeping your balances low is another step in the right direction.

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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