By Kevin Brouillard

YA 565 credit score is not good. According to FICO® (the most popular credit scoring model), a 565 credit score is considered “poor” and below the average of U.S. consumers. Borrowers with this credit score could have a difficult time qualifying for new loans and might not receive very favorable terms if approved.

Here’s what a 565 credit score means in practice when it comes to getting a credit card, mortgage, and other types of financing.

What Does a 565 Credit Score Mean?

A credit score is a three digit number that shows a borrower’s ability to repay debt and stay current on payments. Lenders use these scores to assess the risk of lending money and make decisions about loan approval, interest rates, and credit limits.

FICO Score is the most widely used credit scoring model in the U.S. On this scale, scores range from 300 to 850. The higher your credit score, the more creditworthy you’re considered by lenders.

Here’s a breakdown of FICO Score ratings and ranges:

•   Poor credit: 300-579

•   Fair credit: 580-669

•   Good credit: 670-739

•   Very Good credit: 740-799

•   Exceptional (or exellent) credit: 800-850

So is a 565 credit score good or bad? A 565 credit score falls within the “poor” credit range, which accounts for about 13% of American consumers. For comparison, the average FICO Score in the U.S. was 715 in 2024, and around 71% of Americans have a “good” score or better.

Your credit score is based on a number of factors, including payment history, amounts owed, length of credit history, credit mix, and new credit. A credit score of 565 could indicate a limited credit history, delinquency on payments, or other financial problems.

Note that a 565 credit score is just below the range for a “fair” credit score. This means that borrowers could implement some strategies to build credit and improve their chance of qualifying for financing and more competitive terms.

While borrowers with poor credit may face challenges qualifying for financing, it’ll ultimately depend on the lender’s credit requirements and how they evaluate other financial information.

What Else Can You Get with a 565 Credit Score?

If you have a 565 credit score, your options for a credit card or loan may be more limited than a borrower with fair or good credit. Instead, lenders may offer what are known as subprime loans, which typically carry higher interest rates, additional fees, and lower borrowing limits. Borrowers may also need to put down collateral to qualify and secure financing, depending on the lender.

Recommended: How to Apply for a Personal Loan

Can I Get a Credit Card with a 565 Credit Score?

Borrowers with poor credit may have difficulty getting approved for a credit card. The cards you are offered may have high interest rates and low credit limits. Typically, you need a fair score to begin to access better deals on credit cards. If you can build your score higher, you might begin to qualify for rewards credit cards.

If you’ve been rejected on a standard credit card application, you may want to look into a secured credit card.

A secured credit card requires collateral in the form of a security deposit — usually a minimum of several hundred dollars — to reduce the risk of default for the credit card issuer. The security deposit is refundable and typically equivalent to the credit limit.

Keep in mind that secured cards generally carry higher interest rates, so paying the balance in full each month can help avoid hefty interest charges. Additionally, secured cards may be subject to a variety of fees, so it’s worth comparing multiple credit card options. That said, a secured credit card, when managed well, can help you qualify for a traditional credit card.

To help build your credit score, there are several steps you can take.

•  It’s recommended to maintain a credit utilization ratio at or below 30%. Your credit utilization is the portion of your revolving credit limit, such as credit cards, that you’re using. If your credit limit is capped at $400, this means keeping a balance below $120. Thus, you might consider making a larger deposit to have some greater flexibility and wiggle room in spending.

•  Another way to positively impact your credit is to always pay bills on time. That’s the single biggest contributor to your credit score.

•  Aim for a mix of credit products, such as a line of credit and an installment loan.

•  Know that a longer credit history helps build your score. That means it’s wise to keep older accounts open, using them occasionally.

•  Avoid too many requests for credit in a short period of time. That can negatively impact your credit.

Recommended: Breaking Down the Different Types of Credit Cards

Can I Get an Auto Loan with a 565 Credit Score?

With a 565 credit score, car loan options will likely be limited to subprime loans. This means that you can expect to pay a higher interest rate than borrowers with stronger credit. For example,the average auto loan interest rate for new cars for subprime borrowers (with a score of 501-600) was 13.00% in the 3rd quarter of 2024, compared to 6.70% for those with credit scores between 661 and 780.

While some lenders may not work with borrowers with poor credit, many car dealers can help you explore options for those with lower credit scores. This could make a 565 credit score car loan possible. Having a trade-in vehicle or funds for a down payment could improve your chances of qualifying and secure better terms on an auto loan.

With any auto loan, it’s important to review the terms and how the monthly payment fits in your budget before committing.

Recommended: Personal Loans vs. Car Loans: What’s the Difference?

Can I Get a Mortgage with a 565 Credit Score?

Yes, you can get a mortgage with a 565 credit score. However, you won’t meet credit requirements to qualify for certain types of home mortgage loans. For example, you won’t meet the criteria for a conventional home loan. These typically require a score of 620 or higher. However, you may access these mortgages:

•  Federal Housing Administration (FHA) loans, which are backed by the government and reserved for first-time homebuyers, are available to borrowers with a credit score of 500 or higher. If your credit score falls between 500 and 579, however, you’ll need to make a down payment of 10%.

  FHA loans require only a 3.5% down payment for borrowers with a credit score of 580 or higher. So if you’re in the market for a house with a 565 credit score, you might consider working to build your credit score and secure a lower down payment on a FHA loan.

•  You may also be able to qualify for VA loans and USDA loans though these typically require credit scores above 565 (in the 600s) to qualify. If, however, you have a strong repayment history, you might find a lender willing to offer you financing.

Can I Get a Personal Loan with a 565 Credit Score?

You might have trouble qualifying for personal loans with a 565 credit score. A credit score in the fair vs. poor range could improve the likelihood of qualifying for a personal loan, though at a high interest rate.

Once you’re able to qualify, a personal loan can be used for almost any purpose, such as paying for a vacation or financing a wedding.

If your rationale for a personal loan is to pay off high-interest debt, such as a credit card consolidation loan, you may not secure a low enough interest rate to make it worthwhile.

To secure a more competitive rate, you might consider using collateral for a personal loan. Or you might work on building your credit score first, as outlined above.

Recommended: Personal Loan Calculator

The Takeaway

A 565 credit score isn’t good. Rather, it’s categorized as poor. With this score, you may have a hard time qualifying for credit, and the offers you do receive will likely be at a less favorable rate. Still, a 565 score is close to 580, which is the lower end of the fair range, so working to build your credit score by several points could unlock more affordable credit. Always compare offers from multiple lenders when possible to find the best deal before committing, whether for a credit card offer or a 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. See your rate in minutes.

By Jamie Cattanach

(Last Updated – 03/2025)

We all know that Virginia is for lovers — but is it for savers, too?

The site of the first permanent British colony, and thus the first state in America, Virginia is awash in historical and cultural intrigue, not to mention plain old natural beauty. From the beachy east coast to the mountainous west, the Old Dominion’s got it all.

It makes sense then that so many people live here (over 8.8 million, in fact). U.S. News ranks it 13th in terms of overall quality of life.

But what’s the cost of living like?

What’s the Average Cost of Living in Virginia?

Average Cost of Living in Virginia: $55,776 per year

Good news for those drawn to the land of America’s forefathers: All told, Virginia’s cost of living is relatively reasonable. While it’s not one of the cheapest states in the nation, it’s not one of the most expensive either. In its 2024 study, the Missouri Economic Research and Information Center (MERIC) ranks Virginia 29th of 50 as far as cost of living goes. By contrast, neighboring Maryland is one of the most expensive states, in 46th place from less to more expensive, though North Carolina, West Virginia, Tennessee, and Kentucky all rank more affordable on MERIC’s list.

Let’s get into the nitty-gritty of how that cost of living breaks down. The Bureau of Economic Analysis estimates that the average Virginian spends $55,776 per year keeping themselves afloat, according to the most recent data. Here’s where that money goes:

Housing Costs in Virginia

Average Housing Costs in Virginia: $1,474 to $2,750 per month

Keeping a roof over our heads is a high priority for most of us — and with 3,717,677 housing units, per U.S. Census data, housing is at somewhat of a premium in Virginia, considering its population.

That said, the value of Virginia homes seems to be on track with the U.S. market. According to Zillow, in February 2025 the typical home value in the state was $396,356 — which is slightly less than the nationwide average U.S. home value of $357,138.

Of course, the exact value of homes in Virginia varies widely depending on which area you’re considering. Here are Zillow’s average home values in Virginia by metro area in February 2025:

And what do those housing costs look like on a monthly basis? Here are some median mortgage and rent figures in Virginia, according to data from the U.S. Census Bureau.

•  Median monthly mortgage cost: $2,079

•  Median studio rent: $1,474

•  Median one-bedroom rent: $1,461

•  Median two-bedroom rent: $1,503

•  Median three-bedroom rent: $1,652

•  Median four-bedroom rent: $2,178

•  Median five-bedroom (or more) rent: $2,750

•  Median gross rent: $1,567

Utility Costs in Virginia

Average Utility Costs in Virginia: $387 per month

For most of us, a house isn’t a home until it’s got water and electricity flowing through its pipes and wires — and internet to boot. Here’s how much it costs to get your household up and running in Virginia, on average.

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2023; Statista.com, “Average monthly residential utility costs in the United States in 2023, by state; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2023; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Virginia: $366 per person, per month

From barbecue to blue crab, Virginia is known for its good eats. But how much will you have to spend in the state to keep yourself fed?

If the average nonrestaurant food and beverage bill in Virginia is $4,389 per person, per year, that’s about $366 a month, per person. (Do keep in mind that this figure is just an average. It doesn’t take into account the fact that children eat less than adults and that some adults eat more or less than others.)

Of course, as is true in most states, your exact grocery costs will depend on where you live. According to 2024 rankings from the Council for Community and Economic Research here’s how major Virginia cities stack up in terms of the grocery bill.

Transportation

Average Transportation Costs in Virginia: $9,876 to $18,377 per year

While major Virginia metros like Richmond do have public transportation, many people in this spread-out state rely on personal vehicles to get around — and any way you slice it, there’s a cost to getting where you’re going.

Your specific transportation expenses will, again, vary: Are you schlepping kids to school on the way to work each morning, or are you a single adult working from home? MIT’s Living Wage Calculator for February 2025 offers some excellent figures to help estimate your travel costs, depending on your circumstances.

Health Care

Average Health Care Costs in Virginia: $8,434 per person, per year

If the average Virginia resident pays about $8,434 per year in health care expenses, that figures out to $703 per month.

Again, though, this average figure may not be representative of your experience. The exact amount you can expect to pay will depend on your health insurance coverage, how often you need medical attention, and other factors.

Child Care

Average Child Care Costs in Virginia: $942 to $1,581 or more per child, per month

If you’ve got kids, you already know that taking care of them can be a major budget item to plan for. As worthwhile as it is, child care is expensive.

Your specific expenses will depend not only on how many children you have (obviously), but also how, exactly, you want them looked after. CostofChildcare.org offers some averages to look at, as well as options to see how costs might change depending on classroom size, caretaker compensation, and other factors.

Taxes

Highest Marginal Tax Rate in Virginia: 5.75%

Like the majority of U.S. states, Virginia assesses a state income tax that must be paid along with federal income taxes — and the tax rate varies depending on the taxpayer’s income.

However, the highest marginal state income tax rate in Virginia is a fairly reasonable 5.75%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025. While it’s higher than North Carolina’s 4.25%, it’s considerably lower than nearby Washington, D.C.’s highest, 10.75%.

Miscellaneous Costs

We’ve covered all the necessities, but you’ve gotta have a little fun every now and then, too! The Bureau of Economic Analysis estimates that “all other personal expenditures” in Virginia total about $31,267. Here’s where some of that money might be going (prices accurate as of February 2025).

•  Entry to Shenandoah National Park, known for its epic Skyline Drive as well as its many more outdoor recreation opportunities: $30 for a single private vehicle and all passengers for seven consecutive days.

•  Tickets to Colonial Williamsburg, a historic theme park with reenactments, museums, and more have dropped dramatically in 2025, and now cost $35 for an adult single-day ticket or $10 for youths 6-12. (Purchased online, an adult ticket is $31.50 and youth ticket, $9.) Annual passes and other ticket options are also available at various price points.

•  Passage into Luray Caverns, a beautifully decorated cave, which also includes entry to the Car & Carriage Caravan Museum, Shenandoah Heritage Village, and Toy Town Junction: $34 for adults and $17 for children 6-12, and $32 for seniors purchased online, and additional discounts are available for school groups, military members, and others.

•  A tin of famous Virginia Diner salted peanuts costs $9.95 for a 9 oz. container and $21.95 for a 36 oz. container. These special Virginia-grown peanuts are extra large, and go through a special two-step process, making them crunchy and delicious!

Obviously, Virginia residents are also spending some of that money on restaurant meals, clothes, and other day-to-day purchases. But the good news is, there are tons of free ways to entertain yourself in this state. Many of Virginia’s gorgeous beaches are absolutely free to the public, as are well-manicured green spaces like Richmond’s Maymont.

Additionally, many of the Smithsonian Institution properties in nearby Washington, D.C., are entirely free to enter, too. The District has one of the highest costs of living in the nation, so take advantage of your proximity without spending the money it takes to actually live there. Win-win!

How Much Money Do You Need to Live Comfortably in Virginia?

There are so many factors that play into your personal cost of living, and everyone has a different definition of “comfort.”

What is known, though, is that Virginia ranks 37th on the latest U.S. News and World Report Affordability Ranking (the higher the placement, the less affordable it is), which is worse than its above-mentioned MERIC cost of living ranking of 29th.

All of which is to say: While there are expensive parts of the state to live in (and expensive lifestyles to choose), Virginia is, generally speaking, pretty middle-of-the-road in terms of affordability.

What City Has the Lowest Cost of Living in Virginia?

Looking to stack the odds in your favor when it comes to finding an affordable lifestyle in Virginia? Choosing a community with a lower overall cost of living can help.

Using that same 2024 data from the Council for Community and Economic Research, here are three of the cheapest major Virginia cities to live in, along with some insider details.

Martinsville

Smack-dab in the middle of the east-west expanse of Virginia, but far enough south to be just minutes from the North Carolina border, Martinsville enjoys the council’s lowest cost of living at 89.2% of the U.S. average. Additionally, according to Zillow, the typical home there is valued at just $131,799.

Martinsville has a population of about 13,763 and is home to the Virginia Museum of Natural History and the Heritage Center & Museum. It’s also home to the shortest track in the NASCAR circuit. Plus, bigger metro areas like Roanoke and Danville are only about an hour away.

Danville

Tied with Martinsville in COLI’s 2024 data is Danville, also a south-central Virginia city, which earned a score of 89.2% from the council. Zillow estimates the average home value in Danville is $146,185, which makes it an affordable place to hang your hat. Touching the border with North Carolina, Danville is a quiet town steeped in Civil War history that’s just an hour’s drive to bustling Greensboro, NC and 90 minutes to Raleigh, NC.

Roanoke

Nestled against the Blue Ridge Mountains and the gates of the Blue Ridge Parkway, Roanoke, Virginia, is a well-populated inland Virginia city with around 97,171 residents, and a very reasonable cost of living of 90.8%.

Roanoke is home to the Taubman Museum of Art, the Virginia Museum of Transportation, and is within easy reach of many of western Virginia’s most beautiful outdoor spaces. Zillow’s estimate of the average home value is $260,919, which is much lower than the state average.