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. See your rate in minutes.

By Austin Kilham

Your credit score has an impact on what loans and credit products you may qualify for, and may even influence your ability to rent an apartment, buy a house, or secure a job. As a result, it’s important to know what your credit score is and where you stand on the spectrum from poor to excellent.

A credit score of 575 is considered poor. However, that does not mean you won’t have access to credit products, nor does it mean you can’t improve your score for access to more options.

What Is a Credit Score?

Your credit score is a three-digit number that represents your entire credit history, including whether you’ve made credit payments on time, how much you owe, how long you’ve had credit, and whether you’ve taken on new credit or you’re seeking credit currently.

There are several companies that provide credit scores. The most commonly used is the FICO® Score. FICO compiles information from the major credit reporting bureaus and provides a score that ranges from 300 to 850.

According to FICO, scores of 580 and below are considered poor, meaning they are well below the average score for U.S. consumers. Scores this low may demonstrate that a borrower presents a significant risk to potential lenders. As a result, it may be more difficult — and expensive — to secure credit. The higher your score, the easier it may be to find a lender willing to extend credit to you. Individuals with the highest score are often able to secure loans with the best terms and lowest interest rates.

A good FICO Score falls within the 670 to 739 range, while scores of 740 to 799 are very good. Anything higher is considered exceptional. Scores between 580 and 669 are considered fair.

What Can You Get with a 575 Credit Score?

As mentioned above, it is not impossible to secure credit with a 575 credit score, but it may be more difficult. Here’s a look at some potential options.

Can I Get a Credit Card with a 575 Credit Score?

It is possible that you may be able to obtain a credit card with a 575 credit score. However, credit cards are typically unsecured debt, meaning you haven’t provided any collateral that a lender can take should you fail to pay your bill. As a result, lenders may avoid borrowers with poor credit. If they do extend credit, you may be required to pay extra fees or put down a deposit.

If you don’t qualify for a traditional credit card, you may consider a secured card. With secured credit cards, you put down a deposit and can then borrow against it, with a credit limit that’s typically equal to the size of the deposit. If you don’t pay your bill, the credit card company can simply take the deposit. However, on-time payments are reported to the credit reporting bureaus and may help boost your score.

Can I Get a Car Loan with a 575 Credit Score?

Similarly, it may be difficult to secure an auto loan with a poor score. A score of 575 puts you in the subprime category for loans. That means, you’ll likely be charged a much higher interest rate than borrowers with good to excellent credit scores.

Making a down payment can increase your likelihood of securing an auto loan and help manage the cost of interest. In fact, if you have poor credit, your lender may require that you put down at least 10% of the sales price of the vehicle. However, the bigger your down payment, the more likely you are to secure a loan and the lower your interest rate may be. What’s more, the less you borrow, the lower your monthly payment will be.

Can I Get a Mortgage with a 575 Credit Score?

Typically, lenders will require a credit score of at least 620 to buy a house with a conventional mortgage. This is a loan that is not backed by the U.S. government. Because the lender is taking on more risk, they are more selective about who they give mortgages to.

However, with a score of at least 500, you may qualify for an FHA loan backed by the Federal Housing Administration. These loans require that you make a down payment of at least 10%. If you pay less than that — down to 3.5% — you’ll need to have a credit score of at least 580.

To qualify for an FHA loan, you’ll also need to provide proof of steady income and pay mortgage insurance annually.

Can I Get a Personal Loan with a 575 Credit Score?

To secure a personal loan, you will typically need a FICO score of 580 or above. That said, there isn’t a minimum score required by all lenders. Shop around to see if you can find a lender willing to extend credit to a borrower with a 575 credit score. Be aware that you may face some of the same limitations as you would with other loans, including higher interest rates and fees.

If you can’t find a lender, or a loan that suits your needs, you may consider doing what you can to boost your credit score. Doing so may increase the options available to you.

How Can I Increase My Credit Score?

There are several strategies that can help you increase your credit score. The number one thing you can do: Always pay your bills on time. On-time payments are the largest factor in the calculations that form your credit score. The second largest? How much debt you have. If you already owe a lot, creditors might be nervous that you’re overextended and that making on-time payments on a new loan would be difficult. Another key way to build your credit score is to pay down existing debts.

One strategy for paying off debt is to consolidate high-interest debts using a lower-interest option, such as a credit card consolidation loan. The lower interest payments can make your debt more affordable, and you can use the money you save to pay down your debt faster.

A personal loan calculator can help you determine how much you are likely to save by consolidating debt using a personal loan.

Lenders also like to see that you have a long history of managing debts, so while you’re building your score, you may not want to close longstanding accounts.

You may also build credit by applying for a secured credit card or by becoming an authorized user on the account of a trusted person who has good credit.

The Takeaway

Unfortunately, a 575 credit score is considered a poor score. There may still be options for credit cards, auto loans, mortgages, and personal loans, though you may be stuck with higher interest rates or other costs. If you have the time, you may want to do what you can to increase your credit score before you borrow. Doing so can increase the number of options available to you as well as decrease the overall cost of borrowing.

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 Lauren Ward

Wondering if a 555 credit score is good or bad? Unfortunately, this number falls into the lowest FICO® credit score range, but that doesn’t mean you won’t be able to qualify for any type of financing. While you may experience higher interest rates and fees and larger down payment requirements, there are still some ways you can borrow the funds you need.

Here’s everything you need to know about a 555 credit score.

What Does a 555 Credit Score Mean?

A 555 credit score means you likely have a credit history with negative items, such as late payments, accounts in collections, or large outstanding debt balances. And while FICO Scores range from 300 to 850, 555 is considered to be “poor.” It’s the lowest rating out of five possible categories:

•   Poor: Less than 580

•   Fair: 580-669

•   Good: 670-739

•   Very good: 740-799

•   Exceptional: 800+

FICO Scores are used in the majority of lending decisions in the U.S., so it’s good to know where your score stands in their range. But that doesn’t mean it has to stay there.

How Can I Increase My Credit Score?

It’s possible to overcome bad financial decisions and start repairing your score. After all, it only takes a 25-point increase to jump to FICO’s “fair” category. And while it takes time to build up your credit score, the effort is worth it. A higher score can help boost your odds of being approved for a wider range of financial products and more flexible rates and terms.

Here are some strategies to try:

•   Pay your bills on time, every time. Timely payments are the top factor FICO considers when calculating your credit score.

•   Pay down existing debts. Lenders may see a large balance as a sign that you could have difficulty making monthly payments.

•   Keep older accounts open. Doing so can add to the length of your credit history, which impacts your credit score.

When used responsibly, loans and credit cards can also help you build your credit and start moving the needle on your 555 credit score. If your credit score is low, you’ll have an easier time applying for a secured credit card or being added as an authorized user on the account of a loved one with good credit.

If you have multiple high-interest credit card balances, you may want to look into using a lower-interest option, like a credit card consolidation loan, to pay them off. These loans typically have a better interest rate than a credit card, which could make it easier to knock out debt.

What Else Can You Get with a 555 Credit Score?

Even with a 555 credit score, you can still qualify for different types of financing. But the lenders that will approve your application may be limited, and the terms you’re offered won’t likely be as favorable as they would be if you had a higher score.

Learn about common types of financing and what to expect when you apply with a credit score of 555.

Can I Get a Credit Card with a 555 Credit Score?

There’s no minimum credit score required for a credit card. However, with a 555 credit score, you could have a difficult time getting approved for a card. The ones you’re offered may be through a lender that specializes in bad credit, which often come with high interest rates.

As we mentioned, it may be easier to qualify for a secured credit card. This type of card requires you to put down a deposit, which is usually the same amount as your available line of credit. So if you get a secure credit card with a $300 limit, you have to deposit $300 in advance. Then you can make purchases with the card and get your on-time bill payments reported to the credit bureaus. Over time, you may qualify for a traditional credit card and get your deposit returned.

Can I Get an Auto Loan with a 555 Credit Score?

Because the vehicle is used as collateral with a secured auto loan, there’s a chance you may get approved for auto financing even with bad credit. Still, you should expect to pay more in interest.

Borrowers with a 555 credit score are offered an average auto loan interest rate of 13.18% on new vehicles and 18.86% on used vehicles, according to 2024 data from Experian. Borrowers with a score of 781 or above, on the other hand, will pay just 5.25% interest on a new car loan and 7.13% on a used car loan.

It’s possible to qualify for better loan terms — and lower your monthly payments — if you make a larger down payment on your vehicle. Or you can explore adding a cosigner to the loan. You’ll both be on the hook for repaying the money, but the cosigner doesn’t own your car.

Can I Get a Mortgage with a 555 Credit Score?

Is 555 a good credit score for a mortgage? There are challenges you’ll need to overcome, but it is possible. Typically, the average credit score needed to buy a house is 620, especially if you want to apply for a conventional loan.

Instead, you may want to explore FHA loans, which have more flexible credit requirements. The catch? With a 555 credit score, you’ll need to make a 10% minimum down payment. (If you can build your credit score to at least 580, you’ll only need to put down 3.5%.)

Two other types of loans, VA loans and USDA loans, generally require a credit score in the 620-640 range, among other criteria. That said, some lenders may consider a borrower with a lower score, but your application might go through additional financial scrutiny.

Can I Get a Personal Loan with a 555 Credit Score?

Many lenders prefer borrowers to have a credit score of at least 600-640, but you may find personal loans with a 555 credit score. Keep in mind that it will likely come with a high interest rate and less-flexible terms. Compare offers with a personal loan calculator to make sure you can afford the monthly payments.

The Takeaway

Is 555 a good credit score? Unfortunately, it’s considered below average. You may still be able to get approved for certain credit cards and loans, but you’ll likely face higher interest rates and could be required to provide collateral.

But remember: Your credit score isn’t permanent. With a few strategic moves, such as paying bills on time and keeping balances low, you could help boost your score to a higher category — and lower your borrowing costs.

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.