Home Credit Score 524 Credit Score

524 Credit Score: Is it Good or Bad?

524 Poor
Updated July 2, 2024
Written by Rachel Alulis

Credit cards for a 524 credit score are a rare find, but they exist, as do loans. The catch is you won’t get the best products on the market.

Is 524 a bad credit score? Yes. Scores in the 500 range are well below the average credit score and are considered poor. They indicate past mistakes or a lack of credit history.

All is not lost. Let’s go over what you can get with a 524 credit score and how to improve it.

Is 524 a good credit score?

How bad is a 524 credit score? It is poor. FICO scores from 300 to 580 fall in the very poor range.

Many lenders choose not to work with borrowers whose scores fall below 580. Consumers with scores in the very poor range are considered high risk borrowers. It’s common for credit card applicants to encounter additional fees, and loan applicants may be given unfavorable terms.

Read more about your credit score!

What are the best credit cards?

Is 524 bad credit when applying for a credit card? Yes, but there are cards specifically designed for low scores.

Unsecured credit card

Unsecured cards for low credit scores come with higher APRs (annual percentage rate), low limits, and additional fees. The good news is they don’t require any money upfront.

Store credit card

A store card is often easier to qualify for and gives discounts or rewards at the associated store. It also will have a high APR and can only be used at the issuing retailer.

Secured credit card

A secured card is the easiest to be approved for since it requires a fully refundable security deposit. The deposit serves as collateral in case you don’t pay a bill and sets your limit.

How does an unsecured card sound?

Check out credit cards for a 500 credit score!

What are the best loans?

You can get a loan with a 524 credit score. A 524 credit score loan will likely be secured or have less than favorable terms.

Personal loans

A 524 credit score personal loan will come with a high interest rate, extra fees, and may require a a co-signer.

Secured loans

Secured loans require collateral; a car or savings account. They often charge less interest, but you risk losing your asset if you don’t repay as agreed.

Auto loans

Car loans are very difficult to get with a poor score. Look for specialized lenders and be prepared to pay extra fees and a larger down payment.

Get a loan today!

Loans with no minimum score required

Credit scores are not always a qualifying factor. Some online lenders look instead at your income, housing situation, and employment to determine if you’re eligible. The bad news is that these loans often have very high APRs.

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What are the consequences of skipping a loan payments?

You will hurt your credit score – learn how to avoid it!

What interest rate can I expect with a 524 credit score?

You can expect significantly higher APRs, often ranging from 20% to 30% or more, for personal loans and credit cards.

Car loan rates

524 credit score car loan rates range from 15% to 20% or more.

Mortgage rates

Mortgage rates often exceed 8% to 10%.

Number of open accounts by score range

Score RangeAverage Number of Open Accounts
750-8503
700-7494
640-6994
300-6394
Data from Credit Karma

How to improve a poor credit score

When your score is 524, the best thing you can do is improve it.

Credit scoring models consider:

  • Payment history
  • Usage
  • Length of credit history
  • Credit mix
  • New accounts

Let’s go over how to fix a 524 credit score.

Pay on time

Consistent on time payments help build a positive credit history and will help to increase your score.

Maintain a low balance

Keep your balances low and your credit utilization rate below 30%.

Keep cards open and active

Each account increases the length of your credit history. The older the average age of your credit accounts, the higher your score.

Apply sparingly

Each time you apply for a new credit account, the lender conducts a hard inquiry, which lowers your score. Only apply when you need to.

Tired of denied applications?

Find out what score you need to get a credit card.

Products that boost credit scores

Track your score

Monitor your credit score so you know where you stand. Stay updated on changes, identify errors, and understand how your behavior impacts your score.

Start budgeting

Budgeting apps help you live within your means and make it easier to pay off your bills on time each month.

Set up autopay

Autopay or payment reminders are an easy way to protect yourself from late payments.

Add monthly bills to your credit report

Certain companies report all your monthly bills to the national credit bureaus so you can boost your rating with on-time rent, utility, subscription payments, and more.

Take out a credit builder loan

The money you borrow is held in an account while you make small monthly payments. Once the loan is paid off, the lender reports your positive payment history, and you will receive the funds.

Concerned that your score might be too low?

Click here for strategies to build credit!

How can a good score benefit you?

A higher credit score offers numerous benefits. The biggest is saving money on interest. Let’s go over a few other benefits.

Lower insurance premiums

A good score can lead to lower insurance rates, as insurers often use credit scores to assess risk.

Larger credit limits

Lenders are more likely to offer larger limits to credit card applicants with good credit scores. Higher limits give you more spending power and help you maintain a low utilization ratio.

Increased housing options

A higher credit score makes it easier to qualify for mortgages with favorable terms or be approved for an apartment.

Eager to boost your credit score? Check out Credit Score Builder now!

Resources for a poor scores

How to repossess your car

Your options include:

  • Pay the loan balance in full
  • Negotiate a reinstatement
  • Bid at auction

Communicating with the lender promptly can also provide additional options.

Payday loans with prepaid debit cards

It is possible to get a payday loan with a prepaid debit card. Always review terms carefully and consider alternatives since most come with high APRs of 400% and very short repayment periods.

Cash advances that don’t require direct deposit

Credit card cash advances are a possibility but they are costly with high APRs, no grace period, and additional fees.

Visit MoneyFor to learn more!

Frequently asked questions

1. How did my credit score go from 524 to 300?

A major drop can be the result of multiple missed payments, increased debt, defaults, collections, bankruptcy, or foreclosure. Check your credit reports to find out why and dispute any errors.

2. My credit score is 524, can I buy a car?

Yes you can buy a car with a poor credit score but you’ll need to find specialized lenders and will pay more in interest.

3. My credit score is 524, can I buy a house?

You can buy a house, but it will cost you more.

4. Can I secure a mortgage with a 524 score?

Yes, your best option is an FHA loan from the Federal Housing Administration.

Bottom line

A credit score of 524 makes borrowing difficult but not out of the question. Certain lenders will approve you. You simply need to find the right one.

Better yet, take the time to raise your rating. The higher your score, the more money you’ll save and the more rewards you’ll receive.

Go to MoneyFor for tips and tricks.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.           Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.           Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.
4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC
6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
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10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
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12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.
13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.
14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
32. Tipping or not tipping has no impact on your eligibility for SpotMe®.
33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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