What does a 568 credit score mean

A 568 credit score can be confusing. Is 568 a good credit score or a bad? What are your financing options with a rating in this range? How can you improve your score?

Whether you’re new or not, credit scores can be tricky things. Sometimes they feel out of your control. The thing is, you can take control and enhance your credit profile.

Let’s go over how to build credit and what financial products are available for consumers with poor credit scores.

Personal loans for a 568 credit score

You may be wondering, “Can I get a loan with a 568 credit score?” The simple answer is yes, but your choices will be limited. Many lenders choose not to approve loans for applicants whose credit scores fall below 600.

That said, not all loans are out of reach. Certain lenders specialize in loans for poor scores. Now, a 568 credit score personal loan won’t come with the most favorable terms and the lender will likely include extra fees and charge higher interest rates. Your best bet may be to go online or visit your local credit union.

The same is true if you want a mortgage. Most financial institutions require a FICO score of 620 or more. When your FICO score falls between 500 to 600 you should look into FHA loans.

Take a look at MoneyFor to find right loan for you.

Age of open accounts

It can take years to improve your score—especially if you’ve experienced financial hardship or setbacks.

Credit score range	Average age (years)
750-850	7.5
700-749	4.0
640-699	3.6
300-639	2.4

Data from Credit Karma

Credit cards for a 568 credit score

There’s no way around it: most credit card issuers won’t consider you if you have a FICO score below 580. In fact, some won’t even offer cards to consumers with FICO scores below 670. This is because credit cards are an “unsecured” form of debt—meaning it is not backed by collateral.

Instead what you can get are subprime unsecured cards designed for building credit or secured credit cards.

Unsecured credit card

Unsecured cards for consumers with low credit scores come with higher APRs (annual percentage rates), lower credit limits, and additional fees. The upside is they will report to the credit bureaus. Reporting is the only way your score will improve.

Secured credit card

A secured credit card requires an upfront security deposit, which serves as collateral and typically sets the credit limit. For example, if you deposit $300, your credit limit will be $300. The deposit makes the card accessible to applicants with poor credit or a limited credit history because it reduces the risk for the issuer. The security deposit is 100% refundable, as long as you close the account in good standing.

Secured credit cards often come with lower fees and interest rates compared to unsecured cards for low credit scores. This can make them a more cost-effective option. Secured card issuers typically report to all three credit bureaus, which helps cardholders improve their credit score with responsible use. Over time, consistent, on-time payments can lead to better offers.

Find your ideal credit card!

Ready for a new card?

Find credit cards for a 500 credit score – no deposit!

Is a 568 credit score good?

So, is 568 a bad credit score or a good one?

There’s no way around the facts. FICO scores of 300-579 are in the poor range. On the positive side, your rating is almost considered fair (580-669). Good credit scores are those above 670 on the FICO scale.

A low FICO score means that you’re a high risk borrower with a poor or limited credit history. Since there’s a high chance you won’t pay on time, financial institutions tend to charge more upfront. Hence the extra fees and high APRs noted on the cards and loans.

Luckily, credit scores are not permanent; you can change them with some consistent effort. There are a number of avenues you can take. Begin by paying down your debts and consistently paying all bills on time. Timely payments, low balances, and patience will pay off.

Fed up with having your applications turned down?

Learn what score you need to get a credit card.

Tips to fix your score

Many factors contribute to your credit scores from the age of your open accounts and credit utilization rate to your payment history. While there are an awful lot of factors, raising your rating follows a few simple rules. We’ll go over FICO scores since they are the most popular scoring model.

FICO scores are calculated by looking at your:

Payment history – 35%
Credit utilization rate – 30%
Length of credit history – 15%
Types of accounts – 10%
New inquiries – 10%

Access our comprehensive credit score builder resources – click here!

Review credit reports

A smart way to begin building up your score is to obtain your credit reports from annualcreditreport.com. Your score is drawn directly from the information on your credit report. Read through them to know where you stand and look for for mistakes.

If you find errors on your credit report, dispute them with credit bureaus. Getting a negative mark off your report can give an immediate boost to your rating. The bad news, is you can’t remove accurate negative items, but they generally come off after seven years. Plus their effects lessen with time.

Next look for mistakes that are keeping your score down. Do you have a late payment or two? Is your utilization rate high? Do you have accounts in collections?

You also should monitor your score. Your bank, credit union, or credit card issuer may offer free monthly credit scores.

Need help with your score?

Follow our tips to build credit with a credit card!

Open new accounts

If you don’t have a card it’s time to get one. Do your research and try to prequalify to avoid multiple hard inquiries. Once you have a card, use it for small purchases and don’t carry a balance.

If you have cards but no loan, securing a loan will add to your credit file. Loans are installment credit while cards are revolving credit. Having a mix of both types of accounts helps. Be sure you can afford the new account since late payments will damage your score.

Check out $200 loans!

Make timely payments

The most important scoring factor is a positive payment history. Pay all your debts on time. Consistency is key! By unfailingly showing up with your payments, you build a positive payment history and raise your rating.

Avoid late payments at all costs. If you think you will be late, call your creditor. They may be able to help you keep the late payment from your records!

Don’t spend too much

As a rule of thumb, you want to keep your credit card balance low. Spend less than 30% of your available credit. High balances indicate that you are too reliant on borrowing.

Make small manageable purchases and pay your bill in full and on time. Do not make only the minimum payment as your balance will remain high, you’ll be charged interest, and you can easily to fall into debt.

Need to fix your score?

Discover tips and tricks for building credit!

Frequently asked questions

1. Can I finance a car with a 568 credit score?

Yes, you can get a 568 credit score car loan, but expect the lender to charger higher APRs and offer stricter terms. Consider making a larger down payment or adding a co-signer for better terms.

2. How can I raise a 568 credit score?

Raising your credit score requires paying your bills on time, maintaining a low utilization rate, avoiding hard inquiries, and correcting errors on your credit reports. As positive behavior is reported to the credit bureaus, your score will go up.

3. What can I do to improve a 568 credit score?

Focus on establishing a long and positive credit history. Make timely payments on your bills, pay off debt, keep a low balance on each account, and apply for new credit sparingly. Check your credit reports for any errors and dispute those you find. Consistent efforts will pay off.

Bottom line

I can be disheartening when credit applications are denied due to your very poor credit score. Take heart, you can find a lender willing to work with you.

If you can wait and build credit, that’s even better. With a little work and consistent responsible habits, you’ll be able to jump into the fair credit range.

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.

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. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. 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.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

17. 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.

18. 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.

19. 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.

20. 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.

21. 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.

22. 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.

23. 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.

24. 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.

25. 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.

26. 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.

27. 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.

28. 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.

29. 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.

30. 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.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. 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.

35. 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.

36. 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.

37. 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.

* EarnIn is not available for Connecticut residents

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.

Related scores

562 563 564 565 566 567 569 570 571 572 573 574

This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.

Is 568 a Good Credit Score?

Personal loans for a 568 credit score