Home Credit Score Is 569 Credit Score Bad?

Is 569 Credit Score Bad?

569 Poor
Updated July 17, 2024
Written by Rachel Alulis

A 569 score is at the upper end of the poor range and well below the nation’s average credit score. It indicates an unfavorable credit history and will make many lenders less likely to work with you. If you’re looking for a credit card or loan, your best bet is to work on moving your credit score into the good range.

If you can’t wait, there’s hope. You can obtain personal loans or credit cards with a poor FICO score.

We’ll discuss your borrowing options, what a credit score of 569 means, and how you can obtain a higher credit score.

What are credit card options for a 569 credit score?

Credit card applicants with poor FICO scores should look for credit card issuers with lenient requirements and the lowest fees possible.

Store credit cards

Store cards are issued by retailers for use primarily at their locations. They often come with perks like discounts, rewards, and special financing offers. Like regular unsecured cards, they have higher interest rates and fees.

Secured credit cards

A secured credit card requires a security deposit that sets your limit. Security deposits are 100% refundable if you close your account in good standing. Make sure the lender reports your credit activity to all three credit bureaus.

Unsecured credit cards

An unsecured card does not require you to place security deposits. The problem here, is any unsecured card offer is likely to come with an annual fee, monthly maintenance fee, a high interest rate, and a low limit.

Explore more credit card choices for your score.

What loans can I get with a 569 credit score?

You can get a loan with unfavorable credit but your options will be limited to subprime lenders and secured loans. Secured loans require collateral like property or a vehicle that the lender can seize if you fail to pay.

An unsecured 569 credit score personal loan will not have the best terms. In fact, many lenders choose not to approve loans for applicants whose scores fall in the very poor range. That said, different lenders have different requirements. There are some bad credit lenders that specialize in providing loans to consumers who have a poor credit history. They consider other factors, such as income and employment, when approving loans. The bad news is you’ll pay extra fees and more in interest.

Searching for a new easy approval card?

Click here for credit cards for a 500 credit score!

Can I get a car loan?

Yes, it is possible to obtain a 569 credit score car loan, though it may come with challenges. Lenders who offer financing to borrowers with unfavorable credit typically add on higher interest rates and less favorable terms to offset their risk. You might also be required to make a larger down payment or provide proof of stable income to strengthen your loan application.

What are auto loan rates for a 569 score?

Auto loan rates for poor scores typically range from 10% to 20% or higher, depending on the lender and your specific credit situation. Borrowers with poor credit scores may face stricter terms, such as larger down payments and shorter loan terms.

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What are mortgage rates for a 569 score?

Mortgage rates generally range from 5% to 10% or higher, significantly above rates offered to those with good credit. These higher rates reflect the increased risk to lenders. Additionally, borrowers with poor credit might need to provide larger down payments and may face stricter approval criteria.

Looking for quick credit access?

First find out the score required to get a credit card

What does a 569 credit score mean?

Credit scores range from 300 to 850 on both main credit scoring models—FICO and VantageScore. A 569 score falls in the very poor range on the FICO credit scoring model. Low credit scores result from a limited credit history or lots of mistakes. The good news is that it’s almost in the fair range. 

Most credit scores fall in the good range. Experian reported that the national average credit score is 715 – solidly good.

When your score is in the very poor range, you may find it difficult to get a personal loan or a quality card. Many lenders will refuse to work with you. Credit card applicants may have to place security deposits to get a secured card. That said, you will be able to find a lender, but expect to pay extra fees and a high interest rate.

Your score affects more than borrowing. Utility companies may require you to place security deposits in order to access equipment or service contracts. Insurance companies may charge higher premiums. Landlords may refuse rental applications.

The best thing you can do is to raise your credit score.

Read more about your credit score!

Is a credit score of 569 good?

Is 569 a good credit score? No, a 569 FICO score falls in the very poor range. It will lower your approval odds for loans and cards. Many lenders will charge more in interest or require you to pay extra fees. The best thing you can do is raise your rating. A higher credit score will increase your financial opportunities and reduce the overall cost of borrowing.

How to build credit

Now that you know the answer to: “Is 569 a bad credit score?” you can take the time to improve it. First, you should know what affects your rating and why.

FICO scores are determined by the following:

  • Payment history – 35%
  • Credit utilization – 30%
  • Length of credit history – 15%
  • Mix of account types – 10%
  • New accounts – 10%

Need tips to boost your rating?

We’ve got 8 credit building hacks for you!

Strategies to fix a poor score

Do you pay your bills on time?

A single late payment will lower your rating. If you have trouble paying on time, set up auto-pay or reminders. Make more than the minimum payment to avoid accruing interest or paying late fees.

Are your balances high?

A high balance is bad news. Your credit utilization rate is your current balance compared to your credit limit. If you use 90% of your limit, your credit utilization is very high. Consumers whose credit scores fall in the good to excellent range only use 30% or less of their available credit.

What’s your current credit mix?

A car loan, a mortgage, and a couple of cards make sense. But ten cards and nothing else makes you a risky choice. Financial institutions want to see a balanced mix of financial products.

Have you applied for credit recently?

Submitting a lot of applications at once will hurt your score. Credit card applicants should space out applications by at least six months.

How old are your accounts?

Most adults have a credit report with years or even decades of history. The longer your positive credit history, the higher your rating. It establishes a strong pattern, one that lenders can trust.

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Number of open accounts

While too many accounts can hurt your rating, the credit bureaus do not automatically mark it lower based on this. The average is pretty steady across all FICO score ranges. From 300 to 749, most people have four credit accounts. The highest score holders have an average of three.

This does not mean you cannot have a higher or lower rating with a different number of cards, auto loans, personal loans, or other debts. Take this as a general indication, not a rule.

Ready to improve your score?

Check out the best ways to build credit with a credit card.

Check your credit reports for errors

A smart way to begin building up your score is to check your credit report. You can get free credit reports once a year from AnnualCreditReport.com. Be sure to get them from all three major credit bureaus: Experian, Equifax, and TransUnion.

Look for inaccurate negative marks or errors, including:

  • Wrong personal details – name, phone number, or address
  • Accounts that are not yours
  • Accounts reported incorrectly
  • Incorrect balances or payment history

If you find any errors, dispute them with the issuing bureau. Removing errors from your report will instantly raise your credit score.

Pinpoint accurate negative marks too – late payments, hard inquiries, or delinquent accounts. You cannot remove accurate negative marks, but their effect will lessen over time.

Always make on time payments

To raise your credit score, pay all your bills on time and in full. This will create a positive payment history, help keep your usage low, and means you won’t pay interest or late fees.

Wondering if your credit score is too far gone?

A credit repair company may be the solution.

Frequently asked questions

1. Is it possible to buy a house with a 569 credit score?

Yes, you can buy a house with a credit score of 569, but it won’t be easy. You will likely face higher interest rates, larger down payment requirements, and fewer options.

2. Can I get a 569 credit score mortgage?

With a low score, you will have trouble qualifying for a mortgage. Lenders may approve you, but expect higher interest rates and stricter terms.

3. What is a 596 credit score?

A 596 credit score is considered a poor or below average credit score. It will limit your borrowing options, result in higher interest charges, extra fees, and stricter loan. Improving your credit score can help access better financial opportunities.

Bottom line

Is a 569 credit score bad? Well, it’s not good. Not in the eyes of financial institutions. However, a higher credit score is in reach. Take the time to clean up your credit history and start making timely payments. You are only a few steps away from fair credit, which will boost your ability to get quality cards and other financial products. Start building credit now and don’t give up.

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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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