What does a 569 credit score mean

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.

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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.

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.

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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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.

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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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Is 569 Credit Score Bad?