Home Credit Score Is 572 a Good Credit Score?

Is 572 a Good Credit Score?

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Updated June 6, 2024
Written by Rachel Alulis

A 572 credit score is not great. It falls significantly below the national average credit score of 715 and is considered poor. Many lenders choose not to do business with consumers who have credit scores in this range.

But it’s not all bad news. You will be able to get a credit card or personal loan. Your interest rate may end up being higher. You may have to pay extra fees. Your credit limit or loan amount may be low and not come with the best terms, but you can still open new credit accounts and enjoy the benefits of borrowing.

In this post, we will look into what a credit score of 572 means, what products are available, and how building credit works.

Credit cards for a 572 credit score

Credit card issuers know that not everyone has a good score. That’s why plenty of them offer credit cards designed with credit building in mind. These cards have low minimum score requirements, making them easy to be approved for and report your credit activity to the credit bureaus. Knowing that how you use your card is being reported can be daunting, but it’s the only way your score will go up. Use your credit card responsibly; it can help you greatly.

Secured credit card

A secured credit card typically requires a security deposit – 100% refundable – but otherwise works just like any other card. This deposit ensures that the creditor won’t lose money if you fail to pay a bill and serves as your credit limit. Use your card responsibly, make regular on time payments and keep your usage low, and your score should improve. With a higher credit score you can qualify for an unsecured credit card with good terms. Make sure the lender reports your credit activity to all three credit bureaus – not all do.

Unsecured credit card

The unsecured credit cards you’ll qualify for will come with higher APRs (annual percentage rates), lower credit limits, and additional fees. They are usually more expensive than secured cards but don’t require a cash deposit upfront. If used responsibly, these cards can help have a positive impact on your credit score.

Store credit card

Store credit cards often have more lenient approval requirements, plus discounts and benefits for the issuing store. They, too, typically have high APRs and low limits. Additionally, they are closed-loop cards, meaning they can only be used at the one store – and maybe sister franchises. Even so, they can help you achieve a higher credit score.

Find even more card options!

Does the number of open accounts you have impact your credit score?

The number of accounts you have matters, but not as much as how you handle them. According to Experian, Americans, on average, have 3.9 open credit card accounts. To get and maintain a good score, it’s recommended to have two to three credit cards plus other types of accounts (e.g., loans). Having too few accounts might not provide enough data to establish a strong credit history. Conversely, having too many can lead to high balances or missed payments. It’s essential to strike a balance.

Tired of rejected applications?

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What are the best personal loan options for someone with a 572 credit score?

With a low credit score, your personal loan options will be limited, but they do exist. The best places to look for a 572 credit score loan are online lenders, your local credit union, and cash advance apps.

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Many online lenders specialize in lending to people with poor credit scores. They’re able to do this because they consider other factors, such as income and employment stability, rather than your three-digit rating to approve the personal loan. Some lenders don’t even do a hard inquiry. The loan amount may be small, and it may have a short repayment period, but these loans do exist.

One way to find a bad credit personal loan is through online loan marketplaces. These online platforms connect consumers with lenders who consider all types of applicants. You submit one application and receive offers from multiple lenders. Then, compare the interest rates, fees, repayment terms, and loan amounts to find the best one for you. Once you’ve chosen a personal loan, submit an application with the direct lender. It’s a very simple process that lets you prequalify and compare offers with only one application.

If you prefer in-person service, visit a credit union. These member-owned institutions tend to offer loans with more flexible lending criteria, better terms, and lower interest rates to members with poor credit scores. Building a relationship with a credit union can enhance your financial options.

Another option is a paycheck advance from a cash advance app. These apps usually have little to no fees, no interest, and no hard pull. Many do ask for a tip, however, or a subscription fee. Tipping on a cash advance app is different from tipping wait staff. Don’t tip too much, or you’ll end up paying a very high APR. Cash advances via apps can be a good choice if you’re able to repay the money with your next paycheck and only need to borrow a small amount.

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572 credit score car loan

Auto loans for poor credit exist, but you will have to find a specific lender and be prepared to pay a higher interest rate. Look for lenders who offer auto loans specifically to borrowers with poor credit scores. The exact requirements will vary among lenders. Many will consider your income, employment history, and debt-to-income ratio – basically, your ability to make timely payments – in addition to your score. A steady income, low debt levels, and a larger down payment can increase your chances of being approved for a car loan.

Learn more on MoneyFor!

572 credit score mortgage

The average credit score needed to buy a house varies. Some lenders will be more willing to work with you if you can make a larger down payment since it reduces the lender’s risk. FHA loans are the most feasible option. Depending on the lender, you can be approved for an FHA loan with a score as low as 500. A lower score will require a larger down payment of 10% and come with higher interest charges. If you can raise your score 8 points to 580 your down payment requirement drops to 3.5%.

Got a poor score?

Time to build credit!

Is 572 a bad credit score?

Is 572 a good credit score? A bad score? Unfortunately, a FICO score of 572 is considered poor. FICO credit scores from 300-579 are poor, whereas 670 or higher are good. For most financial institutions, a poor credit score indicates irresponsible consumer behavior or a lack of credit history. It may be the result of missed or late payments, a high credit utilization rate, credit card debt, or even bankruptcy.

FICO breaks credit scores into the following ranges:

  • Poor: 300-579
  • Fair: 580-669
  • Good: 670-739
  • Very Good: 740-799
  • Exceptional: 800- 850

Most consumers have credit scores ranging from 600 to 750. Only 16% of consumers have poor scores.

While a 572 score is poor, you don’t have a long way to go for it to move up to the next range and become fair. It may take a bit of work, but with some discipline and patience, you can improve your standing. A fair credit score will increase your borrowing options tremendously.

Read more about your credit score!

Understanding your credit score 572

Credit scores are three-digit numbers representing how likely you are to repay what you borrow. They are calculated by credit scoring models based on data financial institutions send to the major credit bureaus—Equifax, Experian, and TransUnion. The bureaus put the data in your credit reports and then run them through scoring models —FICO and VantageScore being the biggest. Your score then comes out on the other side.

The FICO credit scoring model determines your score based on the following factors (VantageScore is very similar):

  1. Payment history (35%): Record of your past payments
  2. Amount used (30%): The total amount of debt you owe and your credit utilization rate, which is the percentage of your limit you’re using.
  3. Length of credit history (15%): The age of your oldest account, the age of your newest account, and the average age of all your accounts.
  4. Credit mix (10%): A variety of accounts, such as credit cards, mortgages, and car loans.
  5. New inquiries (10%): The number of recently opened credit accounts and inquiries made by lenders.

Lenders use credit scores to gauge the risk of lending money to you. A higher score means you are more likely to make payments on time, making you a more attractive candidate for credit. Consequently, with a high score, you can expect lower interest rates, higher credit limits, and more favorable loan terms.

Conversely, a low FICO score like 572 limits your borrowing options. Lenders may offer smaller loan amounts at higher interest rates or require collateral or a co-signer to mitigate their risk. It will be difficult to get an unsecured credit card without a lot of fees and a high APR. In other words, having a low score may make it difficult and even expensive to borrow money.

Want to repair your rating?

Learn how to build your credit with a credit card.

The dos and don’ts of building credit

Credit scores are not permanent. They change based on your financial behavior. Start using credit responsibly and your score will shoot up. It won’t happen overnight, but you can make progress fast.

Review your credit history

First look over your credit reports from each of the major credit bureaus – Equifax, Experian, and TransUnion. These reports contain the raw data used to calculate your score. You can get them for free once a year via annualcreditreport.com. Take note of mistakes you’ve made in the past or behaviors you need to correct. Make sure to check your credit report for inaccuracies and dispute any inaccurate negative marks.

Create a budget

Making a monthly budget isn’t a fun thing to do but it’s the best way to set yourself up for success. List your income and all monthly expenses, including debts, necessities (rent, groceries, etc.), and discretionary spending (eating out, streaming services). Allocate funds to each category, prioritizing essential expenses, debt repayment and savings. Knowing how much you have to spend each month can help you live within your means and avoid overspending, which in turn will increase your financial health.

Pay bills on time

The best thing you can do starting today is establish a positive payment history. Strive to pay all of your bills when due as late payments drag credit scores down fast. Set up autopay or payment reminders so that a bill never slips your mind.

Don’t max out your cards

A high credit card balance is definitely not your friend. It will make your utilization rate shoot up. It’s a good idea to use 30% or less of your available credit. Did you know that consumers with excellent credit scores use less than 10% of their limit? Try to move in this direction. One way to keep your utilization rate low is to pay bills throughout the month.

Closing old accounts isn’t always good

Tempting as it is, try not to close old credit card accounts. The exception is if they have lots of fees.

The reason being, a longer credit history contributes positively to your score. Closing an old account will shorten the length of time you’ve had accounts and so can hurt your credit score. Keep accounts open and active as much as possible.

Space out applications

Any time you apply for a new credit account the lender conducts a hard inquiry on your credit report which has a small negative impact on your credit score. While just one hard inquiry won’t do much damage, multiple inquiries in a short period will. So, space out applications by at least six months and only apply when you really need it.

Watch your credit mix

Your credit mix is the variety types of credit you have. This includes revolving credit accounts (credit cards) and installment (personal loans, car loans, etc.) This matters because in the eyes of financial institutions, it makes sense to have a mortgage, a car loan, and a card. But it doesn’t make sense to have ten cards and nothing else. It also shows lenders if you can handle different types of borrowing. While a mix can help your score, don’t go taking on debt you don’t need.

Overwhelmed by a low score?

Check out a credit repair company for tips!

Frequently asked questions

1. How can I fix a credit score of 572?

Building credit involves paying bills on time, reducing outstanding debt, and avoiding new credit inquiries. Consider using a secured card to build positive payment history. Regularly check your credit report for errors and dispute any inaccuracies.

2. How large of a loan can I expect with a 572 credit score?

Having a low credit score makes it harder to secure a large loan, but it is not impossible. You may be able to borrow anything from $1,000 to $50,000 with poor credit. The amount depends on your lender, type of loan, and other factors, including your employment status, income, and debt-to-income ratio.

3. My credit score is 572, can I rent a house?

Yes, it’s entirely possible to rent a house. Landlords consider other factors such as income, rental history, employment stability, and references when evaluating applications. Some don’t even look at your score. If they do, you may be asked to pay a larger security deposit or add a co-signer to be approved.

Bottom line

A 572 score is considered a poor. It will be difficult to secure loans or credit cards with decent terms. While there are financial institutions willing to work with consumers whose credit scores fall in this range they will charge high interest rates and add on fees.

The best thing you can do is to start raising your rating by paying down credit card debt, avoiding opening too many accounts, and making timely payments on all your bills. If you need help, reach out to a credit counselor. They can help you get out of debt, stay on budget, and improve your credit score. It takes time but is worth it. Be patient, you’re on your way to a better score! 

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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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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