A 573 credit score qualifies as below average in the United States. 573 is not a good credit score. FICO estimates that the average score of an American consumer is 715, with anything below 580 being in the poor range.
A FICO score of 573 indicates that you have had financial problems or are new to borrowing. Most lenders may refuse to do business with applicants whose rating falls in this range. You may have to pay additional fees or put down a security deposit to get a card. If you want a loan, you’ll likely be charged higher interest rates and have to pay extra fees for the privilege of borrowing.
This post will go into further detail about your 573 credit score, the loan options you might be able to secure, cards that cater to your score, and what you can do to raise your rating.
Popular credit cards for a 573 credit score
We’ve compiled a list of our top choices for both unsecured and secured credit cards with low minimum credit score requirements.
Check out more about credit cards.
What credit card can I get with a 573 credit score?
Getting approved for a card may be challenging if your score isn’t very good. Fortunately, certain issuers offer unsecured cards made especially for those with poor scores. But you’ll have to use caution. Make sure the terms make sense for your circumstances before applying for one by carefully reading the conditions. Otherwise, you can apply for a secured card and use it to raise your rating. Or become an authorized user on a friend or family member’s card who has a good rating.
Unsecured credit card
Traditional cards are unsecured. The ones available for consumers with low scores will charge higher interest rates, additional fees – like an annual fee, and offer lower limits. The good news is that the majority report to all three national credit bureaus and so will help you raise your rating with responsible use.
Secured credit card
If you still need to raise your rating, you might be better off applying for a secured card. A secured card will require a cash deposit upfront in order to use it. Your credit limit is usually determined by this security deposit. The advantage to secured cards is they tend to come with lower interest rates and fewer fees compared to their unsecured counterparts. Make sure that the issuer reports your payments so you can use it to enhance your score.
Looking for a card but can’t afford a deposit?
Personal loans with a 573 credit score
If your score isn’t up to par, it could be difficult for you to be approved for a personal loan. Most lenders prefer to see a score much higher than 573. Considering your current situation, you might not have many options.
You can get a loan with a 573 credit score. Different lenders use different criteria. Some lenders will prioritize other factors like your employment status and income rather than your rating. It is likely you will be offered a short-term loan for a small loan amount. Beware that you may have to settle for a high interest rate plus extra fees on your loans. This is because lenders see customers with low or poor scores as high-risk. They want to make sure they get their money before you default.
Make sure your lender reports your debt payments. Reporting your payments is the only way a loan will help you improve your score.
What are the best personal loan options for someone with a 573 credit score?
For borrowers with a 573 rating secured personal loans will be the most popular option. Though not the only option available, these personal loans will most likely provide the best lending terms.
The problem is not everyone has a house or car to put up as collateral. If this is the case with you, you have other options. Visit your local credit union as many offer personal loans with flexible lending criteria. Or look into a cash advance app. You can access instant cash usually up to $500 with no interest, no credit check, and little to no fees.
What does it mean to have a 573 credit score?
A 573 FICO score is regarded as poor, well below average. Even while it’s not the lowest score—300 is the lowest—it does suggest significant monetary difficulties. A 573 credit score may be the result of poor consumer behavior:
Payment problems: A poor score indicates a history of late payments, accounts in collections, or even prior bankruptcies. Paying your bills or debt payment on time is essential to keeping your score high.
High credit card balances: Using too much of your limit can harm your score. Lenders do not like to see high debt levels. If you find that you can’t pay off your debt, talk to a non profit credit counseling agency, they may be able to help.
Restricted credit history: Lenders want to see data that you will repay a loan on time. The more data they can see, the higher your score. This means that it’s important to keep old accounts open and active.
Recent unfavorable occurrences: Recent negative marks, such as a late payment, will hurt your score more than older ones. Negative marks stay on your report for seven to ten years but their effect fades over time.
573 is a bad credit score. Low scores like this one make it difficult to secure loans with favorable terms or cards with low APRs. The strategic thing you can do is boost it.
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How to get beyond a very poor credit score
Improving your score is pretty easy as long as you follow a few rules. Scores are calculated by weighing the following factors:
- Payment history
- Credit utilization rate
- Length of credit history
- Mix of accounts
- New inquiries
Improving your rating takes time, but it is very doable. The basic rules to follow to raise your score are making timely payments, not being overly reliant on borrowing money, and avoiding hard inquiries – only applying for new cards and loans when you need to. Do this, and you’ll see your rating go up.
Let’s go over a few strategic steps to follow below.
Need a higher score?
How to improve your 573 Credit Score
If your score is below average, it’s a good idea to figure out why it’s so low and concentrate on making improvements. Even a small improvement in your rating may make a big difference in your financial situation. When your score is 573 you don’t have that far to go to push it into the fair and then good categories. Start forming behaviors right away that support high scores, you should see some consistent improvements in a few months.
Check your credit reports to understand your scores
It’s a good practice to frequently review your credit report from Equifax, Experian, and TransUnion. You can get a free copy of each of your reports once a year via AnnualCreditReport.com. Make sure there are no inaccuracies or mistakes that could be influencing your scores. Errors could be simple mistakes or indicators of identity theft. You can dispute any errors directly with the issuing bureau.
Tired of having a poor score?
On-time payments by credit scores
There’s no better approach to raising your rating than paying on time. As you can see from the chart below, consumers with high scores are more likely to pay their bills on time.
| Credit score range | Average percentage of on-time payments |
|---|---|
| 750-850 | 99.5% |
| 700-749 | 96.7% |
| 640-699 | 93.1% |
| 300-639 | 46% |
Read more about your credit score!
The average credit score is 715 and has been going up.
Your score is mostly influenced by your payment history. To establish a positive payment history you need to consistently make on-time payments on all accounts.
If you can’t afford to pay your balance in full you can make the minimum payment. Know that if you do this, you will be charged interest on the remaining balance.
Learn more about your credit score
All consumers have scores from multiple scoring models. Luckily, each model uses similar criteria, so if your score is on the low end in one model, it should be on the low end in the other one. The two most popular are FICO and VantageScore.
FICO scores are broken down into the following ranges:
- 800-850: Exceptional
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Poor
VantageScore is broken down slightly differently:
- 780-850: Excellent
- 661-780: Good
- 601-660: Fair
- 300-600: Poor
Both scores tell lenders how likely you are to repay what you borrow. The higher your rating, the more likely you are to repay your debts and the better borrowing terms you’ll receive.
Thinking about using a company to improve your score?
Bottom line
Is a 573 credit score good? No, as we’ve said it’s considered poor. You will find it difficult to be approved for loans and cards with low fees. The good news is, your FICO score is almost in the fair range. Establish responsible financial habits and your score will go up. As you rating rises, so does your chances of being approved for less costly loans and better cards.
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.