Home Credit Score What Does a 574 Credit Score Mean?

What Does a 574 Credit Score Mean?

574 Poor
Updated April 1, 2024
Written by Rachel Alulis

A 574 credit score sits well below the nation’s average but isn’t far from the fair range. 574 is not a good credit score and borrowers in this range likely lack a positive payment history, have many missed payments, late payments more than 30 days past due, and have a high utilization rate.

A poor credit score will make it difficult to obtain a card or personal loan. If your FICO score falls in this range, lenders will likely require your to pay higher interest rates, that is if you are able to borrow at all. You can expect to be offered a secured card – one that requires debt payment and a security deposit – or a personal loan with extra fees.

The best thing to do with poor scores is improve them. This post will go over what a 574 credit score is, if you can get a loan with a 574 credit score, available card, loan and other options, and how to raise your rating.

Popular credit cards for a 574 credit score

When you say my credit score is 574, your card options will be limited. You can qualify for a secured card or an unsecured one for poor scores. These secured cards have low minimum score requirements and can help you reach good standing. Make sure the card company reports payments to all three bureaus to establish a positive payment history.

Unsecured card

Traditional cards are unsecured. The ones available for consumers with low credit scores will charge higher interest rates, extra fees – like an annual fee, and offer lower limits.

Our top choices for unsecured cards with low minimum credit score requirements include:

Secured credit card

Secured credit cards require a security deposit that sets your credit limit. You have to pay some money upfront, but they are easy to qualify for, have lower interest rates, and fewer fees. Plus, they are a good way to bring you to a higher range.

Check out more about cards.

You can get a card with a low score!

We have credit cards for a 500 credit score!

Can I get approved with a 574 credit score?

Yes, you can get approved if your FICO score falls in the poor range. The catch is you will only be approved for personal loans or cards with unfavorable terms. If you’re looking for auto loans, you’ll likely have to pay a larger down payment. Mortgages, even from Freddie Mac or Fannie Mae will be near impossible to get.

While you can find lenders willing to work with you and we’ll go over options below, it is better to wait and raise your rating. Once you’ve established a positive payment history and pushed your FICO score into the fair or good range, your borrowing options will improve.

Concerned that your score’s too low?

Find out what score you need to get a credit card!

Can I buy a house with a 574 credit score?

Finding a mortgage lender who accepts a 574 rating is possible, but challenging. Both Fannie Mae and Freddie Mac require a minimum score of 620 to access one of their mortgages. You may qualify for FHA loans, which require a minimum FICO score of 500 with a 10% down payment. While you may qualify, you should expect higher interest rates and more upfront costs. It’s advisable to compare different mortgage options and consider improving your FICO score to access better terms and lower costs.

Do lenders consider other factors?

Different lenders consider different factors like your income and employment to determine if you qualify for their personal loans. These lenders specialize in borrowers with poor scores. Most personal loans will charge higher fees in case you default, but you can find a loan. Look at online loan marketplaces to be matched with lenders who consider borrowers with a poor rating. You’ll be surprised by the number of options out there.

Before you sign a personal loan agreement, make sure your lender reports your debt payments. Reporting this to the bureaus is the only way a loan will help you raise your rating.

Another personal loan option for borrowers whose FICO score falls in the poor range is cash advance apps. These apps let you advance up to $500 instantly with no hard check, no interest, and little to no fees.

Read more about your credit score!

What does it mean to have a 574 credit score?

A 574 credit score is bad. While exact average credit score varies based on the scoring model used by different lenders, both FICO and Vantage consider a 574 rating to be poor. It’s suggestive of irresponsible consumer behavior and a poor payment history with multiple missed payments. To have a 574 credit score you most likely have the following on your reports.

  • Late payments: Timely debt payment is essential for a high score. Even one late payment on your personal loans or cards is a problem.
  • High credit utilization rate: This happens when you use too much of your limit.
  • Short history: You probably have a short history. Consumers with excellent scores have had open open accounts for 10 years or more..
  • Only have credit card accounts: Lenders want to see that you can handle different types of accounts. They prefer consumers who have both loans (personal loans, auto loans, etc.) and cards.
  • Recent negative marks: Negative marks like a late payment stay on your report for up to seven years (yes, it’s brutal), but their effect on your score fades over time.

All this information and other factors can be found in your reports issued by each of the bureaus. Lenders use this information to assess how risky you are.

Now, a FICO score of 574 will make it hard to secure personal loans, auto loans, or mortgages. It will be difficult to get an unsecured credit card, but not impossible.

Are you done having a poor score?

It’s time to build up your credit!

How to improve your 574 Credit Score

Improving your 574 rating won’t happen overnight but with consistent effort may only take a few months. What you have to do is change your consumer behavior.

FICO scores are calculated by weighing the following factors:

  • Payment history – 35%
  • Utilization rate – 30%
  • Length of history – 15%
  • Mix of account types – 10%
  • New inquiries – 10%

The goal is to bring your bad FICO score into a what’s considered a good range. Do this by making timely payments, not being overly reliant on borrowing money, and avoiding hard inquiries – only applying for new accounts when you need to.

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Want to fix your score but unsure where to start?

Our guide to credit repair companies has you covered!

Check your credit reports to understand your scores

Check your reports from each of the bureaus – Equifax, Experian, and TransUnion to monitor your score. You can get a free copy of your report once a year via AnnualCreditReport.com. Make sure all the information on your report is correct and do dispute any errors with the issuing bureau.

Review your credit history on your credit report

The information on your report constitutes your history. Look it over to pinpoint what mistakes you’ve made. Do you have a late payment? Are there lots of hard inquiries? Do you have an account in collections? Then you can see what other financial habits you need to correct.

Pay on time

A positive payment history is the best thing you can do for your FICO score. Making timely payments on every account is essential. Make at least your minimum payment and make all debt payments on time. Even one late payment (you read that right!) can significantly hurt your rating and stay on your report for up to seven years.

Pay down debt

Making payments on time is crucial. Lenders are suspicious of high debt levels. Try to keep your balances low and pay them off in full with minimum payment every month.

Try to pay more than the minimum payment each month. This will help keep your utilization rate low and save you from interest charges.

Learn even more about your score on MoneyFor!

Age of open accounts by credit score range

Score rangeAverage age (years)
750-8507.5
700-7494.0
640-6993.6
300-6392.4
Data from Credit Karma

Even a small improvement in your rating may make a big difference.

Fed up with your poor credit rating?

Check out our advice and build credit with a credit card!

Bottom line

A 574 credit score will make it difficult to be approved for personal loans or cards that don’t come with extra costs. It will be hard to find a lender willing to work with you. A mortgage is pretty much out of the question.

All that said, remember your FICO score is almost in the fair range. From there it won’t take long to get to a good standing. Consumers with FICO scores above 670 receive personal loans with better rates and will have an easier time qualifying for a mortgage.

Raise your rating to get the personal loans and cards you want.

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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.
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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.
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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.
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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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