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.

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.

Concerned that your score’s too low?

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

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 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.

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.           Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.           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.
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. 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.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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.
21. 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.
22. 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.
23. 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.
24. 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.
25. 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.
26. 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.
27. 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.
28. 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.
29. 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.
30. 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.
31. 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.
32. Tipping or not tipping has no impact on your eligibility for SpotMe®.
33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
35. 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.
36. 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.
37. 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.
38. 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.
* EarnIn is not available for Connecticut residents
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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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