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577 Credit Score: Is it Good or Bad?

577 Poor
Updated April 12, 2024
Written by Rachel Alulis

A 577 credit score is only three points shy of being in the fair realm. It is so very close but is still considered a poor FICO score. Scores in this range are well below the national average credit score of 715. They indicate a history riddled with financial missteps or a limited credit history.

A poor FICO score will make it challenging to secure personal loans or be approved for a credit card with decent terms, but not out of the realm of possibilities.

Let’s go over what a 577 score means, the loans and cards you can expect to be approved for, and steps you can take to boost your FICO score into the fair range.

What are the best personal loan options for someone with a 577 credit score?

Securing a personal loan with a low rating is doable, you just need to know where to look and be prepared to pay more.

Online lenders for low credit scores

Online lenders who specialize in personal loans for low ratings can be a lifesaver. These lenders tend to put more emphasis on other factors like income and employment history rather than your FICO score. While you are more likely to be approved, the catch is a 577 credit score personal loan is often characterized by very high interest rates, additional fees, a smaller loan amount, and more stringent loan terms. The extra costs protect the lender from default.

Credit union alternative loans

Credit unions are member-run financial institutions that tend to be friendlier than big banks. They often provide personal loans with more flexible lending criteria and more favorable terms than you can find either online or with traditional banks. You may have to be a member of your local credit union to qualify.

Get a secured loans

Secured loans are easier to qualify for since you have to put up collateral – a property, a vehicle, or a savings account. You’ll likely receive better terms but risk losing the asset if you fail to repay as agreed.

Add a cosigner

Cosigned loans are another option if you want to avoid a secured loan. Find a cosigner with a good score and the lender will be more likely to approve your application with more favorable terms. Your cosigner though is on the hook for the money if you fail to pay.

Try a cash advance

Cash advance apps send you a portion of your paycheck before payday, instantly. These are good if you need a small amount of cash to cover an emergency expense. Do not become reliant on them and remember that your next paycheck will be for a smaller amount.

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What credit card can I get with a 577 credit score?

Most cards for a 577 rating will be secured meaning they require a cash deposit. If you have your heart set on an unsecured card, you will have to pay higher interest rates and additional fees for the privilege.

Secured credit cards

Secured cards require a security deposit but this is 100% refundable if you close your account in good standing. The deposit sets your limit. Most secured card issuers require a deposit of at least $200. Some issuers offer secured cards that only require a $100 deposit or no minimum security deposit at all.

Unsecured credit cards

Traditional cards are unsecured. The ones you’ll be able to get with a low rating will have very high interest rates, low limits, and extra fees like an annual fee. The good news is you won’t tie up any money in a deposit. Use your card for small purchases, pay your bill on time and in full every month (no interest charges), and your score will improve. As soon as you’ve got your score into the good realm, get a better card with fewer fees.

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Fees & Rates of Сards for Bad Сredit

Annual Fee N/A
Intro APR N/A
Regular APR 10%
Credit Score Range 300-579
Monthly Fee $0

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What does it mean to have a 577 credit score?

A 577 credit score is not good it’s poor. FICO scores from 300 to 579 are considered poor. Anything below 670 is usually thought of as bad. Roughly 62% of consumers with scores under 579 are likely to become seriously delinquent (i.e., go more than 90 days past due on a debt payment) in the future. Now, a 577 FICO score is almost out of the poor range but you still have a ways to go before you get to a good score..

What can you get with a 577 credit score won’t be much. You’ll find lenders are more willing to offer you secured loans or cards that require a cash deposit. If you get an unsecured card or loan without collateral, you will likely be charged a very high interest rate and additional fees. The higher cost is the lenders’ way of protecting themselves in case you fail to pay back what you borrow.

Why having a good credit score is important

A good score is essential for several reasons. It can lead to better terms and lower interest rates on personal loans – saving you hundreds or thousands of dollars over the life of the loan. You are more likely to be approved for cards with lower APRs, fewer fees, and even lucrative rewards.

Your score can also influence your ability to rent a house or apartment, as landlords often check scores to assess the reliability of potential tenants. Many employers review scores during the hiring process, particularly for positions that involve financial responsibilities. A good score can therefore not only determine your qualifications for borrowing money but also influence job opportunities.

Insurance companies also use scores to set premium rates – in states that allow it. A higher score can lead to lower premiums on auto and homeowners insurance.

Wondering if your score is too damaged to fix?

Credit repair companies may be the answer.

What is the difference between FICO credit scores, VantageScore, and PLUS?

Did you know you have multiple scores? Yes, there are three scoring models and each one produces a different rating. Lenders can pull any of these scores to determine if you qualify. The good news is they all work similarly. Improve your score on one model, you’re highly likely to improve it on all three.

FICO Score: Developed by the Fair Isaac Corporation, the FICO score is the most widely used scoring system in the United States – 90% of lenders pull from FICO. FICO scores ranges from 300 to 850 and are based on the financial data collected by the three major bureaus (Experian, TransUnion, and Equifax).

VantageScore: Created as a joint venture by the three major credit bureaus, VantageScore was developed to be a more consumer-friendly alternative to the FICO score. It also ranges from 300 to 850 but uses a slightly different methodology focusing on your payment history and utilization – like FICO – but is more forgiving of recent inquiries.

PLUS Score: The PLUS score is an educational scoring model developed by Experian, and it is not used by lenders. Instead, it is provided to consumers as a tool to understand how their lenders may asses how risky they are. Like the others, it uses a scale from 300 to 850 but should be viewed as indicative rather than definitive for lending purposes.

Fed up with bad credit?

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What affects your credit scores?

Your score is a numerical representation of how likely you are to repay money you borrow. Your financial habits therefore affect your rating.

Low scores tend to be the result of:

  • Late or missed payments
  • High total debt levels
  • Delinquent account
  • Bankruptcy
  • Too many hard inquiries

All of these factors show that you are not reliable and may be too dependent on borrowing money. Lenders want to see a positive payment history, low usage, few applications, and that you can handle different types of borrowing as in loans and cards. Follow these points and you’ll show lenders that you are reliable and will repay what you borrow as agreed. Your score will increase as a result.

Read more about your credit score!

Percentage of generation with 300–639 credit scores

GenerationPercentage
Generation Z (18-23)37.7%
Millennial (24-39)41.2%
Generation X (40-55)40.3%
Baby Boomers (56-74)25.1%
Silent Generation (75+)17.8%
Data from Credit Karma

How to get beyond a Very Poor credit score

To get beyond a 577 FICO score you have to show lenders that you are consistently reliable. It won’t happen overnight but is completely doable.

FICO scores are calculated by weighing the following five factors:

  1. Payment history – 35%
  2. Credit utilization rate – 30%
  3. Length of time you’ve had accounts – 15%
  4. Credit mix – 10%
  5. New inquiries – 10%

VantageScores are calculated similarly though they give more or less weight to different factors.

Struggling with a poor credit rating?

Start to build up your credit now!

Review your credit reports for errors

Regularly review your reports from Experian, Equifax, and TransUnion. If you see any inaccuracies, dispute them with the issuing bureau. Such errors could be signs of identity theft or simple mistakes. Either way, knocking them off your report can give an immediate boost to your rating.

Often a credit report will help you pinpoint mistakes you’re making that are keeping your score in the poor realm. Maybe you have outstanding debts, late payments, or really high utilization. Figure out what you’re doing wrong so you can correct it.

Make consistent timely payments

Paying bills consistently is the best thing you can do for your score. Making timely payments every month – more than the minimum payment ideally – is essential. Even one late payment can significantly lower your score.

Don’t let your credit card balances balloon

It’s tempting to use your card now that you have one, but think before you swipe. Creditors only want you to use 30% or less of your limit.

If you find yourself with a high balance, pay it down throughout the month. It can be tough, but low usage will make your score shoot up.

Think carefully before closing old credit card accounts

The longer you’ve had credit accounts, the higher your score. Don’t close old accounts – unless they have a lot of fees. Instead, put small recurring charges on them and set up automatic payments so you never miss a bill.

Don’t apply for too many new credit cards at the same time

Each application triggers a hard inquiry. A single hard inquiry won’t do much damage but multiple hard inquiries in a short period will hurt your score. Space out your applications by at least six months.

Take a look at MoneyFor for more financial tips and tricks.

Bottom line

A 577 credit score bad but you can still access loans and cards. The ones you get won’t be the best. They will cost you money. The better route is to put borrowing on hold and raise your rating. Once you’ve pushed it into the fair realm, your borrowing options will improve. It takes time but it’s well worth the effort.

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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.
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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.
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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.
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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.
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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.
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.
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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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