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583 Credit Score: Is It Good or Bad?

583 Fair
Updated April 6, 2024
Written by Rachel Alulis

If your credit score hovers at 583, you're under the national average of 715, placing you in the subprime credit range. Nevertheless, this score doesn’t entirely prevent you from securing loans or qualifying for certain credit cards. The issue is the loans and cards you will be approved for come with higher interest rates, additional fees, and less favorable terms than those offered to consumers with good to excellent credit.

A 583 credit score is considered fair. Any score from 580-669 falls into the fair category. A fair score indicates either past financial mistakes or a limited credit history but is notably better than having poor or bad credit.

We'll examine the nuances of a 583 credit score and discuss measures you can take to elevate your score, thereby granting you access to superior financial products in the future.

 

What kind of credit score is 583?

A credit score of 583 falls into what's considered the fair category. 18% of Americans have scores within this bracket. Lenders look at your credit score to determine your lending risk or, in simpler terms, your reliability in repaying borrowed money. Being in the fair score range means lenders see you as a higher risk compared to those with good to excellent credit, though not as risky as individuals with poor scores.

A fair credit score indicates you've encountered some financial difficulties in the past, such as late or missed payments, high debt amounts, or collections accounts. Or perhaps you have an insufficient credit history. These issues contribute to the overall lower score, signaling to lenders that there have been challenges in managing credit responsibly. This makes it tougher to secure loans or credit cards with favorable terms, as lenders are cautious about the potential risks.

To access credit with a fair score, you'll need to demonstrate strong financial qualifications, such as a good income, steady employment, and few debt obligations. These factors can help offset the perceived risk and improve your chances of approval. However, if you are approved, expect loans or credit cards to come with elevated interest rates and added fees. These higher costs reflect the increased risk lenders associate with fair credit scores, making it more expensive to borrow money. Improving your credit score over time can help you qualify for better terms and lower costs in the future.

The best thing you can do is raise your credit rating to unlock more favorable financial opportunities. Consistently paying bills on time, reducing outstanding debt, and minimizing new credit inquiries are crucial steps towards building a healthier credit profile. Over time, these efforts can improve your creditworthiness, enabling you to qualify for loans and credit cards with better terms and lower interest rates.

 

Can I get a credit card with a 583 credit score?

Getting a credit card with a 583 credit score is feasible, although your choices will be somewhat restricted.

These cards are considered subprime credit cards and provide access to credit regardless of your score. With a fair credit score, you will have a wider range of these cards available to choose from. Usually, they are basic credit-builder cards with few perks or rewards. However, it is possible to find rewards cards in this bracket if you do a little research. The problem with most subprime credit cards is they come with substantial fees and an elevated APR. Before you apply, make sure that you can afford them. Once you have your card, use it responsibly and make timely payments to build credit. As your score improves and moves into the good range, you will qualify for cards with better perks and fewer fees.

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You might be better off choosing a secured credit card. Secured cards typically have fewer fees and lower APRs. They function like traditional credit cards but require a refundable security deposit, which sets your credit limit and acts as collateral. If you miss a bill, the issuer can withdraw money from your deposit. This reduces their risk and so makes secured cards easier to qualify for. Secured cards are particularly beneficial if your credit needs improvement. They can help you enhance your score and develop good credit habits, paving the way for you to transition to a traditional credit card with better terms and benefits. 

Another option is becoming an authorized user on someone else’s credit card. This allows you to use their card and benefit from their positive payment history without submitting your own application. As an authorized user, you can improve your credit score if the primary cardholder maintains good credit practices, such as timely payments and low credit utilization. This strategy can be particularly effective for building or repairing your credit history.

While a 583 credit score limits your options, you can still obtain credit cards that help build your credit. Opting for a secured card or becoming an authorized user are strategic choices that can lead to better financial opportunities in the future. 

If you have your heart set on an unsecured credit card, look for cards that let you prequalify. Prequalifying for a credit card does not guarantee approval, but it lets you see if you meet the basic criteria without affecting your credit score. You can also compare offers and select the card with the fewest fees and lowest APR. This way, you can get the best deal possible.

Can I get a personal loan with a 583 credit score?

You can get a personal loan with a credit score of 583, but be aware of the potential drawbacks. Loans for fair credit scores often come with higher interest rates, numerous fees, and inflexible repayment options. Nevertheless, you do have options and should consider all of them to ensure you choose the best loan for your situation.

Secured Loans: Secured loans are an option to consider for those with fair credit. These loans require collateral, such as a car, house, or savings account, which reduces the lender's risk and often results in lower interest rates compared to unsecured loans. However, if you default on a secured loan, the lender can seize the collateral. It's essential to weigh the risk and ensure you can meet the repayment terms before committing to a secured loan.

Joint Loans: Joint loans are another possible option. By applying with a co-signer or co-borrower who has very good or excellent credit, you may qualify for better loan terms. The co-applicant shares the responsibility for the loan, which lessens the risk for the lender. This means they are more likely to approve you with better terms. The concern here is if you default, both your and your co-applicant's credit scores will be negatively affected.

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Credit Union: Credit unions are often more flexible than traditional banks and might offer better terms to members with fair credit. These not-for-profit institutions typically have lower interest rates and fees. For instance, Payday Alternative Loans (PALs), offered by federal credit unions, have a cap of 28%. Membership in a credit union usually requires meeting certain criteria, such as living in a specific area or working in a particular industry, but the benefits can be substantial for those who qualify.

Online Lenders: Online lenders have revolutionized access to personal loans, especially for those with less-than-perfect credit. These lenders use advanced algorithms to assess risk, often providing quicker approvals and more personalized loan terms. While they can offer competitive rates, it’s crucial to research and choose reputable lenders to avoid predatory practices.

Loan Marketplaces: Online marketplaces often offer loans to those with fair or poor scores. These marketplaces connect borrowers with lenders who look beyond your credit score, placing greater emphasis on your income, employment status, and overall debt situation. You will receive offers and then compare them to find the most advantageous deal. Apply directly with the lender who offers the best loan with the lowest costs.

Cash Advance Apps: Cash advance apps provide a short-term solution for those in need of quick cash. These apps allow you to borrow a small amount of money against your next paycheck. There is no credit check, no interest, and few fees. Cash advance apps either charge a flat rate per advance, a subscription fee, or ask for a tip. Many have an optional fast funding fee in case you need your money instantly and can't wait one to three business days. The money is usually automatically withdrawn from your bank account on your next payday. Many apps do let you reschedule at least one payment for free. These apps are a good alternative to payday loans but should not be relied on.

Keep in mind that short-term loans are typically more costly and harder to repay than installment loans, which are spread out over two to seven years. Whether you choose a short-term loan, an installment loan, or a secured loan, having a payment plan is crucial. Making timely payments will improve your credit score, while missed payments or loan defaults will not only damage your score but can also lead to a cycle of debt.

While a credit score of 583 can present challenges, various options are available to secure a personal loan. Secured loans, joint loans, online lenders, credit unions, and cash advance apps each offer different advantages and potential drawbacks. Carefully comparing these options and the specific lenders you find can help you identify the best solution for your financial needs. As always, try to prequalify so that you can compare offers before committing to any one loan.

Take your 583 credit score with a grain of salt

No solitary measure perfectly predicts if someone will repay borrowed money. Consequently, lending institutions have diverse criteria for minimal credit scores. Many leave some ambiguity regarding what scores they will accept and how much emphasis they place on scores. Some financiers prioritize factors such as a candidate's job stability or living conditions (if you rent or own).

Your score is not the be-all and end-all for lenders, nor is it fixed. It is a numerical summary based on your credit report data, and you can change what’s in your report. You are not permanently bound to a fair credit rating. With effort and strategic financial decisions, you can elevate your score. Making timely payments and reducing your debt are the biggest things you can do to improve your credit rating.

Raising your score from fair to good or even excellent can unlock access to better financial products, lower interest rates, and more favorable terms. Although fair credit might limit your options now, taking proactive steps can lead to significant improvements and increased financial opportunities in the future. Keep in mind that your credit score is a dynamic reflection of your financial behavior and can be enhanced with consistent, positive financial habits.

 

How can I grow my 583 credit score?


Improving your credit score is one of the best actions you can take to enhance your financial well-being. A higher credit score makes borrowing money easier and cheaper. Good credit also saves you money on interest, simplifies the process of renting an apartment, and increases your eligibility for more jobs.

With a 583 credit score, you may face challenges, but by taking it step-by-step, you can improve your score. The five main factors used to calculate your credit score are:

  • Payment history: Consistently paying your bills on time.
  • Credit utilization: Keeping your credit card balances low relative to your credit limits.
  • Length of credit history: Maintaining older accounts to show a longer credit history.
  • Credit mix: Having a variety of credit types (e.g., credit cards, mortgages, installment loans).
  • New credit: Avoiding excessive applications for new credit in a short period.

Understanding why your score is currently low is the first step. Analyze your credit report to identify areas for improvement, then focus on addressing these factors methodically. By maintaining good financial habits and addressing issues, you can gradually raise your credit score and unlock better financial opportunities.

Monitor your credit

Begin the credit repair process by reviewing your credit reports from Equifax, Experian, and TransUnion. You’ll want to look at all three credit reports as the bureaus may have slightly different information. Secure a free copy of your report from each bureau annually via annualcreditreport.com. Then, check for any discrepancies. Disputing false or outdated items with the credit bureau is a quick and easy way to boost your score.

Next, look through your report to deduce the causes of your low score. Identify instances of late or missed payments, accounts that have been sent to collections, a high credit utilization ratio, or a recent flurry of credit card or loan applications. Such activities can significantly hurt your score.

As you review your report, be vigilant for signs of identity theft. Unauthorized accounts or unfamiliar activities could indicate that someone has stolen your identity and is harming your credit. If you suspect identity theft, report it immediately to the credit bureaus and take steps to secure your personal information.

By systematically addressing each negative item on your report, you can steadily improve your credit score. Consistency and patience are key; while improvements might not happen overnight, diligent effort will eventually lead to a better credit profile.

Do damage control

Now that you know what's adversely affecting your credit score, it's time to take steps toward amending those issues. Negative entries can linger on your credit report for a maximum of seven years, but their impact diminishes over time. Given that your score isn't in the poor range, it's likely that there aren't many recent derogatory marks to address.

Contact your creditors or the collections agencies involved to explore negotiation possibilities. They might agree to remove a negative entry following the full settlement of a past-due account or cease reporting missed payments once you've updated your account status. Creditors are often open to cooperation in exchange for payment. Successfully removing any negative marks will boost your score and can be worth the effort.

Additionally, consider setting up a payment plan if you're unable to pay off the entire debt at once. Demonstrating your commitment to repaying what you owe can make creditors more willing to work with you. In some cases, they may even agree to a "pay for delete" arrangement, where the negative entry is removed from your report upon payment.

Get credit and use it

The best way to boost your credit score is to use credit responsibly and demonstrate to lenders that you are a reliable borrower. The only way to achieve this is by borrowing money and repaying it as agreed. Credit cards are the easiest way to improve your score, so we'll start there.

If you don’t have a credit card, apply for one. Choose either a secured credit card or a subprime credit card, depending on your financial situation. Use it to make a few small purchases each month, but only buy what you can afford to pay for in cash. At the end of the month, pay your bill on time and in full. To avoid missing due dates, consider setting up autopay or set payment reminders if you prefer. Establishing a positive payment history is the best thing you can do for your score. Even a single late payment can significantly hurt your credit rating.

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Another critical factor is your credit utilization rate. Aim to use less than 30% of your available credit; the lower, the better. This tells lenders that you are not overly reliant on borrowing. You can keep your utilization low by making multiple payments throughout the month.

Responsible credit use shows lenders that you can manage your finances effectively. Over time, these habits will gradually improve your credit score, enabling you to access better financial products and terms.

If you'd rather not use a credit card, you do have other options. One is to report monthly bill payments - rent, utilities, subscriptions - to all three credit bureaus. You will have to work with a company in order to do this. Or you can take out a personal loan. Be sure that you actually need the money and pay each monthly installment on time.

A better option can be a credit builder loan. This is a loan that is designed to improve your score. You do not receive the money initially. Instead, it is held in a secured account and you make manageable monthly payments. The lender reports your payments to the three credit bureaus helping you establish a positive payment history. When the loan is paid off in full, you get the money.

By practicing good credit habits and using credit-building tools your score will rise, little by little. With a higher score, you'll be able to access better financial products.

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Next steps for your 583 credit score

A credit score of 583 isn't optimal. It makes the process of securing loans or credit cards challenging, though still feasible. Any offers that come your way are likely to bear higher interest rates and extra charges as a safeguard for the lender. However, there's a silver lining: a fair credit rating isn't set in stone. Consistently paying your bills on time is crucial. Set up automatic payments or reminders to ensure you never miss a due date, as timely payments significantly boost your credit score.

Decreasing your overall debt is another vital step. Focus on paying down high-interest debts first and consider consolidating debts to manage payments more effectively. This reduces your credit utilization ratio, which is the amount of credit you're using relative to your credit limit. Aim to keep this ratio below 30%, as lower utilization signals to lenders that you’re not overly reliant on credit.

Maintaining minimal credit usage also plays a significant role. Avoid maxing out your credit cards and try to spread your expenses across multiple cards if necessary. Regularly check your credit report for inaccuracies and dispute any errors to ensure your credit profile is accurate.

By adhering to these strategies, your credit score will gradually improve. Over time, this will enable you to access better financial products with more favorable terms, such as lower interest rates and fewer fees, ultimately enhancing your financial health and opportunities.

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39. 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.
40. 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.
41. 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.
42. 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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