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590 Credit Score: Is It Good or Bad?

590 Fair
Updated April 2, 2024
Written by Rachel Alulis

A 590 credit score is not good. It is well below the national average of 715 and is generally considered subprime, but it won’t necessarily stop you from borrowing money. There are plenty of lenders out there willing to work with consumers who have low scores.

Generally speaking, any score above 670 is considered good. 590 falls into the fair category – scores from 580 to 669 are considered fair. According to Experian, 17% of Americans have ratings in this range. A fair score is a step up from poor credit but it is still a sign of past mistakes or a lack of credit history. 

Let’s take a closer look at what a 590 credit score means, what cards and loans you’re likely eligible for, and how you can improve it to improve it. 

Personal loans with a 590 credit score

You can get a loan with a 590 credit score, but it will not be the best offer out there. The good news is, that some lenders specialize in subprime lending and are willing to work with borrowers with fair ratings. The catch is these lenders charge relatively high-interest rates and add-on fees to protect themselves in case of default. They may also offer personal loans with shorter repayment periods or for a small amount of money.

Your best bet is to look into an online loan marketplace. Loan marketplaces let you submit one application and receive multiple offers from various lenders in mere minutes, all without damaging your rating.

These platforms work by conducting a soft pull to see what you qualify for. Based on this information, they match you with direct lenders in their network who work with borrowers in your score range. This process allows you to compare offers – interest rates, loan terms, loan amounts, and repayment options – before you formally apply so you can get the best loan possible.

Paying back a loan as agreed can raise your rating and lead to better loans in the future. Just make sure you can afford the full cost of the loan.

What are the advantages of a 590 credit score personal loan?

The only real advantage of personal loans for a 590 credit score is that they give you the opportunity to improve your score. By making timely payments and reducing debt you can gradually raise your rating. If you’ve only had cards before, a personal loan will also positively contribute to your credit mix. In order for this to work, the lender must report your payment history to all three national credit bureaus. Most lenders do, but not all.

Additionally, if you are in desperate need of cash and you have a low rating it can be reassuring to know that there are lenders who will work with you. Most will charge a lot in fees, but you can get approved and get your money fast.

A lower-cost option is a paycheck cash advance. Cash advance apps send you a portion of your paycheck early. Many offer fast cash with no interest, no credit check, and minimal fees. The advantage of these loans is they can cost you a lot less than a traditional personal loan.

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How much can I borrow with a 590 credit score?

Is 590 a good credit score? No, it is not so the amount you can borrow will be limited. Lenders are less willing to take a chance and give large amounts to borrowers they consider higher risk. Expect to qualify for personal loans ranging from $1,000 to $6,000. LendingTree found that the average loan amount for a fair score was $6,007. Some lenders offer personal loans up to $10,000 or more, depending on additional factors like income stability and debt-to-income ratio.

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What’s the minimum credit score I need to get a loan?

The minimum score required varies widely among lenders and depends on the type of loan you’re applying for. A FICO score of 620 is often considered the baseline for approving personal loans. The good news is this figure is not set in stone. Some financial institutions may have more flexible criteria and offer loans to applicants with scores as low as 580 or even 550. Many of these loans require the borrower to have a reliable income and dependable employment history to compensate for their rating.

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What do lenders consider when evaluating a potential borrower with a 590 credit score?

When evaluating a potential borrower with a 590 credit score lenders look at additional factors besides your rating. This gives them a comprehensive picture of your financial health and helps them fully assess how likely you are to pay them back. Other factors lenders consider include:

Debt-to-income ratio (DTI): Your DTI shows lenders how much of your income is already committed to debt. A lower DTI indicates more disposable income to repay a new debt, making you a more attractive borrower. Most lenders want a DTI of 35% or lower.

Employment history and stability: Consistent employment suggests a steady income stream, which reassures lenders about your ability to meet monthly payments.

Income level: Your income level helps lenders gauge your repayment capability. Higher income might compensate for a lower rating to some extent.

Existing relationship with the lender: Sometimes, having an existing account or a previous relationship with the lender can work in your favor, as they can directly assess your financial management with them.

For borrowers with a 590 credit score, highlighting strengths in these areas can improve loan approval chances and potentially lead to better loan terms.

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

What information credit scores do not consider

Credit scores are an important factor in determining how trustworthy of a borrower you are, but they don’t capture your entire financial picture. A scoring model does not consider:

Demographic information: your age, race, nationality, gender, and marital status are completely excluded from scoring models by law. This ensures decisions are made based on financial behavior rather than personal characteristics.

Income and employment status: Your salary, occupation, title, employer, and employment history are not included in your report and so are not part of your score.

Savings and investment balances: The amounts in your checking, savings, or investment accounts are not factored into your score.

Residence information: Where you live or the length of time you’ve lived in one place does not affect your score. Similarly, owning a home versus renting is not considered.

Soft inquiries: Hard inquiries do appear on your score, but soft pulls do not. Soft inquiries are when you check your own score or a financial institution does a check for pre-approval or promotional offers.

Knowing what isn’t part of your score can help you focus on the factors that contribute to it. Although, remember that just because it’s not part of how your three-digit rating is calculated does not mean that lenders don’t take it into account.

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How can I improve a 590 credit score?

590 is a bad credit score. The best thing you can do when you have such a low rating is work to improve it. A score in the good range will lead to more favorable terms, reduced fees, and you’ll gain access to more credit options. It won’t happen overnight, but with a little work and healthy habits you’ll be able to raise your rating.

The five main factors in calculating your score are:

  • Payment history – 35%
  • Usage – 30%
  • How long you’ve had accounts – 15%
  • Types of accounts – 10%
  • New accounts – 10%

The first thing you should do is check for errors on your credit report that may be dragging down your score. You can get your report from annualcreditreport.com once a year. If you see any mistakes on your credit reports, dispute them.

Next, look at why you have a low score. Perhaps it’s a poor payment history or high debt levels. Then start by addressing these issues.

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Don’t let your credit card balances balloon

Contrary to popular belief, you don’t need to carry a balance to improve your score. A high balance can actually hurt your rating and cause you to pay more in interest. Ideally, your balance should be 30% or less of your available credit.

The average consumer with a score of 590 has a usage rate of 78.2%, per Experian. Whereas the average consumer with a score of 800 or more has a credit usage of only 5.7%. 

To maintain a low utilization ratio, pay your account in full each month and make multiple payments throughout the month if necessary.

Always pay on time

You must pay your bills on time. Payment history is the most important factor in calculating your score. Set up automatic payments for recurring bills. Late payments of more than 30 days can hurt your rating and stay on your report for up to seven years.

If you think you might miss a payment, reach out to creditors and see if they can work with you to reduce interest rates or lower the minimum payment. If you have past due accounts, bring them current and continue making timely payments.

Use a reporting service to boost your score with on-time rent, utility, and subscription payments.

Think carefully before closing old credit card accounts

Think twice before you close an old account. Each account increases the length of your credit history and contributes to your total credit limit. The older the average age of your accounts, the better your rating. The bigger your overall limit, the larger the balance you can have.

Keep credit accounts open and use them for a small recurring charge so the issuer doesn’t close them. The exception is if they have large fees. Then it may be better to close them and take the temporary hit to your score.

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

Each time you apply for a card, the issuer conducts a hard inquiry which will temporarily reduce your rating. One hard inquiry is usually not a big deal, but multiple ones in a short period signal to lenders that you’re desperate and therefore a risky borrower. Only apply for new accounts when you need to.

Read more about your credit score!

Number of open accounts by credit score range

Credit Score RangeAverage Number of Open Accounts
750-8503
700-7494
640-6994
300-6394
Data from Credit Karma
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What credit card can I get with a 590 credit score?

Your choices will be limited. A 590 credit score credit card will either be a secured card or a subprime unsecured card designed for lower ratings.

A secured credit card is your best bet. You will have to put down a security deposit – fully refundable – which becomes your limit. Most secured cards ask for a minimum security deposit of $200. Some only ask for $100 and others do not even require a minimum deposit. If you fail to pay, the card issuer can seize your deposit to cover what you owe. This significantly lessens the risk to the lender making secured cards very easy to be approved for.

Lots of people can’t afford a secured card. That’s why card issuers created are unsecured credit cards for a 590 credit score. These cards have minimal score requirements but will have a higher interest rate, an annual fee, additional fees, and low limits. Use them sparingly, pay on time, your rating will go up so you can qualify for better cards.

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Bottom line

A 590 credit score is not ideal but it’s a good starting point. You will still find it hard to get a loan or card but not impossible. The offers you do get will come with higher interest rates and additional fees to protect the lender. The good news is a fair credit score is not a permanent state. With some hard work, you can raise your rating. Boost your score into the good category and you could save hundreds to thousands of dollars in interest.

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. Debit card: Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees.                                                                                                                                                       Build Card: 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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 Eligible Direct Deposits into your Current Account over the preceding 35-day period and fulfill other requirements subject to Current’s discretion. Negative balances must be repaid within 60 days of the first Eligible Transaction that caused the negative balance. For more information, please refer to Fee-free Overdraft Terms and Conditions. Individual Current Accounts only.
10. For eligible customers only. You may earn Points in connection with your Build Card purchases at retailers whose merchant code is classified as: Dining (e.g., restaurants) and Groceries (e.g., supermarkets) 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. Points will expire 365 days after they settle. For more information (including specific eligibility criteria), please refer to the Current Points Terms and Condition.
11. 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.
12. 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. No minimum balance required. 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%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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.
21. 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.
22. 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.
23. 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.
24. 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.
25. 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.
26. 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.
27. 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.
28. 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.
29. 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.
30. 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.
31. 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.
32. 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.
33. Tipping or not tipping has no impact on your eligibility for SpotMe®.
34. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
35. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
36. 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.
37. 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.
38. 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.
39. 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.
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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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