580 Credit Score: Good or Bad?

A 580 score is in the bad range, so you may have trouble qualifying for credit — but you can build your score.
Amrita Jayakumar
By Amrita Jayakumar 
Edited by Kathy Hinson
580 Credit Score: Good or Bad?

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A 580 credit score is considered bad credit. Your credit score determines whether you will qualify for credit cards and loans, and what interest rate you'll pay if you do qualify.

The share of Americans who had scores of 500 to 599 on the FICO 8, the credit score used in most credit decisions, was 12.5% as of April 2023, according to credit scoring company FICO.

FICO Blog. Average U.S. FICO Score at 718. Accessed Dec 19, 2023.

Here’s how a score of 580 can affect your financial life.

You may have a hard time getting a loan or card

With a 580 score, you may have trouble qualifying for many financial products. Even if you are approved, you will have to pay the highest interest rates. You might also be charged more for car insurance, or be asked for deposits when opening utility accounts.

When your score is low, taking a little action goes a long way and you may be able to push into the fair credit score range.

There are some quick ways to improve your credit. And consistently using good credit habits over the long term will help you in building a good credit score.

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Ways to work on your 580 credit score

You can try a few ways to build your score:

  • Apply for a secured credit card. Unlike a regular credit card, this type of card is backed by a cash deposit.

  • Go to a credit union for a credit-builder loan or secured loan. A credit-builder loan allows you to build your score and save up for a goal at the same time.

  • If you know someone with a good credit score and long history, ask them to add you as an authorized user on their credit card.

  • Follow good credit habits: Pay your bills on time and use 30% or less of the credit limit on all your credit cards. Those are the two biggest factors that affect your credit score.

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