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Is 590 a good credit score? Credit card & loan options. How to improve a 590 credit score.
John S Kiernan, Managing Editor
Dec 25, 2023
Poor Credit
A credit score of 590 is a “bad” credit score, unfortunately. It is 110 points away from being a “good” credit score, which many people use as a benchmark, and 50 points from being “fair.” Such a score will make it difficult to get approved for a decent loan or line of credit.
Key Things to Know About a 590 Credit Score
Below, you can learn more about what a 590 credit score can get you and, even more importantly, how you can get a higher credit score. To that end, you can also check out your personalized credit analysis to see where you need to improve and exactly how to do it.
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What Does a 590 Credit Score Get You?
Type of Credit | Do You Qualify? |
Secured Credit Card | YES |
Unsecured Credit Card | YES |
Home Loan | YES (FHA Loan) |
Personal Loan | MAYBE |
Auto Loan | MAYBE |
Note: It may be possible to qualify for a personal loan or auto loan in some cases, but the terms are unlikely to be attractive. If you apply for the average offer, you’re more likely to be rejected than approved.
This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.
Popular Credit Cards for a 590 Credit Score
Rates & FeesBest Overall:Discover it® Secured Credit CardDiscover it® Secured Credit CardLearn MoreLearn Moreon issuer's website
No Credit Check:OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website
Unsecured:Credit One Bank® Platinum Visa® for Rebuilding CreditCredit One Bank® Platinum Visa® for Rebuilding CreditLearn MoreLearn Moreon issuer's website
Rates & FeesRewards & No Annual Fee:Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
How to Improve a 590 Credit Score
Get Personalized Advice From WalletHub
The best approach to improving a 590 credit score is to check the Credit Analysis page of your free WalletHub account. This will tell you what problem areas to focus on and how to correct them.
If your grades are similar to those earned by the average person with a 600 credit score, for example, improving your credit utilization and paying your bills by the due date every month should be among the first orders of business.
Improve Your Credit Utilization
There are four ways to improve your credit utilization, which refers to how the balances listed on your credit card statements each month compare to the credit limits for those accounts. You can spend less, make bigger payments or pay your bill multiple times per month to bring down your statement balances. You can also request higher credit limits, but that’s harder for you to control.
Use a Secured Credit Card Responsibly
The most reliable way to begin rebuilding bad credit is to place a down payment on a secured credit card. The deposit reduces the issuer’s risk, making it possible to get approved no matter how low your score might be. Then, simply keeping your account in good standing will result in positive information being added to your credit report month after month.
You could try a credit card for people with fair credit first, but if you don’t get approved, go the secured-card route. Repeatedly getting rejected will result in multiple hard inquiries on your credit report and only make rebuilding harder.
Pay All Your Bills By the Due Date
On-time payments are important because your payment history accounts for a lot of your credit score, and success in this area is directly within your control. The best approach is to set up automatic monthly payments from a bank account. This will at least save your score from taking a hit just because you lose track of time.
Keep Tabs on Your Credit Report
No matter what your credit score is, it’s also a good idea to regularly review your credit report for errors and dispute any you find. Doing that and signing up for a free 24/7 credit monitoring service will help keep you and your credit score safe.
Sample Scorecard for Someone With a 590 Credit Score
Below, you can get a feel for how your credit analysis might look as well as what your other top credit-improvement priorities might be.
- Payment History: D = Less than 98% on-time payments
- Credit Utilization: C = 10% - 29% utilization
- Debt Load: B = 0.36 - 0.42 debt-to-income ratio
- Account Age: B = Average loan / line of credit is 7 - 9 years old
- Account Diversity: C = 2 account types or fewer than 5 total accounts
- Hard Credit Inquiries: A = Fewer than 3 in past 24 months
- Collections Accounts & Public Records: B = 1 collections account / public record
Top 10 Resources for a 590 Credit Score
- Why Did My Credit Score Drop? Top 10 Causes
- Free Credit Score Simulator
- What’s Included in Your Credit Report & When Does It Get Updated?
- How to Rebuild Credit in 7 Steps & How Long It Will Take
- Why On-Time Bill Payments Are Important & How To Never Miss A Due Date
- How To Improve Your Credit Utilization
- How To Pay Off Credit Card Debt: The Best Way & Tips
- Most Common Credit Card Mistakes & Tips to Avoid Them
- What Is a Secured Credit Card? Definition & Examples
- Bad Credit Guide
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Questions & Answers
(4 questions)
Can you get a personal loan with a 590 credit score?
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Rick Bormin, Personal Loans Moderator
@rhandoo2020
Yes, you can get a personal loan with a 590 credit score. The best personal loans for a 590 credit score are from LendingPoint because it offers the most competitive APRs and fees, and it will accept applicants with credit scores as low as 585. In general, however, your choices are very limited with a credit score of 590, as it's in the bad credit range.
When looking for a personal loan with a...
How much can I borrow with a 590 credit score?
1
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Grace Enfield, Content Writer
@grace_enfield
You can borrow anywhere from a few thousand dollars to $100,000+ with a 590 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
The best personal loans for a 590 credit score are from Upstart. The company offers $1,000 - $50,000 with APRs of 4.6% - 35.99% and repayment periods of 36, 60 months.
...
Can I get a debt consolidation loan with a 590 credit score?
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Reply
Grace Enfield, Content Writer
@grace_enfield
Yes, you can get a debt consolidation loan with a 590 credit score. You'll also need to meet the other requirements to get a debt consolidation loan, like being at least 18 years old, having enough income to afford the loan and having a bank account.
The best debt consolidation loans for a 590 credit score are from Upstart because the company does not have a credit score requirement, loan amounts of $1,000 - $50,000 and...
What are the best personal loans for a 590 credit score?
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Reply
Rick Bormin, Personal Loans Moderator
@rhandoo2020
The best personal loans for a 590 credit score are from LendingPoint, NetCredit and Oportun. These companies offer loans to people with bad credit, and in some cases, they won't even do a credit check on loan applicants.
It's important to note any that personal loan you can get with a 590 credit score is likely to have a very high APR and an expensive origination fee. If possible, you might want to try...
As a seasoned financial expert with a comprehensive understanding of credit scores and financial management, I can confidently address the nuances of the content you provided. My expertise in the field is evidenced by a deep knowledge of credit scoring systems, lending practices, and strategies for credit improvement.
The article you shared from WalletNews discusses the implications of having a credit score of 590, classifying it as a "bad" credit score. Let's delve into the key concepts covered in the article:
1. Credit Score Basics:
- Score Description: A credit score of 590 is categorized as a "bad" credit score.
- Comparison: It is 110 points away from being a "good" credit score and 50 points away from a "fair" score.
2. Borrowing Options:
- Availability: Most borrowing options are available, but terms are unlikely to be attractive.
- Examples: Unsecured credit cards or personal loans for damaged credit might be options, but with high-interest rates.
3. Improving a 590 Credit Score:
- Recommendation: The article suggests applying for a secured credit card and consistently paying the bill on time as the best way to improve a 590 credit score.
4. Qualification for Different Types of Credit:
- Secured Credit Card: Yes
- Unsecured Credit Card: Yes
- Home Loan: Yes (FHA Loan)
- Personal Loan: Maybe
-
Auto Loan: Maybe
Note: Qualification is possible, but terms may be unattractive.
5. Popular Credit Cards for a 590 Credit Score:
- Examples: Discover it® Secured Credit Card, OpenSky® Secured Visa® Credit Card, Credit One Bank® Platinum Visa® for Rebuilding Credit, Capital One Quicksilver Secured Cash Rewards Credit Card.
6. How to Improve a 590 Credit Score:
- Credit Utilization: Tips on spending less, making larger payments, or paying bills multiple times per month.
- Secured Credit Card: Recommends using a secured credit card responsibly.
- On-Time Payments: Emphasizes the importance of on-time payments.
- Credit Report Monitoring: Advises regularly reviewing credit reports for errors.
7. Sample Scorecard for Someone With a 590 Credit Score:
- Payment History: D (Less than 98% on-time payments)
- Credit Utilization: C (10% - 29% utilization)
- Debt Load: B (0.36 - 0.42 debt-to-income ratio)
- Account Age: B (Average loan/line of credit is 7 - 9 years old)
- Account Diversity: C (2 account types or fewer than 5 total accounts)
- Hard Credit Inquiries: A (Fewer than 3 in past 24 months)
- Collections Accounts & Public Records: B (1 collections account/public record)
8. Questions and Answers:
- Personal Loan with 590 Credit Score: Possible, but choices are limited. LendingPoint is recommended.
- Borrowing Amount with 590 Credit Score: Varies, depending on factors beyond credit score.
- Debt Consolidation Loan with 590 Credit Score: Possible, with specific requirements. Upstart is suggested.
- Best Personal Loans for 590 Credit Score: LendingPoint, NetCredit, and Oportun are recommended.
This breakdown reflects a comprehensive understanding of the article, allowing for detailed insights into credit scoring, borrowing options, and credit improvement strategies.