Is 570 a Good Credit Score?
Credit scores range from 300-850, with five general groupings that lenders consider anywhere from “poor” (on the lowest end) to “excellent” (on the highest end). So is 570 a good credit score? 570 is generally labeled as “poor” or “bad”, but that doesn’t mean you’re out of options. Let’s break down what a 570 credit score means and what you can do to get yourself in the best possible situation.
How Good is a 570 Credit Score?
Is a 570 credit score good or bad? This number will put you firmly in the “bad” category, meaning that you are a risk to lenders. Financial institutions look at several factors to determine an individual’s credit score, including:
- Payment history: Do you make payments on time, or are you frequently late?
- Amounts owed: Do you have more debt than your current income allows to pay back?
- Length of credit history: Have you only recently begun establishing your credit?
- New credit: Have you recently taken on several new financial obligations?
- Credit mix: What kinds of loans do you have?
Several risk factors prevent 570 from being a good credit score. If you’ve experienced:
- Delinquency or default on a loan
- Repossession on a major material item such as a car
- Foreclosure on a home
- Bankruptcy;
These issues are negatively impacting your credit.
Is a 570 Credit Score Good or Bad?
While we’ve already ruled out 570 from being a good credit score, there is hope. Working on your credit can help you get up to the next tiers and prove you are a responsible borrower. A 570 credit score is only:
- 70 points away from a “fair” rating
- 130 points away from a “good” rating
There are many ways to help improve your credit, including:
- Making payments on time
- Paying down your debts as much as possible
- Check your credit reports on a regular basis
If you are working with bad credit history, it may be in your best interest to defer taking on new debt until you’ve had time to rebuild your credit. If your current vehicle breaks down or if you need transportation in a hurry, you may not have the time to wait. A 570 credit score means you may have challenges securing financing, and when you do, the interest rate or term is likely to be less desirable. It’s not impossible, though, especially when you work with experienced financial experts who know how to navigate less than ideal credit situations.
Buy a Car with a 570 Credit Score with Green Light Auto Credit!
Green Light Auto Credit is here to help those with poor credit secure a good car at a price that works. We regularly work with people in the 600 range, and will be happy to discuss your options. Contact us and let our finance team answer all your credit questions!
