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.
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:
Several risk factors prevent 570 from being a good credit score. If you’ve experienced:
These issues are negatively impacting your credit.
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:
There are many ways to help improve your credit, including:
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.
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!