Your score falls within the range of scores, from 580 to 669, considered Fair. A 588 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
The most common type of loan available to borrowers with a 588 credit score is an FHA loan. FHA loans only require that you have a 500 credit score, so with a 588 FICO, you will definitely meet the credit score requirements. ... We can help match you with a mortgage lender that offers FHA loans in your location.
A 588 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.
A 580 FICO® Score is a good starting point for building a better credit score. Boosting your score into the good range could help you gain access to more credit options, lower interest rates, and reduced fees.
558 Credit Score Loan & Credit Card Options
Credit cards and auto loans offer the best approval odds for someone with a 558 credit score. For example, people with credit scores below 580 take out roughly 12% of car loans versus only 6% of mortgages, according to 2017 Equifax data.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 558 FICO® Score is significantly below the average credit score.
Zero percent financing deals are generally reserved for borrowers with excellent credit — typically classified as a credit score of 800 and above. You'll want to review your credit reports on your own before you start shopping for auto financing.
The good news is that when your score is low, each positive change you make is likely to have a significant impact. For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use.
Your credit score will play a big factor if you are looking to get the best rates for an auto loan. It is possible to get the best car loan rates with a subprime credit score in the range of 580 to 589.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
The average credit score in the United States is 698, based on VantageScore® data from February 2021. It's a myth that you only have one credit score. In fact, you have many credit scores. It's a good idea to check your credit scores regularly.
FICO® considers a fair credit score to be between 580 and 669. VantageScore® says fair scores fall between 601 and 660.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 588 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Credit Karma isn't a credit bureau, which means we don't determine your credit scores. Instead, we work with Equifax and TransUnion to provide you with your free credit reports and free credit scores, which are based on the VantageScore 3.0 credit score model.
A good credit score to buy a car is often above 660, as you're then considered a "prime" borrower. There's no industry-wide, official minimum credit score in order to qualify for an auto loan. Generally, the higher your credit score, the better terms you're likely to get on the loan.
According to Experian, one of the major credit bureaus, it takes between three and six months of regular credit activity for your file to become thick enough that a credit score can be calculated. How thick your file becomes depends on how many loans you get during this time, and on how often you use credit.
Every month you pay your card's bill on time will bump your credit score up, so set a routine and you can grow your creditworthiness quickly — as long as you can avoid missing a credit card payment.
When you pay or settle a collection and it is updated to reflect the zero balance on your credit reports, your FICO® 9 and VantageScore 3.0 and 4.0 scores may improve. ... This means despite it being a good idea to pay or settle your collections, a higher credit score may not be the result.
A competitive lessee or well-qualified buyer generally refers to an individual with a Tier 1 credit score. As you can probably deduce, a Tier 1 credit score is a very good credit score. It typically refers to a score of 720 or higher.
While there may be lower interest rates available, 1.9% can be a good deal under some circumstances. In terms of cost, an interest rate of 1.9% APR may not add much to your overall car purchase. On a $30,000 SUV, we estimate that a 5-year loan at 1.9% APR would equate to $1,471 in money spent on interest alone.
Purchasing a car with no money down might sound too good to be true, but many dealers, banks, and credit unions allow you to do that just. All you need is good credit and verification that you earn enough to pay back the loan. In general, you'll need a FICO score of at least 700 to qualify.