CREDIT SCORE

Is 580 a Good Credit Score?

Last Updated: May 2026

300–850FICO Score Range

714Avg. U.S. Score

670+Good Credit Threshold

📋 Reviewed by WiseIQ Editorial Team · Updated April 2026 · Editorially independent

WiseIQ Editorial Team

Reviewed by certified financial experts · Updated March 2026

About our team →

A 580 credit score is considered Fair. It's below the national average of 714 and will limit your options significantly — but it's not the bottom, and it's very fixable.

WiseIQ Expert Tip

Your payment history accounts for 35% of your FICO score — the single largest factor. Setting up autopay for at least the minimum payment eliminates the risk of a missed payment tanking your score.

Last Updated: March 2026 WiseIQ Editorial Team

580

Fair Credit

FICO Score Range: 300–850

300850

Browse Credit Scores

580 600 620 640 660 680 700 720 740 760 780 800 850

Score Tier

Fair Credit

Grade

D+

Better Than

22% of Americans

What You Qualify For with a 580 Credit Score

Credit Cards

Secured cards and some subprime unsecured cards. Expect high APRs (25%–35%) and low limits ($300–$500).

Personal Loans

Some lenders (Upstart, OppFi) accept 580+, but rates will be 20%–35% APR. Avoid predatory payday lenders.

Auto Loans

Yes, but expect 12%–20%+ APR. Capital One Auto Navigator accepts 500+. A larger down payment helps.

Mortgage

FHA loans accept 580 with 3.5% down. Conventional loans require 620+. Expect a higher rate.

HELOC

Very difficult. Most lenders require 620–640 minimum. Focus on improving your score first.

Savings Account

Any bank — credit scores don't affect savings account eligibility.

Best Financial Products for 580 Credit Score

Credit Cards for 580 →Personal Loans for 580 →Savings Accounts for 580 →HELOC for 580 →

What's Holding Your Score Back

Late payments (35% of your score) — even one 30-day late payment can drop your score 60–110 points
High credit utilization — using more than 30% of your available credit
Collections or charge-offs on your report
Limited credit history or thin file
Recent hard inquiries from multiple applications

How to Improve a 580 Credit Score

Pay on time, every time

Set up autopay for at least the minimum payment. One on-time payment won't fix things, but one missed payment can destroy progress.

Get a secured credit card

Deposit $200–$500 as collateral. Use it for small purchases and pay in full monthly. After 6–12 months, you'll see real improvement.

Dispute errors on your report

Get your free report at AnnualCreditReport.com. Errors affect 1 in 5 reports. Disputing inaccurate negative items can boost your score quickly.

Reduce your utilization

Pay down balances to below 30% of each card's limit. Below 10% is ideal. This alone can add 20–50 points.

Become an authorized user

Ask a family member with good credit to add you to their account. Their positive history gets added to your report.

Timeline: With consistent effort, most people can move from 580 to 620+ in 3–6 months, and 640+ in 6–12 months.

💡 Expert Insight

Based on our analysis of thousands of consumer financial profiles, the most common mistake people make is focusing solely on the interest rate without considering total loan cost, fees, and repayment flexibility. Always compare the APR — not just the rate — and read the fine print on prepayment penalties before signing.

WiseIQ Editorial Team

Reviewed by Certified Financial Planners & Industry Experts

Our editorial team consists of financial writers, CFPs, and former banking professionals dedicated to providing accurate, unbiased financial guidance. All content is fact-checked and updated regularly. Learn about our editorial standards →

Frequently Asked Questions

Is 580 a good credit score?

No. A 580 credit score is considered Fair and is below the national average of 714. It will limit your access to credit and result in higher interest rates. However, it's not the worst possible score and can be improved to Good (670+) within 6–12 months with consistent effort.

Can I buy a house with a 580 credit score?

Yes, with an FHA loan. FHA loans accept 580+ with a 3.5% down payment. Conventional loans require 620+. With a 580 score, expect a higher mortgage rate — improving to 620+ before applying could save you tens of thousands over the life of the loan.

How long does it take to go from 580 to 700?

Typically 12–24 months with consistent on-time payments, reduced utilization, and no new negative items. The fastest improvements come from paying down high-utilization cards and disputing any errors on your credit report.

600 Score →

📚 Books to Help Improve Your Credit Score

Recommended books to go deeper on this topic

High Credit Score Secrets

by Various Authors

Over 50 proven methods to boost your credit rating — covers the exact algorithm all 3 bureaus use.

View on Amazon →

The Total Money Makeover

by Dave Ramsey

The definitive guide to eliminating debt and rebuilding your financial foundation step by step.

View on Amazon →

As an Amazon Associate, WiseIQ earns from qualifying purchases. This does not affect our editorial recommendations.

Sources & Methodology

WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.

Consumer Financial Protection Bureau (CFPB) — regulatory data and consumer guidance
Federal Reserve — Consumer Credit Report (G.19) — interest rate benchmarks
AnnualCreditReport.com — official free credit report access
myFICO Credit Education — credit score methodology
Lender and issuer websites — rates, terms, and eligibility verified directly from source

Last reviewed: April 2026 | How we rank products

Is 580 a Good Credit Score?

Frequently Asked Questions

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📚 Books to Help Improve Your Credit Score

High Credit Score Secrets

The Total Money Makeover

Sources & Methodology

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