Hey there fellow credit-curious friend!
If you’ve ever wondered what the mysterious number on your credit report actually means, you’re in the right place if you’re staring at a 587 and feeling a little confused.
Let’s break down what a 587 credit score means, how it impacts your financial life, and most importantly, what you can do to give it a boost
First things first, a 587 credit score falls into the “fair” category. This means you’re not exactly rocking the credit world, but you’re not drowning in debt either. It’s like being in the middle of the pack – not bad but there’s definitely room for improvement.
Now, let’s talk about the not-so-fun stuff. It could be more difficult to be accepted for credit cards or loans with the best interest rates if your score is 587. Imagine it as an attempt to climb a mountain on slightly less oxygen; it is possible, but it will take more work.
However, there’s plenty you can do to transform that 587 into a bright example of fiscal responsibility, so don’t give up! Here are a few tips to get you started:
- Become a payment ninja: Make sure you pay all your bills on time, every time. This is like kryptonite for bad credit scores. ♀️
- Keep your credit utilization low: This fancy term basically means don’t max out your credit cards. Aim to use less than 30% of your available credit limit. Think of it like leaving some breathing room in your financial backpack.
- Become a credit card master: Use your credit card responsibly for everyday purchases and pay it off in full each month. This shows lenders you can handle credit like a pro.
- Become a credit report detective: Check your credit reports regularly for any errors and dispute them immediately. It’s like being your own financial Sherlock Holmes, uncovering hidden clues to improve your score. ️♀️
- Become a credit builder: Consider getting a secured credit card or becoming an authorized user on someone else’s card. This can help build your credit history and show lenders you’re responsible. ️
Remember, improving your credit score is a marathon, not a sprint. Be patient, stay consistent, and keep those financial goals in sight. With a little effort, you’ll be climbing that credit mountain in no time, reaching the summit of financial freedom. ️
And hey, if you need a little extra guidance along the way, there are tons of resources available. Check out the articles linked below for more in-depth information and tips on how to boost your credit score.
Here are some additional resources that you may find helpful:
- Credit Karma: https://www.creditkarma.com/credit-scores/587
- Upstart: https://www.upstart.com/credit-score/587-credit-score
- Experian: https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-fair-credit-score/
- TransUnion: https://www.transunion.com/credit-help/credit-score-basics/credit-score-range-and-what-it-means
- Equifax: https://www.equifax.com/personal/education/credit/what-is-a-good-credit-score/
Remember, you’re not alone in this journey! We’re all here to support you on your path to financial success.
Now go forth and conquer that credit score!
Popular Credit Cards for a 587 Credit Score
- Get Tailored Advice From WalletHub: Examining the Credit Analysis page of your complimentary WalletHub account is the best way to raise your 587 credit score. This will help you identify the issues and provide solutions. Improving your credit utilization and paying your bills on time each month should be top priorities if, for example, your grades are comparable to those of the typical person with a 600 credit score.
- Enhance Your Credit Utilization: Your credit utilization, or how the monthly balances on your credit card statements compare to the credit limits on those accounts, can be enhanced in four ways. To reduce the balances on your statements, you can cut back on spending, increase your payments, or pay your bills more than once a month. Additionally, you can ask for higher credit limits, but controlling that will be more difficult.
- Use a Secured Credit Card Responsibly: Making a down payment on a secured credit card is the most dependable way to start the process of repairing bad credit. The deposit lessens the risk to the issuer, enabling approval regardless of how low your score may be. Then, just maintaining the integrity of your account will cause positive information to be added to your credit report each month. If you are denied a credit card for people with fair credit, you should apply for a secured card instead. Rejections on a regular basis will lead to several hard inquiries on your credit report, which will make the process of rebuilding your credit more difficult.
- Pay All of Your Bills by the Due Date: Your credit score is largely influenced by your payment history, which you can directly influence. For this reason, making on-time payments is crucial. The best course of action is to have bank account payments made automatically each month. If nothing else, this will prevent your score from suffering from simply losing track of time.
- Watch Your Credit Report Regardless of your credit score, it’s a good idea to routinely check your credit report for inaccuracies and dispute any that you come across. You can protect yourself and your credit score by doing that and registering for a free, round-the-clock credit monitoring service.
What Does a 587 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: In certain situations, you might be able to qualify for a personal loan or auto loan, but the terms probably won’t be very favorable. 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. The views expressed here are solely the author’s and have not been examined, approved, or otherwise supported by the issuer.
What is a Perfect / Good / Fair / Bad Credit Score? (EXPLAINED)
FAQ
Can I get a loan with 587 credit score?
Can I get a car with 587 credit score?
Can I buy a house with a credit score of 587?
What is a perfect credit score?
Is 585 a good credit score?
How Good Is a Credit Score of 585? Reading Time: 4 minutes According to Experian’s official classification, a 585 credit score falls in the “Fair” range. This means you’ll encounter limited loan options, and the available ones will often come with higher interest rates than those available to individuals with better scores.
What is the best credit score?
The best credit score is 850. Here’s a breakdown of FICO scores and what they mean: 300 to 579 — Very poor credit. 580 to 669 — Fair credit. 670 to 739 — Good credit. 740 to 799 — Very good credit.
Can you buy a house with a 575 credit score?
The most common type of loan available to borrowers with a 575 credit score is an FHA loan. Keep in mind, that in order to qualify for a 3.5% down payment, you must have at least a 580 credit score. For borrowers with a credit score between 500-579, you may still qualify for an FHA loan, but will be required to put 10% down.
When is a credit score considered good?
A 700 credit score puts you in the middle of what’s considered the good range for FICO scores. The most recently reported average FICO score in the U.S. is 716, so you’re doing pretty well by