565 credit score: A guide to credit scores
Quick insights
- A 565 credit score is considered subprime or poor by VantageScore® and FICO®, respectively.,,
- A lower credit score may affect your ability to get approved for credit products as it is one of the factors considered by lenders.
- To improve your credit score, you can start by learning and understanding what factors go into credit scoring and how you can help improve your own credit.
A 565 credit score is in the lowest category of scores according to major credit scoring companies FICO and VantageScore. A score of 565 is considered poor according to FICO and subprime or not prime according to VantageScore.,, But what exactly is a credit score, and what else do you need to know about a score of 565? Let’s find out.
Understanding credit scores
A credit score is a three-digit number that lenders use to assess borrowers’ creditworthiness. It’s based on the information in your credit report, and it’s used in lending decisions along with many other factors. For example, if you apply for a loan or credit card, your credit report and credit score will be checked for signs of responsible—or irresponsible—credit behaviors.
If you have a good credit score and positive information in your credit report, you are more likely to get approved for credit products and qualify for more favorable terms or rates.
With a lower credit score, it may be more difficult to get approved for financial products or qualify for better rates and conditions. This is why it’s important to understand your credit score and how it is calculated. If you understand what factors make up your credit score, you can better optimize for those factors and help ensure a stronger credit history.
Is 565 a "good" credit score?
Credit scores are split into different categories to help consumers understand where their score stands. Each credit scoring company has their own ranges and their own names for each range. According to Experian, as of 2024, VantageScore® 3.0 and 4.0 scores are broken down like this:
- 300-600: Subprime or not prime
- 601-660: Near prime
- 661-780: Prime
- 781-850: Super prime
FICO® scores are split into the following categories:,
- 300-579: Poor
- 580-669: Fair
- 670-739: Good
- 740-799: Very good
- 800-850: Exceptional
According to FICO and VantageScore, a score of 565 is considered poor or subprime, respectively. It’s in the lowest category for both scoring companies.
Lenders typically view lower credit scores as a higher financial risk for them, as they could indicate irresponsible money management or an inability to pay back loans on time. Because of this, borrowers with a score of 565 might get denied on their applications for credit, or they might be approved for lower amounts, higher interest rates and other unfavorable conditions.
Chances of credit approval with a 565 credit score
Your chances of getting approved for credit with a 565 credit score depend on various factors, such as the type of credit you're applying for, your income and your debt-to-income ratio. This is because while important, your credit score is just one of several factors lenders take into account when approving a loan.
To potentially increase your chances of approval, you can try applying for credit cards or loans that are designed for people with poor credit. Keep in mind that some lenders specialize in offering credit products to people with lower credit scores. But these products may come with higher interest rates or fees, so you should carefully review the terms and conditions before agreeing to anything.
How to improve your 565 credit score
If you have a credit score of 565, you might be thinking about how to improve it. Working toward a better credit score is definitely possible, but it takes financial discipline and consistency. Here are some steps you can take to help improve your credit score:
- Make consistent on-time payments: Payment history accounts for a large portion of your credit score, so this might be a good area to focus on.
- Reduce your debt to improve your credit utilization ratio: Keeping your credit utilization ratio below 30% can help improve your credit score.
- Check your credit reports for errors or inaccuracies: It’s important to do this regularly to keep an eye out for any errors or mistakes that could be bringing your score down.
- Avoid applying for too many credit products in a short time: Each hard credit check negatively affects your credit score. So if you’re looking to optimize your score, be strategic about when you apply for new credit.
- Keep track of your credit score and how you're doing: You can use free credit monitoring services or enroll in Chase Credit Journey®, a free online tool anyone can use that gives you updates about your credit.
It might take time, but you can make positive changes to your credit score. Set realistic goals, keep going and be patient.
Conclusion
A 565 credit score is considered poor or subprime, depending on which scoring model you’re looking at. Either way, it’s in the lowest category of score ranges and is not considered ideal by lenders. This might mean borrowers with a score in this range could have a harder time getting approved for credit products or might qualify for less favorable terms or rates.
If you’re looking to improve your credit score, it’s important to understand the factors that go into credit scoring. This way you can look at how you’re doing in each area and how you could improve.
Financial well-being is a journey. It’s all about learning, adjusting course and continuing to monitor to see how you’re doing. It might take time to see changes, but it could be well worth it for your financial future. Credit Journey® might be one tool you can use along the way to help you monitor your credit and stay on track.
