572 credit score: A guide to credit scores
Quick insights
- A 572 credit score is considered subprime or poor by VantageScore® and FICO® scoring models, respectively.
- This score could affect eligibility for some credit products.
- Responsible credit habits, like making payments on time and keeping your credit utilization low, may help raise your score over time.
A credit score is a three-digit number that represents your creditworthiness—or how likely you are to repay borrowed money on time. Lenders may use your score, along with other factors, as part of the application process. So, if your credit report includes a 572 credit score, you may have some questions about what this number means and what you can do next.
Here’s a closer look at how credit scores work and some steps that may help you build your credit over time.
What does a 572 score mean?
A score of 572 falls into the lowest tier of some popular credit scoring models. Most credit scores range from 300 to 850. FICO and VantageScore—two widely used scoring models—group these numbers into ranges that represent different levels of creditworthiness.
- Superprime: 781 to 850
- Prime: 661 to 780
- Near prime: 601 to 660
- Subprime: 300 to 600
- Exceptional: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
With a low-tier credit score, you may be viewed by lenders as higher risk and might have fewer options when applying for credit cards or loans. If you are approved, the terms may not be as favorable.
However, credit scores can change over time based on your credit habits and behavior. For instance, some people start out with lower scores when they’re new to credit. Over time, positive actions like making payments on time and keeping balances low could contribute to a higher score.
Lenders look at your credit score as just one part of your overall financial picture, but improving your score may open up more opportunities in the future.
How credit scores are calculated
Several factors influence your credit score, including:
- Payment history: Making payments on time is one of the most significant contributors to your score.
- Credit utilization: This is how much of your available credit you’re using compared to your credit limits.
- Length of credit history: How long you’ve had credit accounts open.
- New credit: Applying for new credit cards or loans can temporarily impact your score, as they can trigger a hard credit check.
- Credit mix: The variety of different types of credit accounts you have, such as a credit card, student loan or auto loan.
If you’ve just started using credit, your score may be lower because there’s not much history yet. Or, if you’ve missed payments or used a large percentage of your available credit, that could also lower your score. Understanding these factors may help you determine where your number is coming from and what may have affected it.
What's my application eligibility with a 572 credit score?
With a 572 credit score, application eligibility for traditional credit cards may be lower. Lenders may see this score as a sign of higher risk, so it could be more difficult to qualify for loans with the competitive interest rates or credit cards with rewards or other perks. However, there are credit cards designed for people who are building or rebuilding credit.
Secured credit cards are one example. These cards typically require a cash deposit as collateral and may be available to people with lower credit scores. Note that Chase does not offer secured credit cards.
Approval is not based on your credit score alone, though. Lenders may also consider your income, employment and other factors.
How do I improve my 572 credit score?
A lower credit score doesn’t have to be permanent. Some strategies that may help improve your score over time include:
- Keeping old credit accounts open: Credit history length can be tied to your credit score and generally refers to how long you’ve had credit accounts open.
- Monitoring your credit regularly: Reviewing your credit report may reveal inaccuracies or provide insight into factors affecting your score.
- Using a budget: Managing your spending with a budget may help you avoid overspending and keep your balances low.
- Avoiding unnecessary hard credit checks: Each time you apply for credit, a hard credit check may appear on your report which could temporarily lower your score.
- Making payments on time: Payment history is an important factor when it comes to your credit score. Setting up automatic payments or calendar reminders are strategies to help you avoid missing due dates.
- Keeping your credit utilization low: Another common factor in credit scoring is credit utilization, which is the ratio of credit card balances to credit limits.
Your bank or credit union may offer tools to help you monitor your credit. For instance, Chase Credit Journey® is a free online tool for anyone 18 or older with a valid U.S. address and Social Security number, offering access to your credit score and personalized score improvement plans provided by Experian™—no Chase account required.
Working to build credit is a gradual process that often takes time and consistency.
In summary
A 572 credit score is considered poor or subprime, depending on the scoring model, but it doesn’t define your financial future. With careful financial habits, you may be able to improve your credit profile over time.
If you’re interested in tracking your score, you may want to consider using a tool like Credit Journey® as a first step.
