593 credit score: A guide to credit scores
Quick insights
- A 593 credit score is considered fair according to FICO® and subprime according to VantageScore® scoring models.
- A credit score of 593 could result in lower approval chances or less favorable terms when applying for credit.
- To improve your credit score, it can help to learn the factors that go into credit scoring and work to optimize any areas that could use some help.
Credit scores are three-digit numbers that lenders use to assess borrowers’ creditworthiness when making lending decisions. When lenders do a hard credit check to review an applicant's credit, they pull borrowers’ credit score and report to get an idea of the overall risk they might face if they decide to lend to them.
A higher score generally indicates a lower risk for lenders and can result in higher approval chances and more favorable terms and conditions. The reverse is also true, as lower scores might result in less chances of approval and less favorable terms and conditions. So what do you need to know about a 593 credit score, how it might affect your credit approval and how can you improve it? Let’s dive in.
Understanding a 593 credit score
Credit scores typically range from 300 to 850, with higher scores indicating greater creditworthiness. A 593 credit score is considered fair according to FICO and subprime or not prime according to VantageScore.
Each scoring company breaks down their scores into categories. FICO’s score 8 ranges look like this:
- 800-850: Exceptional
- 740-799: Very good
- 670-739: Good
- 580-669: Fair
- 300-579: Poor
The VantageScore 3.0 model ranges look like this:
- 781-850: Super prime
- 661-780: Prime
- 601-660: Near prime
- 300-600: Subprime/not prime
A credit score of 593 is below the U.S. national average, which is 715, according to 2024 Experian data.
Is 593 a good credit score?
As shown above, credit scoring models do not label 593 as “good.” A 593 credit score signals to lenders that you may have had financial difficulties or limited experience managing credit. With this score, you may face higher interest rates, stricter loan terms or denial for some credit products. Improving your score can open up better financial opportunities and save you money on interest costs.
What are my chances of approval for a home loan with a 593 credit score?
Buying a home with a 593 credit score may be possible, but it may be more challenging than if you had an excellent credit score. Some lenders may require a larger down payment, charge higher interest rates or have stricter loan terms.
Whatever you decide, carefully review and compare different lenders and loan options to find your best fit for your specific circumstances. While important, credit scores are just one of several factors lenders use when approving home loans. In general, some lenders may require a larger down payment, charge higher interest rates or have stricter loan terms for mortgage applicants they may consider in the "good" range.
What are my chances of approval for an auto loan with a 593 credit score?
Buying a car may be possible with a 593 credit score, but different dealerships and lenders may use different credit scoring models and different scales to make their own loan decisions, which could impact your loan terms and approval odds. Even with a “good” credit score, you may be declined, subject to higher interest rates or need to provide a larger down payment than if you had a higher credit score. To help improve your chances for approval, it is usually beneficial to add a co-signer to the loan—if the lender allows—to share financial responsibility. All applicants should take note that while important, your credit score is just one of several factors lenders take into account when approving a loan.
How do I improve my 593 credit score
Factors contributing to a 593 credit score may include missed payments, higher credit utilization, limited credit history and more. Understanding what impacts your credit score is important to help you improve it over time.
Here are some steps you can take to start working on your credit score:
- Pay all bills on time: Payment history is a significant factor in your credit score, so continue to make your payments on time as much as possible.
- Be mindful of your credit utilization: Reduce your credit card balances and keep your credit utilization below 30%.
- Avoid applying for new credit unless necessary: Each application can temporarily lower your score.
- Review your credit report: Check your reports for errors or inaccuracies and dispute any mistakes you find.
- Keep an eye on your overall credit length: Build a longer credit history by considering keeping older accounts open and active to help demonstrate responsible credit management.
- Monitor your credit score: This helps you to track your progress and adjust your strategy as needed. A free online tool like Chase Credit Journey®, where you can receive your free VantageScore and Experian credit report, can help you do just that.
Conclusion
A 593 credit score can limit your access to better loan terms and financial products. While approval for some loans is possible, you may face higher interest rates and stricter requirements.
Understanding the factors that impact your credit score is an important step towards improvement. By adopting responsible credit habits, you may steadily raise your score.
Reaching a score of 700 or higher will help you get access to better financial opportunities. Improving your credit score is achievable and can benefit your financial future, but it takes patience and persistence to get there.
