592 Credit Score: Good or Bad?

Last Updated: Apr 05, 2023

  • A 592 credit score is considered "Fair"
  • Having a “Fair” credit score can cost you 1000s of dollars in extra interest over the lifetime of your loans
  • Call us today to find out how you can repair your credit (fast)!

Is 592 a good credit score?

As mentioned above, a 592 FICO® Score is considered “Fair”. This is typically a result of situations such as:

  • You’ve had payment problems (late payments, missed payments, etc)        
  • Accounts have been charged off & sent to collections        
  • Sometimes even foreclosures & bankruptcies

Approximately 17% of all consumers in America have FICO® Scores in the “Fair” range (592-669).

With a 592 FICO® Score, you’ll mostly be dealing with “subprime” lenders. Which means you’ll be charged relatively high interest rates & fees.

How to improve a 592 credit score

To improve your credit score, you need to focus on fixing the underlying factors.

  • Always make your minimum payments, and ensure they’re paid on time        
  • Keep your credit card balances as low as possible (also known as a low utilization rate)        
  • Build your credit file by making sure the accounts you do open, get reported to the 3 major credit bureaus (Equifax, Experian & Transunion)        
  • Only apply for credit when necessary, this keeps your hard inquiries at a minimum

Not sure where to start? A dedicated credit repair agency, like us, can work with you to ensure you’re maximizing all avenues when it comes to improving your score.

What can you do with a 592 credit score?

As mentioned previously, a 592 credit score is considered “Fair”. So your lending options are going to be somewhat limited. You’ll mostly get lending through subprime lenders.

Subprime lenders will charge higher interest rates & fees, as they’re taking on “higher risk” clients.

What kind of interest rate can you get with a 592 credit score?

It will typically only be subprime lenders that will approve your applications, and this comes with higher interest rates & fees.

These higher interest rates can cost you thousands of dollars in added interest over the lifetime of your loans, in comparison to if you had a “Good” credit score.

We highly recommend you take the necessary steps towards repairing your credit, and securing a better financial future for yourself, before applying for loans.

Decoding Credit Scores for You

Your credit score is a significant element of your financial well-being. This score illustrates your credit worthiness and impacts whether you qualify for loans or credit cards. A 592 score is labeled as "fair", but it can still be increased. Credit scores are determined based on the history of your credit, encompassing payment history, utilization rate, length of credit history, types of credit accounts and new credit. By understanding these factors, you will have a better grasp of how your score is calculated and how you can raise it. Additionally, taking the time to regularly inspect your credit report for mistakes or inaccuracies could help increase the figure.

The Benefits of Maintaining a Strong Credit Rating

A great credit rating has many advantages. A good score can get you approved for loans, credit cards, and even lower interest rates. These benefits result in saving money on interest and other fees, as well as making higher quality financing options accessible. Moreover, it may simplify renting an apartment, obtaining a mortgage or getting hired for your dream job. To enjoy these rewards, keep up a good credit score by settling bills promptly, setting the utilization rate of your credit at low levels and avoiding too many newly-opened accounts. With commitment and self-discipline, you will be able to benefit from having a stellar credit rating.

Need help improving your credit score?

Can I get a mortgage/home loan with a 592 credit score?

It will be difficult to secure a mortgage with a 592 credit score, but it is definitely possible.

It will be expensive (higher interest rates & fees), and can cost you 10s of thousands of dollars in extra interest over the lifetime of your loan.

Instead, we recommend focussing on improving your credit score, to at least 670-739 (which is considered “Good”). Once you’ve increased your score, you’ll be in a much better place to apply for a mortgage & most importantly, you’ll save yourself a ton of money on interest payments.

Can I get a car loan with a 592 credit score?

You shouldn’t have any problems getting an auto loan with a 592 credit score. But do expect to pay more for the loan than what you would with a “Good” credit score (between 670-739).

You will still be considered higher risk by the lender and subsequently be charged higher rates, so you might consider increasing your credit score before getting an auto loan.

Can I get a personal loan with a 592 credit score?

Yes you should be able to get a personal loan with a 592 credit score. It may take a little bit of searching around for the right lender, but it is possible.

Bottom Line

Let’s face it, a 592 credit score is OK, but can be better. Applying for any forms of lending is slightly difficult, and you’ll pay higher interest rates & fees.

The best course of action (by far), is to improve your credit score first before you apply for loans. Not only will it open more doors for you, it will also save you a ton of money in the long run (due to lower interest rates).

Need help improving your credit score?

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