594 Credit Score: Good or Bad?

Last Updated: Apr 05, 2023

  • A 594 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 594 a good credit score?

As mentioned above, a 594 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 (594-669).

With a 594 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 594 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 594 credit score?

As mentioned previously, a 594 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 594 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.

Demystifying Credit Scores and What They Mean for You

When it comes to your finances, your credit score plays a major role in your ability to secure loans, credit cards, and other financial products. A credit score is a number that summarizes your creditworthiness and risk level to lenders. Understanding your credit score and what factors impact it can help you make smarter financial decisions.

Your credit score is calculated based on several factors, including your payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. The most commonly used credit score model is the FICO score, which ranges from 300 to 850. Scores below 600 are considered to be low, so 594 is not a great score if you want to qualify for loans, credit, and other financial products. There are steps you can take to make improvements to your score, and 594 is close to reaching fair and good standing.

The Benefits of Maintaining a Stellar Credit Rating

Keeping an excellent credit rating can bring various incentives beyond being eligible for loans. A high credit score may also save money on insurance premiums, get users lower interest rates on their cards and also give them a better chance of getting employed or renting properties.

Having a good credit rating indicates that one is responsible with finances and can manage money properly; this results in increased trust in the borrower's ability to pay bills and debt in full, timely.

By consistently paying bills on time, maintaining low credit utilization and constantly monitoring the credit report for any errors or discrepancies, one should be able to build and sustain a great credit score. This will not only help set up someone for financial success but also open up opportunities that would have remained closed for those with low scores.

Need help improving your credit score?

Can I get a mortgage/home loan with a 594 credit score?

It will be difficult to secure a mortgage with a 594 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 594 credit score?

You shouldn’t have any problems getting an auto loan with a 594 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 594 credit score?

Yes you should be able to get a personal loan with a 594 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 594 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?

Take Your Financial Future Back Into Your Own Hands

Speak with a live credit specialist for your free consultation, now