597 Credit Score: Good or Bad?

Last Updated: Mar 27, 2023

  • A 597 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 597 a good credit score?

As mentioned above, a 597 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 (597-669).

With a 597 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 597 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 597 credit score?

As mentioned previously, a 597 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 597 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.

Understanding Credit Scores

A credit score of 597 falls within the fair range, meaning it's not quite good enough to qualify for the best interest rates and options. To boost your score and improve your financial future, start by paying all your bills on time and reducing debt. It's also important to dispute any errors on your credit report, as well as limit the number of inquiries made into your credit. With careful management and responsible behavior with regards to credit, you can gradually increase your score over time.

The Benefits of Maintaining a Great Credit Rating

Having a great credit rating can open up many opportunities and benefits, including lower interest rates and loan terms, better credit limits, and easier approval for credit cards and mortgages. Additionally, having a good credit score can save you money on insurance premiums and security deposits. It can even affect your ability to rent an apartment or get a job. Having a solid credit score over the course of many years can save you thousands on interest as the rates you qualify for will be much lower. 

With smart habits and responsible behavior, you can maintain an excellent credit rating and enjoy the many benefits that come with it.

Need help improving your credit score?

Can I get a mortgage/home loan with a 597 credit score?

It will be difficult to secure a mortgage with a 597 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 597 credit score?

You shouldn’t have any problems getting an auto loan with a 597 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 597 credit score?

Yes you should be able to get a personal loan with a 597 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 597 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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