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593 Credit Score: Is It Good Or Bad (+ Can I Fix It)?

  • A 593 credit score is considered fair and can limit access to loans and rentals.
  • Address late payments and high utilization to potentially improve your score.
  • Contact The Credit Pros for personalized assistance to better understand and manage your credit situation—act now to secure your financial future.

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A 593 credit score falls into the fair credit range. Late payments, high credit utilization, or negative marks often cause this score. This score can hold you back from getting loans, buying a car, or renting an apartment. Address these issues quickly to avoid long-lasting financial problems.

To improve your score, pay your bills consistently, keep your credit utilization under 30%, and fix any errors on your credit report. Consider using secured credit cards or becoming an authorized user on someone else's account. Following these steps can significantly boost your score.

For personalized help, call The Credit Pros. We'll have a simple, no-pressure conversation about your credit report from all three bureaus. We’ll help you understand your situation and create a plan to rebuild your score effectively. Don’t wait—take action now to secure your financial future!

On This Page:

    Why Is My Credit Score Only 593?

    Your credit score is only 593 because it falls within the fair credit range. Several factors can cause a score to be this low. Here are some common reasons:

    • Payment history: Missing payments or making late payments significantly impacts your score. You need to pay your bills on time consistently.

    • Credit utilization: High credit card balances compared to your credit limit negatively affect your score. Aim to keep your utilization below 30%.

    • Length of credit history: A short credit history or a lack of diverse accounts can hinder your score. You should work on building a longer credit history over time.

    • Negative marks: Bankruptcies, foreclosures, or accounts in collections are detrimental. These negative marks can stay on your report for several years.

    For more information on specific factors affecting your score, check our section on major factors that keep your fair credit score low. You can improve your score by following the actionable steps outlined in our section on the 5 best ways to boost a 593 credit score.

    Overall, focus on timely payments, maintain low credit utilization, and build a longer credit history to increase your score. Remember, understanding these elements empowers you to make effective changes.

    5 Best Ways To Boost A 593 Credit Score?

    To boost a 593 credit score, you can use these five effective strategies:

    • Check Your Credit Reports: Obtain your free credit reports from Experian, TransUnion, and Equifax at AnnualCreditReport.com. Review them for errors and dispute any inaccuracies you find.

    • Make Timely Payments: Ensure you pay your bills on time. Late payments can significantly lower your score. Consider setting up automatic payments or reminders to help.

    • Reduce Credit Utilization: Keep your credit utilization ratio below 30%. For example, if your credit limit is $1,000, keep your balance below $300. Pay off balances more frequently or request higher credit limits to achieve this.

    • Consider a Secured Credit Card: If you find it difficult to get approved for a regular credit card, look into secured credit cards. You pay a deposit that serves as your credit limit, helping you rebuild your credit.

    • Avoid New Hard Inquiries: Limit your applications for new credit lines. Each application can lower your score slightly, which is crucial when you're working to improve your credit standing.

    As a final point, by checking your credit reports, making timely payments, reducing credit utilization, considering secured options, and avoiding new inquiries, you can effectively raise your score and enhance your credit opportunities.

    Major Factors That Keep My Fair Credit Score Low?

    Several key factors keep your fair credit score, like 593, low. Understanding these factors can help you make improvements.

    • Payment History: This is the most crucial factor, making up 35% of your score. Late payments, especially those over 30 days, significantly harm your score. Always pay your bills on time. Consider setting up automatic payments or reminders.

    • Credit Utilization: This accounts for about 30% of your score. It measures how much credit you use compared to your total credit limit. Aim to keep your utilization below 30%. For example, with a $10,000 limit, keep your balances under $3,000.

    • Length of Credit History: This factor represents around 15% of your score. A longer credit history shows lenders your experience with credit. Keep older accounts open, even if you don’t use them, to strengthen your history.

    • New Credit: Opening multiple accounts quickly can hurt your score. Each new credit inquiry lowers your score slightly, as it may suggest higher risk.

    • Types of Credit: A mix of credit types (credit cards, loans) can improve your score. However, only open accounts as needed for variety.

    To put it simply, focus on timely payments and managing your credit utilization. These steps can improve your credit score and lead to better financial opportunities.

    How Long To Improve My 593 Credit Score 100-150 Points?

    Improving your 593 credit score by 100-150 points typically takes several months to a couple of years. It largely depends on your current financial habits and the actions you take. You can achieve faster results by focusing on specific strategies.

    • First, check your credit report for errors. If you find inaccuracies, dispute them immediately. This can boost your score quickly.

    • Next, pay down any high credit card balances. Aim to keep your credit utilization under 30%. This step is crucial for improvement.

    • Always make your payments on time. A consistent payment history is vital. Set reminders or choose automatic payments for assistance.

    • Avoid opening new credit accounts unless necessary. Each inquiry can temporarily lower your score.

    • Consider becoming an authorized user on a responsible person’s credit card. This can add their positive payment history to your report.

    Following these steps can lead to noticeable improvements within months, but reaching a 100-150 point increase may take longer based on your individual financial habits. Keep monitoring your progress. In short, regularly check your credit report, manage credit utilization, make timely payments, limit new accounts, and seek positive history to boost your score effectively.

    Inaccuracies hurting your Credit Score?
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    Can I Realistically Get A Mortgage With A 593 Credit Score?

    Yes, you can realistically get a mortgage with a 593 credit score. Your best option is an FHA loan, which requires a minimum credit score of 580. To qualify, you typically need a down payment of 3.5%. Since your score is below 580, you might need to provide a larger down payment, often around 10%, and demonstrate strong financial factors like low debt-to-income ratios and stable income.

    While lenders view a 593 credit score as subprime, it doesn’t mean securing a mortgage is impossible. You can also consider private money lenders or hard money loans. These options may offer more flexibility but usually come with higher interest rates and less favorable terms.

    Since different lenders have varying criteria, it's crucial for you to shop around and compare offers. Some lenders may approve your mortgage based on other strengths, despite a low credit score. Consider contacting several lenders to explore available options. Engaging with our FHA or subprime loan eligibility calculator can help you understand potential loan scenarios better.

    To finish, you can pursue an FHA loan with a larger down payment or explore other lenders while demonstrating strong financial health. Your journey to homeownership is achievable!

    Can I Get A Personal Loan With A 593 Credit Score?

    Yes, you can get a personal loan with a 593 credit score, but your options may be limited. Lenders typically consider a 593 score as "fair," which often leads to higher interest rates and stricter terms.

    When seeking a personal loan, focus on lenders that specialize in loans for borrowers with fair credit. Here are some options you can explore:

    • U.S. Bank: This lender offers personal loans up to $50,000, especially for those with a checking account. They don't charge origination fees and generally have lower APRs.

    • Upstart: Upstart approves borrowers with credit scores as low as 300. They use AI to evaluate applications, which might help you secure a loan despite your score. However, be aware that they tend to charge higher origination fees.

    It's essential to check your eligibility with multiple lenders to find the best rates and terms for your situation. You may also want to consider improving your credit score for better loan offers in the future. Exploring credit-builder loans can help you raise your score. Additionally, some lenders might require collateral or a co-signer, especially with a score of 593.

    In essence, you can obtain a personal loan with a 593 credit score, but be prepared for higher costs and consider improving your credit for better options in the future.

    Can I Buy Or Lease A Car With A 593 Credit Score?

    Yes, you can buy or lease a car with a 593 credit score, which many consider "fair." However, acquiring financing might prove challenging compared to those with higher scores. Here's what you should keep in mind:

    • Challenging Financing: A 593 score may lead to fewer options and higher interest rates since dealerships prefer buyers with stronger credit histories.

    • Alternative Options: Leasing is possible, but dealers might impose stricter terms, such as requiring larger down payments or charging higher monthly payments.

    • Consider Financial Factors: Dealerships assess not just your credit score but also your income, employment history, and existing debt. A stable income can enhance your financing chances.

    • Vehicle Selection: Choosing a more affordable vehicle can improve your approval odds since less expensive cars typically have lower leasing requirements.

    • Proactive Steps: Before applying, check your credit report for errors. You can also take steps to improve your score, which might help you secure better financing terms.

    To wrap up, you can buy or lease a car with a 593 credit score by considering your financing options, selecting an affordable vehicle, and checking your credit report for inaccuracies. You have the tools to find the right car, so be proactive in your approach!

    Credit Card (Secured Or Unsecured) Options With A 593 Credit Score?

    With a 593 credit score, you can access both secured and unsecured credit card options, though they may have some limitations.

    Secured credit cards require a cash deposit that serves as your credit limit, making them easier to obtain. They can help you rebuild your credit score. You can consider options like the Capital One Secured Mastercard or Discover it Secured. These cards report to credit bureaus, allowing you to improve your score over time through on-time payments.

    Your options for unsecured credit cards are more limited but still available. A good choice is the Credit One Bank Platinum Visa for Rebuilding Credit. This card offers 1% cash back on eligible purchases but has a $75 annual fee for the first year.

    To boost your credit score, keep your credit utilization low and make timely payments. If you get rejected for unsecured cards, choose a secured one to build a positive payment history.

    Regularly check your credit report for errors, as they can impact your score and access to credit. On the whole, by maintaining good habits and reviewing your credit regularly, you can enhance your credit card options in the future.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Become An Authorized User With A Fair Credit Score?

    You can become an authorized user with a fair credit score, such as 593. This can help improve your credit score by benefiting from the primary cardholder's positive payment history. If the primary cardholder has a strong track record of on-time payments, you gain from their stability.

    Be cautious, though. If the primary account holder makes late payments, that negative impact will also show on your credit report. This is a critical factor to consider before deciding to become an authorized user.

    Choose someone with a solid credit history and low credit utilization, meaning they use a small portion of their available credit. When you select wisely, being an authorized user could significantly raise your score.

    You won’t be responsible for paying off the credit card debt. However, having a card linked to someone else's account can help build your credit profile. Verify if the card issuer reports authorized user accounts to the credit bureaus.

    While this strategy can be effective, it isn’t a replacement for building your own credit history. Continue looking for ways to boost your credit score in addition to becoming an authorized user.

    Bottom line: You can become an authorized user to improve your credit score, but choose the primary cardholder carefully, monitor payments, and keep working on your own credit history.

    Which Negative Marks On My Credit Report Affect My 593 Score?

    Negative marks on your credit report that affect your credit score of 593 include late payments, collections, repossessions, and bankruptcies. These derogatory marks can significantly lower your score and impact your ability to secure credit.

    Late payments can remain on your report for about seven years, depending on their frequency and severity. Collections happen when your debts are handed over to a third-party agency, and these can linger for up to seven years as well. Repossessions, where a lender retrieves an item you purchased on credit, similarly damage your score. Bankruptcies, however, can stay on your report for up to ten years, greatly affecting your creditworthiness during that time.

    It's essential for you to check your credit report for inaccuracies or errors. If you find mistakes, dispute them with the credit bureaus to potentially improve your score. Monitoring your report frequently helps you stay in control of your financial health.

    In a nutshell, late payments, collections, repossessions, and bankruptcies significantly impact your 593 credit score. Regularly check your credit report for inaccuracies and dispute them as needed to improve your score.

    Should I Negotiate And Pay Off Debts To Improve My Fair Credit Score?

    Yes, you should negotiate and pay off debts to improve your fair credit score. Here’s how it works:

    When you negotiate debts, you often settle for less than what you owe. This lowers your credit utilization, which accounts for 30% of your score. By reducing the amount of debt, you enhance your credit utilization ratio.

    However, remember that settling debts may initially hurt your credit score. Missed payments related to the settlement can stay on your credit report for up to seven years. Yet, if settling helps you avoid further missed payments, it can minimize long-term damage.

    Paying off debts in full shows creditors that you can manage your finances and can lead to better credit scores over time. If paying off debts fully isn’t an option, negotiating still offers benefits. Always communicate with your creditors and keep them informed about your situation.

    We recommend working with a reputable nonprofit credit counseling agency instead of a for-profit debt settlement company. Nonprofits typically provide better guidance without pressuring you to stop payments, which can severely hurt your score.

    All in all, prioritize negotiations and aim to pay off debts strategically. Taking these steps thoughtfully can lead to gradual improvements in your credit score.

    Best Site To Monitor My Credit Report?

    To find the best site to monitor your credit report, you should consider Experian. It lets you check your latest credit information and understand your FICO Score. You can access your credit report for free and review updates every 30 days, helping you spot any changes that may impact your credit score.

    Another great option is Equifax. They provide basic credit monitoring services and alerts that keep you informed about your credit report. You can easily lock your Equifax credit report with their tools to prevent unauthorized access.

    If you seek a totally free option, visit AnnualCreditReport.com. This site allows you to access your credit report from the three major bureaus-Equifax, Experian, and TransUnion-once a year at no cost.

    For ongoing monitoring, check out CreditMantri. They offer a free credit score check and monthly updates, which are beneficial for tracking your credit health.

    The gist of it is that you have multiple excellent options to monitor your credit report. We recommend using Experian or Equifax for comprehensive monitoring, or AnnualCreditReport.com for a free yearly check. By staying proactive about your credit health, you can take steps to improve your score and maintain financial well-being.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Consider A Credit Builder Loan W/ Fair Credit?

    Yes, you should consider a credit builder loan if you have fair credit. These loans help individuals like you improve their credit score, even with a limited credit history. Typically offered by smaller banks and credit unions, they range from $300 to $1,000, with terms between 6 and 24 months.

    When you take out a credit builder loan, the lender places the loan amount in a savings account. You won't access those funds until you've paid back the loan in installments. This repayment builds your credit. On-time payments get reported to major credit bureaus, such as Equifax, Experian, or TransUnion, helping to increase your credit score over time.

    You don’t need excellent credit for approval, but you must show enough income to handle monthly payments. If your current score is around 593, this loan can boost it, making it easier for you to qualify for better loan terms in the future.

    Remember, if you miss payments or default, it could hurt your credit situation. To get started, research local banks or credit unions for credit builder loans. Assess their terms and any associated fees before applying.

    Is A 593 Credit Score Different Between Fico And Vantage?

    Yes, a 593 credit score can be different between FICO and VantageScore. These scoring models use different criteria to calculate your score, which can result in variations depending on the model used.

    FICO scores range from 300 to 850, just like VantageScores. However, each model weighs factors such as payment history, credit utilization, and account types differently. This means your score could be higher or lower based on how each model interprets your credit history.

    Most lenders rely on FICO scores for major credit decisions, while VantageScore is becoming more common but is still less widely used. For instance, if you have a 593 score in FICO, your VantageScore might differ due to the unique calculation methods of each model.

    At the end of the day, it’s wise to check both your FICO and VantageScore. Understanding the differences helps you make informed decisions about your credit and financial future.

    Does A 593 Credit Score Affect My Chances Of Renting An Apartment?

    Yes, a 593 credit score can affect your chances of renting an apartment. Credit scores range from 300 to 850, with higher scores indicating better credit health. Your score of 593 falls into the fair credit range, making it challenging to secure rental approval since most landlords prefer scores of at least 670.

    While a low score doesn't automatically disqualify you, it may make you a less desirable candidate. Landlords often review your credit history too. If your report shows timely payments and no major negatives, your chances of renting improve. You can also strengthen your application by:

    • Presenting proof of steady income
    • Offering a larger security deposit
    • Explaining any past credit issues

    Remember, rental requirements can differ significantly based on location and property type. In competitive markets, stricter criteria apply, while less competitive areas may be more flexible. It's beneficial to ask potential landlords about their specific requirements.

    Lastly, if you're looking to improve your credit score, consider exploring strategies tailored for boosting a 593 credit score. This proactive approach can help you become a more appealing candidate for your desired apartment.

    Can A Credit Repair Company Actually Boost My 'Fair' Score

    Yes, a credit repair company can boost your fair credit score. These companies specialize in spotting and disputing negative items on your credit report that may be incorrect or unjust. If you have errors or duplicate accounts lowering your score, a trustworthy credit repair service can help you manage these disputes.

    Here’s how they work:

    • They review your credit report from all three bureaus to find harmful errors.
    • They file disputes on your behalf with supporting documentation.
    • They negotiate with creditors to remove negative items when possible.

    Remember, while these companies can assist you, they can't do anything you can't do yourself. Some firms may not adhere to legal standards, so be sure to choose a reliable service.

    If you want to enhance your score, consider checking out resources like "5 best ways to boost a 593 credit score" or "major factors that keep my fair credit score low." Both can provide valuable insights on improving your credit.

    Finally, a credit repair company can help you dispute inaccuracies and negotiate with creditors, but always ensure you do your research to find a reputable service.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

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