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Credit Score of 570: Credit Cards & Car Loans?

credit score of 570

If you have a credit score of 570, you’ve got some work to do on your credit. In general, scores below 619 are considered poor. With a credit score of 570, you’re likely to receive the worst interest rates on credit cards and car loans. This means you can pay thousands upon thousands more dollars in interest over time than someone with a good or excellent credit score.

If you’re wondering how having a credit score of 570 will affect your ability to get car loans and credit cards, here’s what you should know.

Getting Credit Cards With a Credit Score of 570

Getting credit cards can be tricky when you have a credit score of 570. Typically, you won’t qualify for an unsecured credit card. However, you can put down a deposit to open up a secured credit card. Secured credit cards require you to put down a certain amount of money to be able to open the credit card.

Even though you’ll be able to get a credit card, it won’t come cheap. Because of your poor credit score, you’ll likely have an interest rate higher than 10 percent. If you have a credit card balance of $5,000, you could end up paying $3,000 more dollars in interest than someone with a credit score greater than 700 with the same balance.

Getting Car Loans With a Credit Score of 570

If you’re looking to get a car loan with a credit score of 570, get ready to pay big bucks in interest. You’ll likely be approved for a car loan. But, it will have a significantly higher interest rate than someone with a credit score even just 80 points higher than yours.

Since you’ll be paying more interest on your car loan, be sure to choose a car that you can afford. There’s a difference between being able to pay for something and being able to truly afford something. When you’re looking into what car to buy, keep the maintenance costs and car insurance costs in mind. By doing so, you’ll be able to make a better decision about what car you can truly afford.

There’s Hope: How To Boost Your Credit Score

You don’t have to settle for having poor credit. You can take steps today to improve your credit score, saving yourself thousands of dollars in the long run.

One thing you can do today is reach out to USA Credit Repair. Our credit repair specialists would love to answer any questions you may have about your credit score. With over 10 years of experience, USA Credit Repair can work with you to improve your credit. We’ll help you remove any inaccurate marks on your credit report so you can have a better financial future.

When you work with us, we’ll create a customized action plan for you to repair your credit that fits into your budget. You can expect to see your credit score increase by at least 90 points in the first 90 days! Contact us today to take control and get on the path to financial freedom.