A 593 credit score may feel limiting, but there are ways to improve it and expand your financial opportunities. While this score falls into the “poor” range, you can still qualify for credit cards, loans, and even housing with the right strategies. This guide breaks down actionable steps to repair and boost your credit, from reducing debt and disputing errors to securing better lending terms. Discover how long it takes to see improvements and what credit options are available to you.
If you have a 593 credit score, you’re likely facing limited lending options. While this credit score falls in the poor credit range, there are still opportunities available to secure credit cards, loans, and even housing. Understanding the lending landscape and knowing how to improve your credit can make a significant difference in your financial future. In this article, we’ll explore your options with a 593 credit score, ways to improve or repair your credit file, and strategies for boosting your credit over time.
Improving, repairing, or boosting your credit requires a strategic approach that addresses both your credit behavior and any negative factors on your credit report. Here are effective ways to take action:
Check for Errors: Request your free credit reports from the three major credit bureaus (Experian, Equifax, TransUnion) through AnnualCreditReport.com. Look for any inaccuracies or outdated information (e.g., incorrect late payments or accounts you don’t recognize) listed on your credit file.
Dispute Inaccuracies: If you find mistakes on your credit file, dispute them directly with the credit bureaus to have them corrected. This could improve your credit score.
Set Up Payment Reminders: Missed payments can significantly hurt your credit history. Consistently paying on time is one of the most important steps you can take to boost your credit.
Use Autopay: Set up automatic payments for bills to avoid late or missed payments.
Pay Down Debt: Aim to keep your credit utilization rate below 30%. This is the ratio of your balance relative to your available limit. For example, if you have a $5,000 credit limit and you owe $1,500, your utilization is 30%.
Request a Credit Limit Increase: If you can’t reduce your debt right away, consider asking your credit card issuer to increase your limit. This can help lower your utilization ratio.
Open New Credit Accounts: If you don’t have much credit history, consider opening new credit accounts. A secured credit card like OpenSky or a credit builder loan like Kovo may be a good start!
Consider Becoming an Authorized User: Request a trusted family member with a strong credit history to add you as an authorized user on their credit card account. You’ll benefit from their positive payment history without being responsible for the bill.
Focus on High-Interest Debt First: Paying off high-interest debt can relieve financial pressure and improve your credit. Consider using the debt avalanche method (paying off high-interest debt first) or the debt snowball method (paying off the smallest balances first).
Consider Debt Consolidation: If you have multiple credit card balances, consolidating your debt into a single loan with a lower interest rate can help simplify payments and reduce interest costs.
Minimize Hard Inquiries: Applying for credit triggers a hard inquiry on your report, which may cause a slight dip in your credit score. Avoid opening too many accounts in a short time.
Negotiate Settlements: If you have accounts in collections, you may be able to negotiate with the creditor to settle the debt for less than owed. Ensure that the settlement is reported as “paid” or “settled” on your credit report.
Track Progress: Credit monitoring services, like Dovly, can help you keep an eye on your credit, track changes, alert you to any potential issues and submit disputes to the credit bureaus. Monitoring also allows you to address problems quickly if they arise.
Credit Counseling: Non-profit credit counseling agencies can help you understand your credit situation and provide strategies for managing debt.
Credit Repair Services: If negative items on your report are not being resolved or if you need assistance navigating complex credit issues, consider working with a credit repair company (like Dovly) that can help automate and streamline the process.
If you need to boost your credit score to reach fair credit quickly, here are some strategies to consider:
Pay off credit cards to improve your credit utilization ratio.
Request a credit limit increase to improve utilization.
Ask for a goodwill deletion: If you have a late payment that was an isolated incident, you can request that the creditor remove the late mark as a goodwill gesture.
Building credit takes time, but consistent, positive changes will reflect on your credit score and financial health. Fair credit is within reach and good credit is possible!
Improving a 593 credit score depends on factors like the severity of negative marks and your actions. Here’s a quick breakdown:
Actions to Take:
Timeframes for Improvement:
A 593 credit score is classified as “poor” by most scoring models, which means that while your financial options may be limited, there are still possibilities available.
Credit unions often have more lenient approval criteria than traditional banks, especially for individuals with lower credit scores. They tend to focus on building relationships with their members and may offer more flexible terms, lower fees, and personalized consideration of your financial situation. However, approval still depends on the specific credit union’s policies and your financial profile.
Here’s what you can expect in different categories:
With a 593 credit score, your options for credit cards are generally limited, but you can still qualify for certain types. Secured credit cards are a good option for rebuilding your credit. These cards require a deposit as collateral, which serves as your credit limit. Using them responsibly by making on-time payments can help improve your credit score.
When it comes to loans, approval is possible but comes with challenges. For personal loans, some lenders may approve you despite your 593 credit score, but you’ll likely face high-interest rates, meaning borrowing will be more expensive. Similarly, car loans are still achievable, but expect higher interest rates. Always be sure to shop around before securing a car loan. A larger down payment can help reduce some of the financial strain.
When renting with a 593 credit score, landlords may ask for a higher deposit or a co-signer to mitigate the perceived risk. If you’re thinking about buying a home, qualifying for a traditional mortgage loan will be challenging. However, FHA loans may be an option for those with credit scores as low as 580, provided you meet additional criteria like a 3.5% down payment. This could be a good alternative if you’re ready to purchase a home but have a lower credit score.
Credit scores are calculated based on several key factors that reflect your financial behavior. Here’s a breakdown of the five main components:
Payment History (35%)
Credit Utilization (30%)
Length of Credit History (15%)
Credit Mix (10%)
New Credit (10%)
It is important to note that these factors may vary depending on the credit scoring models being used.
Credit score ranges vary depending on the scoring model, but here’s a general breakdown for FICO and VantageScore:
FICO Score Range | VantageScore Range |
---|---|
300–579 Poor | 300–499 Very Poor |
580–669 Fair | 500–600 Poor |
670–739 Good | 601–660 Fair |
740–799 Very Good | 661–780 Good |
800–850 Exceptional | 781–850 Excellent |
The average credit score in the U.S. is around 714 according to FICO. This credit score is considered good credit, meaning many consumers have access to credit with favorable terms.
The average credit score is typically around 680 according to VantageScore. This credit score is considered fair credit and still provides access to some credit options, although rates may be higher compared to those with better credit scores.
Here are some myths and their realities:
Myth 1: “You Can’t Improve a Low Credit Score.”
Reality: A 593 credit score can improve with consistent effort (on-time payments, reducing debt, etc.).
Myth 2: “Credit Repair Companies Fix Your Credit Overnight.”
Reality: Credit repair is a long-term process. No one can remove accurate negative marks instantly.
Myth 3: “Late Payments Stay Forever.”
Reality: Late payments stay on your report for 7 years, but their impact fades over time with positive behavior.
Myth 4: “Credit Score Only Affects Loan Approvals.”
Reality: A low credit score can affect insurance premiums, rental applications, utility deposits, and even job prospects.
Myth 5: “You Need a Credit Card to Build Your Credit.”
Reality: There are other ways to build credit, like secured loans or becoming an authorized user.
Myth 6: “Paying Off Old Debts Will Automatically Boost Your Credit.”
Reality: Paying off old debts might not immediately boost your credit score, especially if the debt is very old or charged off.
Improving a 593 credit score may take time, but with consistent effort, it’s possible to open doors to better lending options and financial opportunities. By reviewing your credit reports, paying down debt, and monitoring your progress, you can see meaningful improvements. For a more hands-off approach, consider enrolling in Dovly AI’s automated credit repair services. Our platform makes it easier to monitor your credit, dispute errors, and stay on track toward achieving your financial goals. Start today and take control of your credit journey with Dovly AI!