How Bad Is a 594 Credit Score? Understanding Your Credit Rating

Introduction

Your credit score is an important number that affects your financial life. It helps lenders decide if they should approve you for loans, credit cards, or even a mortgage. A 594 credit score falls in the fair to poor range, which means it can make borrowing money more difficult and expensive.

But how bad is a 594 credit score really? Can you still get a loan or a credit card? And most importantly, what can you do to improve it?

In this blog, we’ll break down what a 594 credit score means, how it impacts your finances, and simple steps to raise your score over time.

What Does a 594 Credit Score Mean?

Credit scores range from 300 to 850, with higher numbers being better. A 594 credit score falls into the fair to poor category, depending on the scoring model.

Here’s how it compares:

Excellent (750-850): Easy loan approvals and low interest rates.

Good (700-749): Good chances of approval with decent interest rates.

Fair (650-699): Some lenders approve, but interest rates may be higher.

Poor (580-649): Harder to get approved, and loans have high interest rates.

Very Poor (300-579): Most lenders will not approve credit applications.

With a 594 credit score, you may struggle to qualify for traditional loans or credit cards. If approved, you might face higher interest rates, lower credit limits, or additional security deposits for things like rentals or utilities. The good news? Your score isn’t permanent—it can improve with the right financial habits.

How a 594 Credit Score Affects You

Having a 594 credit score can make some financial tasks more difficult. Here’s how it can impact your life:

1. Getting Loans and Credit Cards

Many lenders see this score as risky, so loan approvals are harder.

If approved, expect higher interest rates and lower credit limits.

You may need a secured credit card or a co-signer to qualify.

2. Car Loans and Mortgages

You can get a car loan or mortgage, but the interest rates will be high.

Some lenders may require a larger down payment.

Monthly payments will be more expensive compared to someone with a higher score.

3. Renting an Apartment

Landlords may check your credit and ask for a larger security deposit.

Some may deny your application based on a low score.

4. Utility and Phone Bills

Utility companies (electricity, internet, etc.) might require a deposit before starting service.

You might not qualify for phone financing plans, meaning you’ll have to pay upfront.

5. Job and Insurance Rates

Some employers check credit scores, especially for jobs in finance.

Car insurance companies may charge higher premiums for low credit scores.

The Bottom Line

A 594 credit score isn’t the worst, but it does make life more expensive and limits your financial options. The good news? You can improve it with the right steps!

Why Is Your Credit Score 594? Common Factors

Your credit score is based on different factors, and a 594 score usually means there are some issues affecting it. Here are the most common reasons:

1. Late or Missed Payments

Payment history is the biggest part of your credit score.

Even one missed or late payment can lower your score.

2. High Credit Card Balances

Using too much of your credit limit (over 30% of your available credit) can hurt your score.

Keeping your balances low shows lenders you manage credit well.

3. Short Credit History

If you haven’t had credit for long, your score may be lower.

A longer history of responsible credit use helps improve it.

4. Too Many Credit Applications

Each time you apply for a loan or credit card, a hard inquiry is made.

Too many applications in a short time can lower your score.

5. Negative Marks on Your Credit Report

Things like collections, charge-offs, bankruptcies, or foreclosures stay on your report for years.

These significantly impact your score and make lenders cautious.

The Good News

Once you understand what’s affecting your 594 credit score, you can start fixing it. Making on-time payments, reducing debt, and checking your credit report for errors can help boost your score over time!

Can You Improve a 594 Credit Score? Steps to Take

Yes! A 594 credit score isn’t great, but you can improve it with the right steps. Here’s how:

1. Pay Your Bills on Time

Late or missed payments hurt your score the most.

Set up auto-pay or reminders to never miss a due date.

2. Lower Your Credit Card Balances

Try to use less than 30% of your credit limit.

Paying down debt can quickly boost your score.

3. Avoid Applying for Too Much Credit at Once

Every time you apply for a loan or credit card, it can lower your score.

Only apply when necessary to avoid too many hard inquiries.

4. Use a Secured Credit Card or Credit-Builder Loan

If you struggle to get approved for credit, try a secured card (you put down a deposit).

A credit-builder loan helps you save money while improving your score.

The Bottom Line

A 594 credit score isn’t permanent—by following these steps, you can start seeing improvements in just a few months. Small changes can make a big difference!

Conclusion

A 594 credit score is not the best, but it’s also not the worst. It can make getting loans, credit cards, and even renting an apartment more difficult. However, the good news is that your credit score can improve with the right steps.