A credit score of 570 is commonly considered poor. You’ll have a difficult time qualifying for any sort of loan that requires a credit check. If you’re approved for an account, it’s likely to have a very high interest rate. The FICO Scores range from 300 to 850, with anything below 580 being branded as poor.
Is 570 a Good Credit Score for a Mortgage?
570 is a terrible credit score for mortgages. In this table, you’ll see that FICO doesn’t provide a credit score interest rate for credit scores below 620!
Mortgage Rates by Credit Score
| FICO Score | APR | Monthly Payment | Total Interest Paid |
| 760-850 | 4.786% | $2,252 | $380,873 |
| 700-759 | 5.008% | $2,310 | $401,757 |
| 680-699 | 5.185% | $2,357 | $418,590 |
| 660-679 | 5.399% | $2,414 | $439,153 |
| 640-659 | 5.829% | $2,531 | $481,154 |
| 620-639 | 6.375% | $2,683 | $535,751 |
From the MyFICO Loan Savings Calculator for a 30-year fixed loan of a $430,000 home, 5/14/22
If you have a credit score of 570 or below, an FHA loan is your best bet for obtaining a mortgage. A Federal Housing Administration (FHA) lender may consider loans with credit scores as low as 500 provided that you make a down payment of at least 10%.
If you can’t afford to put down 10% for a home loan, you’ll need a credit score of 580 or higher. You might be able to reach that score in a few months if you put out some effort.
If you have a terrible credit history, but your mortgage lender decides to approve your application anyway, you’ll most likely get the highest possible interest rate. Because mortgages have such large principal amounts, consider postponing your application until your credit improves.
Is 570 a Good Credit Score for an Auto Loan?
A credit score of less than 600 does not indicate a good credit score for an auto loan. A 570 credit score allows you to get an auto loan, but the interest rat