A FICO score of 580 is considered a “fair” credit score. FICO Scores range from 300 to 850 and a score range between 580 to 669 is considered “fair”. Generally speaking, a 580 score is going to limit what you can do with your credit.
580 is a “fair” credit score because this is just right above the range that is commonly considered “poor”, which is a score of 300 to 579. If you have a 580 score, then your credit report is just right on the border of where it is considered “fair” and “poor”. If you’d like to see some statistics, check out our Credit Score Statistics article on this.
Is 580 a Good Credit Score for a Mortgage?
No, 580 is not a good enough credit score for getting a mortgage. If you have a score of 580, an FHA loan is your best bet for obtaining a mortgage.
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
580 is the score you would need in order to not have to put down a 10% down payment for a home loan. Any lower though, and you would need that much in order to qualify for the home loan.
Credit scores can change very easily based on a few factors that we will talk about later. So it would be wise to invest some time and effort into raising your credit score more so that you do not fall into the “poor” range while in the process of qualifying for a home, for example.
Also keep in mind that the higher your credit score, the better interest rates you will get.
Is 580 a Good Credit Score for an Auto Loan?
Most auto