Is a 579 credit score bad?

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A 579 credit score places you in the “poor” classification in Canada, making borrowing tricky due to possible loan rejections and high interest rates. With the national average around 650, this score can limit mortgage, car loan, rental, and job opportunities. Improving your score could open up better financial options. Reach out via phone, text, or live chat if you have any questions. Not all trustees can be trusted.

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579 Credit Score Bad Question

Is a 579 credit score bad? A score of 579 sounds low to me, but I’m not sure where it stands. Is this generally regarded as bad, and what are the repercussions?

From: Anonymous Question
Location: Victoria, British Columbia (BC)
Category: credit rebuilding

579 Credit Score Bad Answer

In Canada, a credit score of 579 sits on the lower end of the spectrum, nestled in the 300-579 range according to Equifax, and just a whisper below 580 with TransUnion. Being just a hair’s breadth away from the fair credit threshold means folks with this score might face a bit of a bumpy ride when it comes to borrowing. You may encounter some roadblocks, like rejections or eye-watering interest rates when seeking loans or credit. With the national average hanging around 650, a score of 579 is indeed a bit shy of the mark, potentially narrowing your choices for things like mortgages or car loans. It might even throw a wrench in your plans for snagging the perfect rental or landing a job that checks your credit score.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

A credit score of 579 is generally regarded as poor. Most credit scoring models categorize scores below 600 as subprime, indicating higher risk to lenders. With a score in this range, you may face challenges in obtaining credit, and if approved, you will likely encounter higher interest rates and less favorable terms. This can significantly impact your ability to secure loans, mortgages, or even rental agreements. For specific repercussions regarding lending policies and credit evaluations in Canada, refer to the relevant statutes and regulations outlined in the Bankruptcy and Insolvency Act and its associated regulations, though they do not specifically address credit scores directly.

From: OSB Helper

Related Questions to If A 579 Credit Score Is Bad

Here are the top 5 most frequently asked questions related to a 579 credit score, tailored for the Canadian context:

1. What does a 579 credit score mean?

A 579 credit score is considered very poor and is significantly below the average credit score.

2. How can I improve a 579 credit score?

Improving a 579 credit score involves addressing credit missteps, paying off debts, reducing credit utilization, and avoiding late payments.

3. What are the consequences of having a 579 credit score?

Having a 579 credit score can result in higher interest rates, extra fees, security deposits for utilities and services, and reduced access to credit.

4. Can I get a loan or credit card with a 579 credit score?

It is unlikely to get approved for most loans or credit cards with a 579 credit score, but there are still some lending options available with additional restrictions.

5. How long does it take to recover from a 579 credit score?

Recovering from a 579 credit score can take several months to years, depending on the severity of past credit missteps and the effectiveness of credit improvement strategies.

If you have a question about debt see our debt questions or ask your own debt related question.

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