Who Has a 583 Credit Score?

While age isn't a direct factor in credit score calculations, there is a clear trend of scores improving over time. As people get older, they generally have longer credit histories and more opportunities to demonstrate financial responsibility. Here’s a look at the average credit scores by generation, based on 2023 Experian data:

• Ages 18-26 (Generation Z): 680
• Ages 27-42 (Millennials): 690
• Ages 43-58 (Generation X): 709
• Ages 59-77 (Baby Boomers): 745
• Ages 78+ (Silent Generation): 760

Credit Cards With a 583 Credit Score

A credit score of 583 falls into the "fair" credit range, which can present some hurdles when applying for a new credit card. Lenders often view scores in this range as a higher risk, meaning you may find it more difficult to get approved for premium rewards cards or those with the most favorable terms. While approval isn't out of reach, you'll likely have more success with cards specifically designed for building credit, such as secured credit cards.

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Kudos can help you navigate the crowded credit card market with its Explore Tool, which uses a personalized quiz to understand your financial goals and preferences. The tool then sifts through nearly 3,000 cards to recommend options that align with your needs, helping you find the best fit for your specific credit situation.

Auto Loans and a 583 Credit Score

A 583 credit score places you in the subprime category, which can make securing an auto loan more challenging. Lenders will likely view you as a higher-risk borrower, resulting in significantly higher interest rates than those offered to individuals with better credit.

According to a 2025 analysis of auto loan interest rates, here is how the averages break down across different credit score brackets:

• Super-prime (781-850): 5.25% for new cars, 7.13% for used cars
• Prime (661-780): 6.87% for new cars, 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars, 13.92% for used cars
• Subprime (501-600): 13.18% for new cars, 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars, 21.55% for used cars

Mortgages at a 583 Credit Score

A 583 credit score places you just above the minimum threshold for an FHA loan, which will likely be your primary mortgage option. According to home loan guidelines, FHA financing allows for scores of 580 and above with a 3.5% down payment. This score, however, generally won't qualify you for a conventional loan, as most lenders require a score of at least 620.

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Your credit score will directly impact the loan's terms. A 583 score is considered higher risk, which translates to higher interest rates and more expensive mortgage insurance premiums. This increases both your monthly payment and the total cost of the loan over time. Lenders will also likely apply stricter underwriting to your application.

What's in a Credit Score?

Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but the number is generally derived from a few key factors in your financial history.

• Your payment history is the most significant factor, reflecting whether you pay your bills on time.
• Credit utilization measures how much of your available credit you are currently using.
• The length of your credit history considers the age of your oldest and newest accounts, as well as the average age of all your accounts.
• Your credit mix looks at the different types of credit you have, such as credit cards, mortgages, and installment loans.
• New credit inquiries and recently opened accounts can also temporarily impact your score.

How to Improve Your 583 Credit Score

Your credit score plays a crucial role in your financial life, but a low score isn't a permanent setback. With consistent effort, it is always possible to improve your creditworthiness using proven methods and see meaningful changes.

• Monitor your credit reports. A 583 score could be dragged down by undetected errors, and regularly checking your reports allows you to dispute inaccuracies. This also helps you track your progress as you build healthier credit habits.
• Establish automatic bill payments. Since payment history is the largest factor in your score, setting up automatic payments is a simple way to prevent late payments that could further damage your credit. This helps you build a positive payment track record over time.
• Reduce your credit utilization ratio. High balances often contribute to lower scores, so keeping your utilization below 30% is critical. Paying down debt is the most direct way to improve this ratio and give your score a significant boost.
• Apply for a secured credit card. For those with a 583 score, getting approved for traditional credit can be difficult, making a secured card an excellent rebuilding tool. It allows you to establish a positive payment history, as your responsible use is reported to the credit bureaus.

Using a smart wallet like Kudos can help you find the right credit-building cards and optimize your spending as you work to improve your score.