503 Credit Score

A 503 credit score is considered “very poor” credit, not “good” credit, and it is well below the national average credit score of 702. Such a score will make it difficult to get approved for a loan or line of credit, but not impossible. For example, roughly 1 in 10 credit card accounts are opened by someone with a credit score below 580, according to Equifax data.

Below, you can learn more about what a 503 credit score can get you and, even more importantly, how you can get a higher credit score. To that end, you can also check out your personalized credit analysis to see where you need to improve and exactly how to do it.

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How 503 Compares to the Rest of the Credit Score Range

A 503 credit score is toward the bottom of the credit score range, as the table below shows, but there is plenty of room for you to go up from there.

You can learn more by checking out WalletHub’s guide on the credit score range. It’s also important to remember that even though a 503 credit score is not in the good credit tier, you may still qualify for some credit offers.

What Does a 503 Credit Score Get You?

Note: It may be possible to qualify for an unsecured credit card, personal loan or auto loan in some cases, but the terms are unlikely to be attractive. If you apply for the average offer, you’re more likely to be rejected than approved.

Opinions are our own. This content is not provided, commissioned or endorsed by any issuer. WalletHub independently collected information for some of the cards on this page.

Credit Cards with a 503 Credit Score

The best type of credit card for a 503 credit score is a secured credit card. Secured cards give people with bad credit high approval odds and have low fees because cardholders are required to place a refundable security deposit. The amount you put down usually becomes your credit limit.

Best Credit Cards for a 503 Credit Score

Even if you don’t use it to make purchases, a credit card can help improve your score by adding positive info to your credit report on a monthly basis. A secured card won’t give you an emergency loan, though. For that, you’ll need an unsecured credit card for bad credit. Such cards aren’t ideal, as they charge high rates and fees while allowing you to borrow very little. But they might be your only option

Car Loans with a 503 Credit Score

People with credit scores below 580 receive less than 10% of all auto loans. As a result, your odds of getting approved for a decent car loan are slim. You will need to compare your options carefully and consider either placing a bigger down payment or purchasing a vehicle that’s less expensive.

Mortgages with a 503 Credit Score

Less than 5% of first mortgages go to borrowers with credit scores below 580. Working to improve your credit score before you apply will make it much easier to get approved and will save you a lot of money. For example, a credit score of 580 or higher qualifies you for a lower down payment (3.5% vs. 10%) on an FHA home loan.

Student Loans with a 503 Credit Score

Student loans are some of the easiest loans to get with a 503 credit score, seeing as nearly 25% of them are given to applicants with a credit score below 580. A new degree may also make it easier to repay the loan if it leads to more income.

Note: Borrower percentages above reflect 2025 Equifax data.

How to Improve a 503 Credit Score

1. Catch Up on Past-Due Payments

If you have not yet defaulted on a delinquent account, making up the payments you’ve missed is your best option. Having your account default will cause your credit score to fall further, possibly leading to collections, which could add to the credit damage. Each missed payment you make up will reduce your delinquency level, so you don’t have to pay the total amount due all at once. You can also explore debt management and debt settlement options.

If you have defaulted, your next steps in terms of any amounts owed will depend on whether your account is taken to collections and what your state’s statute of limitations is. As far as your credit goes, a steady dose of on-time credit card payments is the best recipe.

2. Review Your Credit Reports for Errors

Your “bad” rating may be the result, at least in part, of erroneous information on your credit reports. So check your latest credit report for things like accounts you didn’t open and on-time payments mistakenly listed as late, and dispute any inaccurate records you find.

3. Be Patient After Foreclosure/Repossession

Having a home foreclosed or other property repossessed to cover unpaid balances on underlying loans can take your credit score from excellent to bad. For example, someone with a credit score of 780 could expect to see his or her score fall to 620-640, according to FICO. And an individual with a 720 credit score would likely see that score fall to 570-590.

Repossession and foreclosure are unlikely to be the lone negative marks on your credit report, considering they come after numerous missed payments and may be accompanied by collections accounts. And all of that negative information won’t fall off your credit report for seven years. So there’s no quick fix.

Rather, you need to slowly rebuild your credit reputation by establishing a pattern of on-time payments on any loans or lines of credit you have open. You should at least have one credit card account, for the chance to add positive information to your credit reports every month.

4. Open a Secured Credit Card Account

Secured cards offer the highest approval odds of any credit card because you have to place a refundable security deposit, the amount of which becomes your spending limit. The issuer of the secured card will report account information to the major credit bureaus on a monthly basis, just like with any other credit card.

Each month your card’s issuer reports your account as being in good standing, a bit of positive information will be added to your credit reports to help cover up previous mistakes. There are two ways to ensure the information will be positive: pay the bill on time every month and don’t use the card at all. If there are no purchases to pay for, you’ll automatically receive credit for paying on time.

If your 503 credit score is the result of bankruptcy and the proceedings are ongoing, you may need to clear your new secured card with the court. Bankruptcy is the worst thing that can happen to your credit score, reducing even scores in the high 700s to the mid-500s, according to FICO. And it generally takes scores 7-10 years to fully recover. Unfortunately, there’s no way to lessen the impact. But you can speed up the process by placing a deposit on a secured credit card and locking it in a drawer, or making purchases and paying the bill on time every month.

5. Get Personalized Advice From WalletHub

The best approach to improving a 503 credit score is to check your free WalletHub account’s credit analysis page. This will tell you exactly what problem areas to focus on and how to correct them.

The credit score shown on WalletHub is based on your TransUnion credit report as well as the VantageScore 3.0 model, and it may differ from what your lender or insurer uses. WalletHub’s assessment of what constitutes limited, bad, fair, good, and excellent credit may also differ from your lender’s assessment. In addition to your credit score, lenders may consider other factors, such as your income and your debt.