Yes, a 500 credit score is considered bad. In general, scores range from 300 to 850, with anything below 600 falling into the “fair” or “bad” range. A 500 score means you’ll likely have trouble qualifying for many financial products, or you may be offered much higher interest rates and fees.
The good news is that your credit score isn’t permanent. There are steps you can take to improve it over time, such as making on-time payments on any debts you have and keeping your credit card balances low.