Below 580 is a high-risk credit score. Although more difficult, you may still be able get a credit card but will likely be required to give a security deposit and be hit with high interest and fees.
You can forget about most home loans and the majority of new car loans at this score. Below 580 is no place to be. You will pay much, much more for your credit transactions. You may even pay more for your insurance rates. A very low score can even prevent you from getting a job with many companies.
If you are financing or looking to finance a car, having poor credit can mean higher down payments and over 200% higher interest rate.