What does a 450 credit score mean

450 credit score is significantly lower than the average credit score of 715 and is considered poor. Many lenders are wary of applicants with poor credit scores though some do offer solutions.

You can find personal loans and cards even with a very low credit score. Now, the terms of bad credit loans you get will be far from ideal. To secure favorable loan terms, you’ll need to move into the good credit score ranges.

Let’s go over how you can raise your rating and what financial products are available for a 450 credit score.

450 credit score personal loans

Loans for a 450 credit score are few and far between. Most financial institutions want applicants with a FICO score of 670 or more. If you do find a lender willing to work with you, they will likely subject you to higher interest rates and extra fees.

Most loans will have short repayment periods of a few weeks to 12 months. The short repayment period, coupled with the high APRs (annual percentage rate), makes them difficult to repay.

Before you take out any loan, calculate the total cost and have a repayment plan in place. Otherwise, you may find yourself more in debt.

What lenders approve applicants with low credit scores?

It is difficult to say which 450 credit score personal loan direct lender is the easiest to get a loan from. The ease of obtaining a personal loan depends on various factors, including the lender and loan type. Most lenders will consider other factors besides credit scores. They may look at your employment history, income, and debt-to-income ratio. Before you sign any loan, prequalify and compare offers.

Online loan marketplaces let you submit one application and connect you with multiple direct lenders within their network who offer loans for your credit profile. Compare your offers to find one with flexible terms and competitive interest rates. Then, apply directly with the lender who offers you the best deal.

Can I get a loan with a 450 credit score?

You can secure a loan, but most likely not from a bank. Most banks require applicants to have a minimum credit score of 670. That said, if you have an established relationship with a community bank or credit union, you may be able to obtain a loan.

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What loan is the easiest to get?

The easiest loans to get are payday loans. Payday lenders to not conduct a hard inquiry as they are more interested in your paycheck than your credit history. While these loans are very easy to get, they should be avoided due to the exceptionally high interest rates and very short repayment periods. Put the two together and it’s very easy to fall into a cycle of debt.

Is 450 a good credit score?

No, 450 is a bad credit score on both major credit scoring models. A FICO credit score in this range reflects a history of missed payments, high credit card balances, or defaults. According to Experian, 62% of consumers with a FICO score below 580 are likely to become seriously delinquent. Financial institutions charge more for the privilege of borrowing due to the high risk of delinquency.

What does a credit score of 450 signify?

A 450 FICO score falls in the lowest credit score range. It signifies that you are a high risk borrower who is unlikely to repay what you owe as agreed. Therefore, it will be difficult to secure loans or cards.

Want a credit card to build credit?

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What factors determine credit scores?

Credit scores are determined by the data sent to the credit bureaus and put in your credit reports. The five factors that influence the FICO score are:

Payment history
Credit utilization ratio
Length of credit history
Mix of account types
New inquiries

Payment history is the most impactful factor. Timely payments boost your score while late payments will drop it.

Your credit utilization rate is your current balance vs. your credit limit or in other words the amounts owed. Try to use less than 30% of your available credit.

The length of time you’ve had accounts is the third most important factor. The longer you’ve had accounts open, the better. A longer credit history provides more evidence of responsible financial behavior.

Having a mix of credit types – revolving credit and installment credit (cards and loans) – shows you can handle different forms of borrowing responsibly.

New credit accounts can lower your rating. Applications trigger hard inquiries which cause your score to drop a few points.

Work on improving the information in your credit reports, and slowly but surely, you’ll get a good score.

Get practical advice from Credit Score Builder articles – click here to read more!

Can you change your score?

Credit scores are not permanent. With a little work and consistent responsible habits you can get a very good credit score. Once your score is in the good category, you will have many more choices.

Alternatives to personal loans

When you have a poor credit score, you may want to consider other options besides unsecured loans.

Take out a secured loan

Secured loans require collateral like a house, car, or savings account. The collateral reduces the lender’s risk, making it easier to be approved and for more money. However, failure to repay can result in your asset being seized.

Borrow from friends and family

Borrowing from friends and family can be an easy and inexpensive choice. Before you borrow, draw up a loan agreement that clearly outlines repayment terms. Miscommunication and not repaying as agreed can hurt your relationship.

Request a payday advance

Cash advance apps let you advance a portion of your paycheck – up to $750 per pay period – before payday. Most of these apps connect to your bank account to determine how much to lend. Most have no minimum score requirement, do not charge interest, and come with little to no fees.

Visit a credit union

Credit unions tend to have more lenient criteria than big banks. Many offer loans with competitive interest rates, flexible terms, and fixed monthly payments. While most don’t require good credit scores, you likely will have to be a member to qualify.

Get a secured credit card

A 450 credit score credit card will likely be secured. This means you have to put down a security deposit—100% refundable. The deposit serves as collateral and sets your credit limit. A secured credit card can be a good way to raise your rating with on time payments. Make sure the lender reports your payment history to all three major credit bureaus to help improve your credit score.

Click here for more credit card options!

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How can you use a personal loan?

Personal loans are used for various purposes. According to Investopedia’s 2023 survey, debt consolidation is the primary reason people borrow money. Other top uses include home improvements, to finance large purchases, and medical expenses.

Get a loan for whatever you need.

Can I finance a car with a 450 credit score?

While you can secure auto loans with a 450 rating, it will be better to wait. Car loans for low credit scores tend to come with higher interest rates and larger down payments. Take the time to raise your rating and then apply for loans with flexible terms and competitive interest rates.

Can I secure a mortgage with a 450 credit score?

You will have to wait to buy a house as it will be very hard to secure a home loan with lower credit score. Even FHA loans require a rating of at least 500 for an FHA loan.

Want to boost your approval chances?

Click here for strategies on how to build credit!

How can I build credit?

The first two steps are to check your credit report and always pay on time.

Review your credit reports

Look over your credit report and dispute any errors you find. You can request a free copy once a year from the three national credit bureaus or from AnnualCreditReport.com.

Make timely payments

A positive payment history is the best thing you can do. Timely payments on all accounts will cause your score to soar, while missed payments will stay on your account for up to seven years.

Learn more on MoneyFor!

Frequently asked questions

1. What does a credit score of 450 mean?

450 is a very poor credit score, indicating high risk. It often results from defaults, late payments, or high debt levels. A score in this range makes it hard to secure loans or cards.

2. My credit score is 450, what can I do to raise it?

To raise your score, pay bills on time, reduce your utilization rate, avoid hard inquiries, and dispute any credit report errors. Consider credit counseling for additional support.

3. How can I fix a 450 credit score?

Start by consistently paying your bills on time. To boost your score, consider applying for a secured credit card or a credit builder loan.

4. Can I get a loan with a 450 credit score?

Getting a loan will be difficult but possible. Expect higher interest rates and stricter terms. Consider applying for a secured loan or finding a co-signer.

Bottom line

While a 450 rating is not ideal, it’s not the end of the world. Your score is affected by the choices you make. Adopting responsible habits can bring your credit score into the good range. Once you have good or fair credit, you’ll be able to access more financial products with competitive interest rates. It may take some time – a few months to a year – but anyone can achieve a good score.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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