Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 430 FICO® Score is significantly below the average credit score. Many lenders view consumers with scores in the Very Poor range as having unfavorable credit, and may reject their credit applications.
If you want to buy a house and your credit score is 400, you won't get approved for most mortgages. For instance, to get an FHA loan, you need to have a credit score of at least 580 as of August 2021. And in the fall of 2018, less than 1% of borrowers who were approved conventional mortgages had a FICO score below 600.
Credit Cards & Loans with a 480 Credit Score
In particular, you're unlikely to qualify for a mortgage with a 480 credit score because FHA-backed home loans require a minimum score of 500.
What's A Good Credit Score To Buy A House? Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan.
Minimum FHA loan credit score requirement
The minimum credit score to qualify for an FHA loan is 580 with a down payment of 3.5 percent. If you can bump up your down payment to at least 10 percent, you can have a credit score as low as 500 and still qualify.
While a home loan requires a credit score of 650 or above, you can still get a home loan with 500 credit score by making a sizeable down payment. If you don't have enough savings for down-payment, you can apply for a home loan jointly with someone who has a good credit score.
410 is a bad credit score. It's rated as either “poor” or “very poor” by every major credit scoring model. Scores in this range make it difficult (or impossible) to get a mortgage, a car loan, or an unsecured credit card.
Recovery is a process that will likely take at least 12-18 months, just to progress to a “fair” rating. Review Credit Reports for Errors: Your “bad” rating may be the result, at least in part, of erroneous information on your credit reports.
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
The most efficient way to fix your “very poor” 430 credit score is to stay current with all your payments—pay everything on time and in full (if possible). The next crucial step is to review your credit report for any inaccurate items that may be dragging your score down.
472 is a bad credit score. It's rated as either “poor” or “very poor” by every major credit scoring model. Scores in this range make it difficult (or impossible) to get a mortgage, a car loan, or an unsecured credit card.
A 430 FICO® Score is considered “Poor”. It means you've had past payment problems, including collection accounts, judgments, bankruptcy or worse. With a “Poor” score, it's harder to obtain credit cards, loans, and favorable interest rates. The good news?
The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.
"The 609 loophole is a section of the Fair Credit Reporting Act that says that if something is incorrect on your credit report, you have the right to write a letter disputing it," said Robin Saks Frankel, a personal finance expert with Forbes Advisor.
Keep in mind that getting a personal loan with a 450 credit score is not guaranteed. When making a decision on whether or not to approve you, a lender will look at your whole financial profile, including things like your income, existing debts, housing status and more.
The most efficient way to fix your “very poor” 450 credit score is to stay current with all your payments—pay everything on time and in full (if possible). The next crucial step is to review your credit report for any inaccurate items that may be dragging your score down.
Credit Cards & Loans with a 470 Credit Score
You'll find it very difficult to borrow with a 470 credit score, unless you're looking for a student loan. Dating back to 2008, only a very small percentage of most other types of loans and lines of credit have been opened by people with credit scores below 540.
There are three popular reasons you have been denied for an FHA loan–bad credit, high debt-to-income ratio, and overall insufficient money to cover the down payment and closing costs.
An FHA loan only requires a 3.5% down payment, 43% debt-to-income ratio, and 580 credit score. Actually, you can apply for an FHA loan with a credit score as low as 500. But if your credit score is between 500 and 579, then you'll need at least 10% for a down payment.
For a Wells Fargo mortgage, you'll need a minimum credit score of 600 (with a down payment of 3% or more) to qualify for a conventional loan under the yourFirst Mortgage program.