A 470 credit score is a poor credit score. It makes it very difficult to qualify for credit or even apply for an apartment but it can absolutely be improved.
Credit Cards & Loans with a 470 Credit Score
In particular, you're unlikely to qualify for a mortgage with a 470 credit score because FHA-backed home loans require a minimum score of 500. But your odds are a bit higher with other types of loans. Your best bet is to place a refundable deposit on a secured credit card.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 470 FICO® Score is significantly below the average credit score.
The Federal Housing Administration (FHA) requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, some lenders require a score of 620 to 640 to qualify.
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 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. But your odds are a bit higher with other types of loans. Your best bet is to place a refundable deposit on a secured credit card.
You will likely need a credit score of at least 580 for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
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.
Pay on time.
One of the best things you can do to improve your credit score is to pay your debts on time and in full whenever possible. Payment history makes up a significant chunk of your credit score, so it's important to avoid late payments.
475 credit score car loan options
It won't be easy to get approved for a car loan with a credit score of 475. If you are approved, it may be at an extremely high interest rate that can almost double the vehicle's price over the life of a loan.
As a result, a 477 credit score will make it difficult to qualify for a loan or unsecured credit card. And you will need to focus on rebuilding your credit reputation before trying to get a mortgage, car loan, etc.
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.
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.
Poor Credit Scores From VantageScore
The company says a credit score is poor if it's between 500 and 600, while a score from 300 to 499 is called very poor. “In general, people with higher scores can get more credit at better rates,” VantageScore says.
An 858 credit score is excellent. Before you can do anything to increase your 858 credit score, you need to identify what part of it needs to be improved, plain and simple. And in order to identify what needs to be improved, you should probably be aware of all the things that count and don't count towards your score.
ClearScore takes your credit report and financial information from Experian and then uses that very information to generate its own score. While the credit scores can vary slightly depending on the credit reporting agency, the same rule follows for all scores – The higher the better.
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.
You will likely need a credit score of at least 660 for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
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.
No down payment is required for VA, USDA and doctor loan programs detailed above. What credit score do I need to buy a house with no money down? No-down-payment lenders usually set 620 as the lowest credit score to buy a house.
“First of all, there is no danger of someone with a 490 or less getting a mortgage,” he says. “You just have to pay your bills, folks. And some people just don't get that for some reason.” He also says many people don't understand that the higher their score, the cheaper their interest rates will be.