Does anyone have a 400 credit score?
The bad news about your FICO® Score of 400 is that it's well below the average credit score of 714. The good news is that there's plenty of opportunity to increase your score. 100% of consumers have FICO® Scores higher than 400.
As mentioned, an 400 credit score is generally considered to be a poor credit rating. Depending on your other qualifications, such as income and employment, you may be able to qualify for certain types of loans (more on that in a bit).
It could take several years to build your credit from 400 to 700. The exact timing depends on which types of negative marks are dragging down your score and the steps you take to improve your credit going forward.
If you plan to use a mortgage to buy a house, you'll most likely be unable to do so with a 400 credit score. But if you're paying in cash, it doesn't matter how low your score is.
With the most popular credit-scoring models, the lowest credit score possible is 300, but some people may have no credit score due to limited or nonexistent credit histories. Missed payments, late payments, bankruptcies and defaults can lead to lower credit scores.
It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 14.08% for new-car loans and 21.32% for used-car loans in the first quarter of 2023, according to the Experian State of the Automotive Finance Market report.
Your score falls within the range of scores, from 300 to 579, considered Very Poor.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 395 FICO® Score is significantly below the average credit score.
Type of Credit | Do You Qualify? |
---|---|
Secured Credit Card | YES |
Unsecured Credit Card | NO |
Personal Loan | NO |
Auto Loan | NO |
A 450 credit score is considered bad, as it falls into the "poor" category. Individuals with this score may face difficulties when applying for credit and are likely to experience higher interest rates, lower credit limits, and unfavorable loan terms.
What credit score is needed to buy a 200k house?
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
For most loan types, the credit score needed to buy a house is at least 620. However, a higher score significantly improves your chances of approval. Applicants with scores of 740 or higher generally get the lowest interest rates. Mortgage lenders use a FICO score to determine your creditworthiness.
In case of a $300,000 home, that translates to a down payment of $9,000, which is the lowest possible unless you qualify for a zero-down-payment VA or USDA loan. A 620 credit score is typically required, but lenders might have different rules.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
- Exceptional Credit: 800 to 850.
- Very Good Credit: 740 to 799.
- Good Credit: 670 to 739.
- Fair Credit: 580 to 669.
- Poor Credit: Under 580.
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
It's essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.
They may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use. A VantageScore has the same credit score range as FICO, and uses some of the same information as a FICO score.
Consider putting at least $6,000 down on a $30,000 car if you're buying it new or at least $3,000 if you're buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 410 FICO® Score is significantly below the average credit score.
What is a good credit score for my age?
Average Credit Scores FAQs
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
A credit reporting company generally can report most negative information for seven years. Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Bankruptcies can stay on your report for up to ten years.
Just keep in mind that if you're approved for the loan with a lower (or no) credit score, you may be subject to a higher interest rate. You can apply for loan amounts as low as $1,000 and as much as $50,000.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 480 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
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