Writer: Aaron Crowe
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
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Consumers with very poor credit scores between 400 and 450 often have their credit applications rejected, according to FICO, a credit scoring agency. But it doesn’t have to be that way. Loans and credit cards for 400 to 450 credit scores are still available.
Being approved may require a little extra work, such as paying extra fees or putting down deposits on credit cards, since about 62% of consumers with a credit score under 579 are likely to become seriously delinquent in the future.
Having a FICO credit score in the 400 to 450 range is the result of several credit missteps: repeated missed or late payments, defaulted or foreclosed loans, and possibly bankruptcy. Building your credit takes time and is a worthwhile step toward better loan terms in the future.
Until then, look at our list of best loan networks and credit cards for 400 to 450 credit scores to see what’s available. We’ll also cover auto loans, mortgages, and answer some of the most commonly asked questions about this issue.
Personal Loans: 400-450 Credit Score
Personal loans are one of the best ways to borrow a large sum of money. The repayment periods can last from a few months to six years, at rates ranging from 6% to 35% APR or more, depending on the type of loan and the state you live in. You can typically use the money for any reason, including to consolidate credit card debt. But if you have such a low credit score, you may not get a better interest rate on a personal loan
The loans are repaid through installments (fixed monthly payments) or with your next paycheck. Compare interest rates and repayment terms to find the least expensive offer.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% - 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group helps consumers find unsecured personal installment loans from $500 up to $35,000. You may be required to repay the loan in a single lump sum or through monthly installments, depending on the loan offer you accept.
The site has a personal loan calculator to help you estimate the monthly payments and total cost, which can help you get an idea of what you can afford. There is never an obligation to accept a loan offer.
2. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
If you’ve had a recent bankruptcy discharge on your credit report, then a short-term loan through an online lending network such as MoneyMutual may be best for you.
It connects you with several potential lenders, allowing you to compare rates and choose the best option for your needs. MoneyMutual offers short-term cash advance loans of up to $5,000, with repayment terms extending up to six months.
These loans may require full repayment in a single lump sum on the due date. That means paying back the full principal — the borrowed amount — along with all finance charges and any other fees, at one time. If you don’t think you can do that for a short-term loan, then you’re probably better off with an installment loan or a credit card to avoid high late fees and finance charges.
3. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
CashUSA.com is another online marketplace for finding personal loans. The lenders in its network charge APRs from 5.99% to 35.99%, with loan durations from 90 days to six years.
Once approved, your loan can be directly deposited into your account within just one business day. A consistent monthly income of at least $1,000 after taxes might be enough to qualify for a loan.
Credit Cards: 400-450 Credit Score
A very poor credit score below 450 may limit your unsecured credit card options, but you also have plenty of other cards to choose from. Some credit card companies offer secured cards to consumers with sub-500 credit scores. Each has benefits and drawbacks to consider.
- PREMIER Bankcard credit cards are for building credit.
- Start building credit by keeping your balances low and paying all your bills on time each month.
- When you need assistance our award-winning US-based Customer Service agents are there to help.
- Credit Limit Increase Eligible after 12 months of consistent responsible account management.
- We report monthly to the Consumer Reporting Agencies to help you build your credit.
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 4 minutes | See Provider Website | Yes | 9.0/10 |
The PREMIER Bankcard® Mastercard® Credit Card is an unsecured card option that welcomes applicants with poor credit.
No minimum credit score is required for approval, and using the card responsibly can strengthen your credit history because the card account is reported to the three national credit bureaus. The issuer provides a quick and easy application process and cardholders are considered for credit line increases after one year of responsible card management.
- Earn up to 10% cash back on everyday purchases
- No credit check required – 89% approval rate with zero credit risk to apply!
- Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
- Track your progress with free access to your FICO® score in our mobile app
- Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
- Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
- Start with just $200—secure your credit line with a refundable deposit
- Fast and easy application—apply in minutes with our mobile-first experience
- Flexible payment options—pick a due date that works for you
- More time to fund—spread your security deposit over 60 days with layaway
- Join 1.6 million+ cardholders who have used opensky® to build better credit!
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 minutes | 23.89% (variable) | Yes | 7.0/10 |
The opensky® Secured Visa® Credit Card can help you build your credit score over time with responsible use. You can open an account with as low as a $200 refundable deposit, and your credit limit will be equal to the deposit amount.
The card issuer doesn’t perform a credit check and you can access your free FICO score every month through its mobile app. We advise you to read the terms and conditions of this card and look at its variable APR before applying.
- Earn Up To 10% Cash Back on everyday shopping with your First Progress Card, plus another 1% back on payments!^^
- Apply with no impact to your credit!2
- The first step to rebuilding your credit starts with just $200!¹
- Choose the First Progress Select Card for a lower annual fee!
- All credit types welcome to apply!
- Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.¹
- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- 2We may pull a soft inquiry of your credit. Soft inquiries do not impact your credit score.
- ^^The 10% cash back rate is available only at a limited number of participating merchants. Offer percentages vary by merchant and are subject to change. See First Progress Rewards Program Terms & Conditions for details.
- *See Important Disclosures for complete offer details
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 minutes | 17.49% (V) | Yes | 7.5/10 |
The First Progress Select Secured Mastercard® is a card that doesn’t require a minimum credit score for approval. The card sets your credit line based on your deposit amount — from $200 to $2,000.
This card charges an annual fee, late payment fees, and a high variable interest rate for a secured card. Unfortunately, that is often the cost of having a poor credit score. But this card can help you boost your score over time with on-time payments as it does report to all three credit bureaus.
Auto Loans: 400-450 Credit Score
Auto loans are a kind of installment loan, but they differ from personal loans in a few key ways. The primary difference is that they’re solely for purchasing vehicles. These loans are secured, meaning the car itself serves as collateral and can be repossessed (vehicle repossession) if you fail to keep up with payments.
That makes auto loans less risky for the lender and could mean a slightly more forgiving approval process than for some unsecured loans.
- Network of dealer partners has closed $1 billion in bad credit auto loans
- Specializes in bad credit, no credit, bankruptcy and repossession
- In business since 1999
- Easy, 30-second pre-qualification form
- Bad credit applicants must have $1500/month income to qualify
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| 3.99% - 29.99% | 1999 | 3 minutes | 9.5/10 |
Auto Credit Express is an online dealer network that helps car buyers with poor credit find dealers that will work with them. It will offer you a list of dealers in your area that use its services, you choose the car you want to buy, and then arrange financing through the dealer.
Auto dealers often have more flexible credit requirements than banks, credit unions, and third-party lenders, and may be more willing to work with borrowers who have credit scores of 400 to 450. But they also charge higher interest rates.
There aren’t any minimum credit score requirements, though you’ll need a monthly income of $1,500 or more to qualify for financing through an Auto Credit Express dealer.
8. LendingTree
- Auto loans for purchase, refinance, and lease buyouts
- Nationwide lender network
- Get matched with up to 5 lenders that fit your financial profile
- It only takes a few minutes and is free with no obligation
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 1998 | 4 minutes | 9.5/10 |
You can submit an online application to LendingTree and get up to five offers in minutes, even with a very poor credit score.
Whether you need to purchase, refinance, or buy out your lease, LendingTree can connect you with a direct lender to secure the auto loan you need. LendingTree is rated Excellent by Trustpilot reviewers.
- Loans for new, used, and refinancing
- Queries a national network of lenders
- Bad credit OK
- Get up to 4 offers in minutes
- Receive online loan certificate or check within 24 hours
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 2003 | 2 minutes | 8.5/10 |
The website myAutoloan.com works the same as Auto Credit Express by connecting car shoppers with bad credit to car dealers to find the best loan option for their financial situation.
The service will set up your meeting with the dealership’s finance manager. All you have to do is go to the dealership, choose your new or used vehicle, sign the papers, and drive away.
Home Loans: 400-450 Credit Score
A home loan is likely one of the biggest loans you’ll ever secure. Thankfully, you don’t need a perfect credit score to qualify for one.
What will help, however, is having a sizable down payment, preferably 20%. A down payment of at least 10% is needed to qualify for an FHA loan if your credit score is below 580, compared to 3.5% if your score is 580 or better.
10. eMortgage
- Get today's mortgage rates from the top mortgage lenders and banks
- Easily compare and choose mortgage lenders with no obligations or fees
- Review current mortgage rates side by side
- Pick mortgage lenders that meet your specific needs
- Compare rates from pre-qualified and approved mortgage lenders — 100% online, 100% free
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 1979 | 4 minutes | 8.5/10 |
The online lending network eMortgage is a simple way to get quotes from multiple lenders without going from bank to bank.
It helps you find conventional and FHA lenders for new purchases and mortgage refinancing. If you qualify for a loan, you can get up to five offers to compare, and a mortgage is one loan you definitely want to shop around to compare the best rates for.
11. FHA Rate Guide
- Options for home purchase or refinance
- Get 4 free refinance quotes in 30 seconds
- Network of lenders compete for your loan
- Trusted by 2 million+ home loan borrowers to date
- Interest rates are near all-time lows
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 2004 | 4 minutes | 8.5/10 |
Available for both home purchases and refinancing, the FHA Rate Guide will provide you with four free quotes in 30 seconds.
A network of lenders will compete for your loan, which is important when shopping for the best rate.
- For military veterans, service members, their spouses, and other eligible beneficiaries only
- No down payment and no monthly mortgage insurance
- The basic entitlement available to each eligible veteran is $36,000
- Lenders generally loan up to 4 times a veteran's available entitlement without a down payment
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies by Applicant | 1944 | 9 Minutes | 7.5/10 |
Military veterans can get a home loan through the U.S. Department of Veterans Affairs, which provides a home loan guarantee to private lenders. The VA guarantees a portion of the loan, enabling the lender to provide veterans with more favorable terms.
The VA doesn’t have a minimum credit score requirement to guarantee a mortgage, and most VA loans are obtained without a down payment. However, lenders that make these loans do have credit score benchmarks — usually a credit score of at least 620 — so a down payment may be needed if you have a credit score of 400 to 450.
FAQs: How Bad is a Credit Score of 450?
Credit scores start as low as 300. If your credit score is 450, then you’re significantly below the average credit score.
Your credit applications are likely to be rejected or you may have to put down deposits on secured credit cards as a way to rebuild your credit. You’ll basically have to live off whatever cash you have on hand.
For individuals with a credit score of 450, about 27% have records indicating a payment was overdue by 30 days or more at some point in the last decade. That’s quite a bit of financial history to correct, and improving your credit will require patience as you adopt better financial habits.
Here are the ranges and categories for VantageScore and FICO, the most commonly used credit scoring model:
| FICO Score Categories | Score Range | VantageScore Categories | Score Range |
|---|---|---|---|
| Exceptional | 800-850 | Excellent | 781-850 |
| Very Good | 740-799 | Good | 661-780 |
| Good | 670-739 | Fair | 601-660 |
| Fair | 580-669 | Poor | 500-600 |
| Poor | Below 580 | Very Poor | 300-499 |
The average utilization rate for people with scores below 579 is 82.1%, according to Experian data. That’s a high rate, especially when considering that a 100% rate is using your entire spending limit and maxing out your credit cards.
Ideally, your credit utilization ratio should be below 30%. To figure out what yours is, add up the balances on your credit cards and divide by the sum of their credit limits.
Which Loan Company is Best for Bad Credit?
All the companies we’ve listed have online applications that take only minutes to fill out, and responses also often come back within minutes. Your best matches — if you have any — are returned, and you can compare each offer from there.
With a credit score of between 400 and 450, you will likely receive the highest interest rate possible on a loan. That’s to be expected. However, it’s still worthwhile to shop around for the best rate because it determines the amount you pay for the loan.
Our top-recommended lending networks and products are as follows:
Personal Loans: 24/7 Lending Group
Credit Cards: PREMIER Bankcard® Mastercard® Credit Card
Auto Loans: Auto Credit Express
Home Loans: eMortgage
If an offer is returned, look for lenders that charge minimal or no fees, penalties, or require collateral.
Are there any Guaranteed Loans for Bad Credit?
There’s no such thing as a 100% guaranteed loan, even for people with excellent credit. But many lenders have flexible credit requirements that will take a chance on your poor or limited credit history.
Some close-to-guaranteed options include a pawn loan, where you visit a pawnshop with a valuable item you can use as collateral for a quick cash loan. But the amount you’ll receive is usually far less than what the item’s actually worth.
Another option is a title loan if you own your car. You can use your vehicle’s title as collateral for cash, but these are incredibly risky because if you stop making payments, the lender will take your car.
Finally, payday loans are generally easy to be approved for without a credit check if you can provide proof of income to repay the loan. These loans have triple-digital interest rates and are not legal in every state due to their predatory nature.
A credit card is a possibility if you only need a couple hundred dollars and need time to repay the debt. Still, it may not be a good choice, because some credit cards offered to people with bad credit require a cash deposit to cover the credit amount being issued. These secured credit lines are best when used as a tool to build credit, not when you need a loan.
What’s the Easiest Credit Card to Get With Bad Credit?
Securing an unsecured credit card with poor credit isn’t too challenging, but the interest can be a hassle. If you’re not ready to keep to a budget, make timely payments, and avoid past mistakes that dropped your score, you might find yourself in deeper financial trouble.
Secured cards, on the other hand, are typically easier to qualify for — and may not even require a credit check — because you alleviate the issuer’s risk by putting up a deposit as collateral. Your credit limit is often equal to your deposit, so secured cards make it harder to overextend yourself and get saddled with massive debt.
If you’re looking to get back in the credit game by having your monthly on-time payments reported to the three credit bureaus, a secured card may be the easiest — and wisest — choice. But if you’re ready to jump back into the world of unsecured cards, you may qualify for an option like the PREMIER Bankcard® Mastercard® Credit Card.
What’s the Lowest Credit Score Needed to Buy a Car?
Getting an auto loan with a credit score between 400 and 450 might be easier than you think. These are installment loans, meaning your vehicle serves as collateral. If you default on payments, the lender has a solid chance of recovering either the car or the loan amount.
Obviously, they’d prefer you make your loan payments on time.
| Credit Score | Average APR, New Car | Average APR, Used Car |
|---|---|---|
| Deep subprime: 300-500 | 15.43% | 21.55% |
| Subprime: 501-600 | 13.0% | 18.95% |
| Nonprime: 601-660 | 9.73% | 14.07% |
| Prime: 661-780 | 6.70% | 9.63% |
| Superprime: 781-850 | 5.08% | 7.41% |
The secured nature of auto loans makes getting approved for car financing, even if you have bad credit, easier than some unsecured loans. The interest rate from a lender that specializes in auto loans for people with bad credit will likely be higher than it would be from a bank or credit union.
Online dealer networks, some of which we’ve mentioned earlier, are experts at helping people with poor credit find cars they can afford with payments they can manage. These loans are set up through an auto dealer. Typically, the credit score requirements are low, but you’ll often need a monthly income of at least $1,500.
Very Poor Credit Shouldn’t Be a Roadblock
We hope our list of top loans and credit cards for credit scores between 400 and 450 has shown you that securing a loan or credit card with poor credit is indeed possible. There are numerous options available to provide you with the funds when you need them most.
You can start improving your credit score by making on-time payments and not using more than 30% of your credit limit. From there, the road to a better credit score and, ultimately, better credit terms should only improve.
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