Best Loans & Credit Cards for 400 to 450 Credit Scores

Loans Credit Cards For 400 To 450 Credit Score

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 loans and credit cards for 400 to 450 credit scores to see what’s available for your credit needs. We’ll cover personal loans, credit cards, auto loans, mortgages, and answer some of the most commonly asked questions about this issue.

Personal Loans | Credit Cards | Auto Loans | Home Loans | FAQs

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 five years, at rates ranging from 6% to 700% APR, depending on the type of loan. The money can be used for any reason, including to consolidate credit card debt, which often has higher interest rates than personal loans.

The loans are repaid through installments (fixed monthly payments) or with your next paycheck.  Compare interest rates and the repayment terms to find the least expensive offer.

  • Short-term loans up to $5,000
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Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

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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 customers with several potential lenders so they can compare rates and see which is the best option for them. MoneyMutual offers short-term cash advance loans of up to $5,000 with loan terms of 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.

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.

If approved, your loan amount can be electronically deposited into your account in one business day. Having a steady monthly income of at least $1,000 after taxes can be enough to be approved for a loan.

CreditLoan helps consumers find unsecured personal installment loans from $250 up to $5,000. 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 compare interest rates and estimate monthly payments, which can help you get an idea of what you can afford.

Credit Cards: 400-450 Credit Score

Even a very poor credit score below 450 may qualify for a credit card, as long as you know where to apply. Some credit card companies target consumers with such credit scores, either with unsecured subprime cards, secured credit cards, or retail store cards. Each has benefits and drawbacks to consider.

  • Don’t let a low FICO score stop you from applying – we approve applications others may not.
  • You don’t need good credit to apply.
  • Just complete the short application and find out in 60 seconds if you’re approved.
  • When you need assistance our award-winning US-based Customer Service agents are there to help.
  • FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
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Application Length Interest Rate Reports Monthly Reputation Score
4 minutes See Provider Website Yes 9.0/10

The PREMIER Bankcard® Mastercard® Credit Card can help you build your credit score over time with resonsible use. By opening an account, you agree not to exceed the credit limit that is set for you. If you do, the transaction may be declined.

You can choose your card design for no additional charge. We advise you to read the terms and conditions of this card before applying.

  • You don’t need good credit to apply.
  • We help people with bad credit, every day.
  • Just complete the short application and find out in 60 seconds if you’re approved.
  • You can build* or rebuild your credit: apply for a PREMIER Bankcard credit card, keep your balance low, and pay all your monthly bills on time.
  • Don’t let a low FICO score stop you from applying – we approve applications others may not.
  • FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
  • *Build credit by keeping your balance low and paying all your bills on time every month.
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Application Length Interest Rate Reports Monthly Reputation Score
4 minutes See Provider Website Yes 9.0/10

The PREMIER Bankcard® Grey Credit Card is a card option that may approve scores as low as 400.

Just like its sibling card above, this card charges a one-time program fee, an annual fee, and monthly fees kick in after the first year. Unfortunately, that is the cost of having a poor credit score, but this card can help you boost your score over time with consecutive on-time payments.

  • Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
  • All credit types welcome to apply!
  • Free access to your Vantage 3.0 score From Experian* (When you sign up for e-statements)
  • Initial Credit Limit of $300 – $1,000* (subject to available credit)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Free online account access 24/7
  • Checking Account Required
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Application Length Interest Rate Reports Monthly Reputation Score
9 minutes 24.99% – 29.99% (Variable) Yes 8.5/10

The Surge® Platinum Mastercard® is another 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. You can see whether you prequalify on the issuer’s website before you apply.

Auto Loans: 400-450 Credit Score

Auto loans are a type of installment loan, though they differ from personal loans in a few ways. The main difference is they can only be used to buy a vehicle. Auto loans are also secured loans, meaning the vehicle is the collateral for the loan and can be taken (vehicle repossession) if you default on the payments.

That makes auto loans less risky for the lender and can make an auto loan a little easier to get approved for than 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
  • Click here for application, terms, and details.
★★★★★

4.9

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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.

The website car.Loan.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.

You can submit an online application to MyAutoloan.com and get up to four offers in minutes, according to the company.

The site provides a few ways to see how much a car loan will cost you before you apply. It offers an interest rate chart with current rates, an interest rate calculator, and a payment calculator to help you determine what you can afford.

Home Loans: 400-450 Credit Score

A home loan is one of the largest loans you’ll ever take out in your life. And you don’t need a perfect credit score to get 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
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  • Compare rates from pre-qualified and approved mortgage lenders — 100% online, 100% free
  • See application, terms, and details.
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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.

  • 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.
 
★★★★★

4.5

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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.
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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 About Bad Credit Loans

Don’t assume you can’t get a loan — whether it’s a personal loan, credit card, auto loan, or home loan — because you have poor credit. As we’ve explained through our list of best loans and credit cards for 400 to 450 credit scores, there are lenders that work directly with such consumers and want to provide them credit.

It can be confusing, so here are some frequently asked questions that will hopefully clear some things up:

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.

FICO & VantageScore Ranges

This graph shows the credit score ranges for the two main scoring models used by lenders and credit bureaus.

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.

Among consumers with scores of 450, 27% have credit histories showing they’ve gone 30 or more days past due on a payment within the last 10 years. That’s a lot of financial history to make up for, and it will take time as your credit behaviors improve.

The average utilization rate for people with scores below 579 is 73%, according to 2020 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 rate 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.

What’s the Easiest Loan to Get with Bad Credit?

A personal loan may be one of the easiest loan types to get with bad credit. Most personal loans are unsecured, meaning you don’t have to put your home or car up as collateral in case you default on the loan, when your property could be seized and sold to repay the loan.

The downside of having bad credit, however, is that you will be charged the highest interest rates of 36% or so (much higher with short-term cash advances) to get a personal loan. The upside is that you’ll get the money you need.

Quotes for personal loans can be found from lenders online, making it easy to apply. Look for companies that don’t charge prepayment fees. They’ll normally get their profit from commissions for referring customers to lenders.

The other type of loan that is generally easy to get with bad credit is an auto loan. That’s because the lender can repossess the vehicle if you miss payments, and you’ll be out the money you paid to the loan up until that point and left without a ride.

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.

Having a credit score of between 400 and 450 will likely get you the highest interest rate 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: MoneyMutual
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 Lowest Credit Score Needed to Buy a Car?

Getting an auto loan with a credit score of between 400 and 450 is more possible than you may think. These are installment loans, and since the vehicle is used as collateral to secure the loan if you default on the payments, the lender has a good chance of getting your car or your money.

Obviously, they’d prefer you made your loan payments on time.

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.

Chart of Interest Rate Impact on Monthly Auto Loan Payments

Online dealer networks, some of which we’ve listed above, specialize in helping consumers with poor credit buy cars they can afford. Loans are arranged through an auto dealer. Credit score requirements are usually minimal, and a monthly income of at least $1,500 is often required.

Very Poor Credit Shouldn’t Be a Roadblock

Hopefully, our list of the best loans and credit cards for 400 to 450 credit scores has convinced you that you can get a loan or credit card with very poor credit. Several options are out there to provide you money when you need it.

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.

Range of credit scores covered in this article: 400, 401, 402, 403, 404, 405, 406, 407, 408, 409, 410, 411, 412, 413, 414, 415, 416, 417, 418, 419, 420, 421, 422, 423, 424, 425, 426, 427, 428, 429, 430, 431, 432, 433, 434, 435, 436, 437, 438, 439, 440, 441, 442, 443, 444, 445, 446, 447, 448, 449, 450

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