A credit score of 459 is generally considered to be poor, as it is closer to the lowest possible credit score (300) than the highest credit score (850).
It can be difficult to qualify for loan products, including mortgages and auto loans, with a poor credit score. However, there are still some options.
Overview of a 459 Credit Score
A 459 credit score is a very poor credit rating, and you’ll struggle to find any type of loan product with it. Even if you can get approved, the terms will be pretty harsh.
One of the most important factors affecting your credit score is your payment history. If you’ve missed or submitted payments late in the past, that will have a huge negative impact on your credit.
You can also improve your credit by applying for a secured credit card. These are similar to unsecured credit cards, but you’re required to deposit a certain amount of money as collateral. These cards can be a great way to build up credit with a lower credit limit than an unsecured card, and they usually have no credit check when you apply.
Credit Card Options with a 459 Credit Score
The good news is that a 459 credit score doesn’t have to be a barrier to getting approved for a credit card. In fact, there are some great cards for people with poor credit scores that offer perks like lower interest rates and waived fees.
You can also improve your 459 credit score by making consistent payments on your bills. Paying late or missed payments will significantly harm your score, so it’s important to keep up with your monthly payments and make sure they’re on time each month.
You may also want to consider a secured credit card, which will help you build your credit without risking any of your own money. However, you should be aware that a secured credit card will often require you to deposit a security deposit.
Auto Loans with a 459 Credit Score
If you have a 459 credit score, you can still get approved for an auto loan, but it might be more difficult than it would be with a better credit rating. Lenders evaluate you based on your credit history, and they want to be sure that you can make payments.
If your credit is poor, look for lenders that have flexible eligibility requirements and don’t require a co-signer. This will help you avoid having to put down a large security deposit and paying higher interest rates.
To find a lender that works with your credit, start by looking at online lending platforms. These sites can connect you with up to five different offers from lenders, based on your credit profile and other factors.
Personal Loan Options with a 459 Credit Score
You can find a personal loan to help cover a variety of expenses, including emergency expenses, medical bills and debt consolidation. These loans don’t require collateral or a security deposit and typically come with fixed interest rates and terms.
While a 459 credit score can make it difficult to get approved for an unsecured loan, there are some options available. Many lenders offer personal loans with low minimum credit scores and flexible payment plans to accommodate borrowers with less-than-stellar credit.
Applicants with a poor credit score might also want to consider applying for a credit card. However, credit cards often come with higher fees and rates than personal loans, so it’s important to compare them carefully.
You can find a fair-credit personal loan from a bank, credit union or online lender. Most require a minimum credit score and income, though some may consider other factors, like your membership history.
Mortgages with a 459 Credit Score
If you’re looking to purchase a home, there are several mortgage options that may be available to you. Typically, conventional and FHA-backed loans require a minimum credit score of 620 or 580, respectively.
Depending on your financial situation, you can also consider other alternatives to mortgages that are easier to qualify for with a 459 credit score. Some of these options include personal loans and unsecured credit cards.
While the terms of these options aren’t necessarily attractive, they can be helpful in allowing you to save money on interest and fees while making a down payment. However, you should be aware that a 459 credit score means you’re at risk for higher interest rates and larger down payments than someone with a better credit score.