A credit score is a number that lenders use to assess the risk of lending you money. It ranges from 300 to 850, with a score below 670 considered bad.
If your 479 credit score is poor, it will make it difficult to get approved for loans and unsecured credit cards. It may also impact your chances of getting approved for a mortgage or auto loan.
Overview of a 479 Credit Score
A 479 credit score is one of the lowest scores you can obtain, and it indicates that your payment history has been less than stellar. This is bad news for anyone looking to get a new loan, credit card or mortgage in the near future.
In addition to your payment history, lenders consider the following factors when calculating your credit score: amount owed, length of credit history, types of credit used and your credit mix (how many different kinds of loans and cards you have). The better your credit mix, the higher your credit score will be.
As a result, your credit score is likely the single most important metric you can use to evaluate whether you should take out a loan or credit card. A high score will help you secure the best rates and terms available, while a low score can make it difficult to qualify for a variety of options.
Credit Card Options with a 479 Credit Score
Credit scores are used by lenders to determine whether or not borrowers will be able to repay loans. They fall within a range of 300 to 850 and are based on data from each of the three major credit reporting agencies.
While credit scores aren’t the only factor lenders consider, they play an important role in helping lenders decide if you’re a good candidate for a loan. Understanding how they work, the different scoring ranges, and what a poor score means can be helpful when applying for loans in the future.
A 479 credit score is considered bad, and it’s a lot closer to the lowest possible score (300) than the highest possible score (850). This means it’s much harder for borrowers with a 479 credit score to get approved for loans and unsecured credit cards.
Auto Loans with a 479 Credit Score
If you have a 479 credit score, you are in the middle of the credit band, which is defined as 700 to 709. Auto lenders classify this credit range as “prime” and your loan options will typically be solid.
Your credit score is the most important factor a lender considers, but other factors also play a role in your interest rate and payment amount. Your credit history is also considered, as well as the down payment you plan to make.
Generally, a larger down payment will lead to better interest rates and lower monthly payments. Lenders also look at the vehicle’s age and condition when determining your loan terms.
Dealers can overcharge borrowers with excellent credit, and the best way to protect yourself is to shop around for multiple offers before you buy a car. Some dealers will even mark up interest rates to whatever they think they can get, regardless of your credit score.
Personal Loan Options with a 479 Credit Score
If your credit score is in the 479 range, you should expect to have a difficult time getting approved for a personal loan. This is because lenders see a 479 credit score as an indication of past credit issues and/or lack of a credit history.
To increase your chances of getting approved for a personal loan, consider working to improve your credit before you apply. This will make it much easier to get approved, and it can save you money on interest rates in the long run.
A good place to start is to establish a solid credit mix, which includes multiple types of accounts. Keep your credit utilization rate low, which can affect as much as 30% of your credit score.
Mortgages with a 479 Credit Score
Your credit score is a number that lenders use to judge your ability to repay a loan. They use a scale between 300 – 850, and a credit score lower than 580 means that lenders view you as having poor credit.
When you apply for a loan or credit card, the lender will trigger what’s called a hard inquiry on your credit report. This may drop your score by a few points, but it will usually rebound in a few months if you keep up with payments on time.
You should always make sure to check your credit scores across all of the major bureaus (Equifax, Experian, and TransUnion) to ensure they’re accurate. This is an easy way to avoid mistakes that could negatively affect your credit.