Is 463 a Good Credit Score?

By Jennifer Calonia

A 463 credit score is considered poor based on the Fair Issac Corporation (FICO®) credit scoring model. With that score, car loan approvals and other consumer credit lines will be harder to come by compared to borrowers with a higher credit score.

If you’ve wondered whether a 463 credit score is good or bad, here’s what to know.

What Does a 463 Credit Score Mean?

The average credit score in the U.S. is 715, according to Experian®.2 A credit score of 463 is far below that average. In fact, as the chart below shows, it falls within the “poor” range on FICO’s credit rating scale.

Credit Score Range	Rating
300-579	Poor
580-669	Fair
670-739	Good
740-799	Very Good
800-850	Exceptional

A 463 credit score can be a reflection of poor borrowing behaviors — think a history of late or missed payments, defaults, foreclosure, or filing for bankruptcy. Lenders see the three-digit number as a sign that the borrower poses a high financial risk, which makes getting approved for a loan or credit card challenging.

What Else Can You Get with a 463 Credit Score?

Lenders who do extend credit to a borrower with a 463 credit score might impose extra fees, high interest rates, or a reduced loan amount or credit limit. Consumers with that credit score might also be required to put forward a deposit or collateral as a condition of accessing credit. This deposit requirement might also apply to services, like home utilities.

Can I Get a Credit Card with a 463 Credit Score?

Getting approved for a traditional credit card can be difficult with a 463 credit score. An alternative option is getting a secured credit card.

A secured credit card is a tool that allows you to improve your credit by practicing controlled borrowing habits. It requires a small deposit that acts as the card’s credit limit. The card issuer sets your deposit aside as collateral in case you don’t make your monthly card payments.

Another way to access a credit card is by being added to an existing card account as an authorized user. Any activity — including unpaid balances and payment activity — can be reported to the credit bureaus. If you’re actively using the card as an authorized user, maintain responsible spending habits, because all of your card activity directly impacts the primary cardholder and vice versa.

If you have multiple credit card balances that you’re trying to pay off, you may want to consider a credit card consolidation loan. You may be able to get a lower rate, plus making on-time payments can help you repair your credit.

Can I Get an Auto Loan with a 463 Credit Score?

There’s no minimum credit score required for a car loan, but lenders usually prefer to see borrowers with good credit.

Getting approved for an auto loan with a 463 credit score can be difficult. And the ones you are approved for will likely come with high interest rates.

If you need to buy a car, the lender may require you to have a cosigner on your loan. A cosigner is generally someone who you’re close to and trust — typically, a parent, spouse, or other family member or friend who has strong credit. Having a cosigner can help improve your odds of getting approved and qualifying for lower auto loan rates.

By agreeing to be a cosigner on your auto loan, the individual is agreeing to assume the debt if you fail to make payments. In addition to potentially taking on this financial responsibility, their credit is adversely affected if you miss payments. It’s a substantial commitment, so make sure you and your cosigner are clear on each other’s expectations regarding the loan before entering this arrangement.

Can I Get a Mortgage with a 463 Credit Score?

Mortgage lenders set a minimum credit score requirement for mortgage loans. A 463 credit score might be too low to secure a mortgage loan as an individual applicant.

Conventional mortgage loans and Veterans Affairs (VA) loans usually require a minimum 620 score. Even Federal Housing Administration (FHA) loans and U.S. Department of Agriculture (USDA) loans -– which typically have lower minimum credit criteria — look for a minimum credit score in the 500s.

Can I Get a Personal Loan with a 463 Credit Score?

Like other types of loans, it can be hard to qualify for traditional personal loans with a 463 credit score. Some lenders offer products specifically designed for borrowers who don’t have good credit. One example is a secured personal loan. Collateral, such as a vehicle, home, or other asset of value, is usually required to qualify for this personal loan option.

As you’re weighing your options, you’ll want to understand how much your borrowing costs will be. Using a personal loan calculator can help you see your monthly payment amount and how much you’re paying toward interest charges.

The Takeaway

A 463 credit score falls within the lowest ranking of FICO Scores and is considered poor. Having a less-than-stellar score can make qualifying for traditional credit cards and loans challenging and costly. But all is not lost. There might be alternative options available that can help you gain access to credit — whether through the help of a cosigner or a collateral-based product.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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