By Marcy Lovitch

A 445 credit score is considered poor and falls within the lowest category of credit scores. With this score, you may find it challenging to get approved for most loans and credit cards. If you do get the green light from a lender, you can likely expect higher interest rates, fees, and less-flexible terms compared to someone with a much higher score.

Here’s an in-depth look into what might be available to you with a credit score of 445.

What Does a 445 Credit Score Mean?

To understand what a 445 credit score represents, it helps to know about credit scores and how they’re calculated.

A credit score is a three-digit number between 300 and 850 that signifies to lenders your creditworthiness. There are a handful of credit score factors that make up the particular score found in your credit report. These include:

•   Payment history

•   Amounts owed

•   Length of credit history

•   Diversity of your credit

•   Any new credit accounts you may have

FICO® is the scoring model used by the majority of lenders. Here’s a breakdown of its credit score ranges:

•   Poor: 300-579

•   Fair: 580-669

•   Good: 670-739

•   Very Good: 740-799

•   Excellent: 800-850

Is 445 a good or a bad credit score? As you can see, a credit score of 445 falls into the lowest-ranking category. It’s also 270 points below the national average FICO® score of 715.

But take heart: There are ways to build up your credit over time and position yourself for more lending options and better terms. Strategies include consistently paying bills on time; paying down debts; keeping open older accounts that are in good standing; and responsibly managing a diverse mix of credit.

What Else Can You Get with a 445 Credit Score?

Having a 445 credit score can be an obstacle when it comes to getting approved for certain types of loans or credit cards. If you do get approved, as previously noted, you’ll most likely be saddled with higher interest rates, fees, and less-favorable terms. Let’s take a closer look at what you can get if your credit score is 445.

Can I Get a Credit Card with a 445 Credit Score?

There’s no definitive minimum credit score required for a credit card. But if your score is in the poor range, it’s going to be harder to get approved for an unsecured credit card that doesn’t require any form of collateral or a deposit.

Instead, a secured credit card may be worth exploring. This type of card can be a great way to build credit if you’re having trouble getting approved for a traditional card. You’ll need to put down a security deposit, usually equal to your spending limit on that card. That deposit is refunded once you switch to an unsecured card.

Another way to get a credit card with a 445 credit score — and help build your credit — is to become an authorized user on someone else’s credit card. The primary cardholder adds you to their account, and you can reap the benefits of their positive financial habits.

Can I Get an Auto Loan with a 445 Credit Score?

Similar to credit cards, there’s no minimum credit score needed for a car loan, though some lenders have their own thresholds. You can find car loan offers through banks, credit unions, online lenders, and in some cases, the car dealer.

Though you can get an auto loan with a credit score of 445, chances are you’re going to shell out more money if you do. For example, for the fourth quarter of 2024, Experian® reports the average annual percentage rate, or APR, was 15.75% for a new car loan and 21.81% for a used car.

With poor credit, you may have to also put down a larger down payment and pay higher lender fees. You may consider adding a cosigner to the loan to increase your chances of qualifying and getting an auto loan. Though you’ll both apply and appear on the loan together, the cosigner won’t be the car’s owner. However, the two of you are on the hook for the payments.

Recommended: Smarter Ways to Get a Car Loan

Can I Get a Mortgage with a 445 Credit Score?

It can be tough getting a mortgage with a poor credit score, since most conventional loans (ones that aren’t insured by the federal government) typically require applicants to have a 620 credit score or higher.

If you’re considering buying a home and with a less-than-stellar credit score, you may want to take some time to repair your credit. This can put you in a better position for other government-backed loans such as a Federal Housing Administration (FHA) loan, which typically requires a minimum score of 580 and a down payment of 3.5%. You may also be able to get a FHA loan with a 500 credit score and a 10% down payment.

There are other government-insured loans you may also want to consider. A Veterans Affairs (VA) loan — available to veterans, active military members and some surviving spouses — doesn’t require a minimum credit score. However, some lenders may require that borrowers have a score in the 620-640 range.

Similarly, a USDA loan, which is sponsored by the U.S. Department of Agriculture, doesn’t have a firm credit score requirement, but your chances for approval may increase if you have a score of at least 640.

Can I Get a Personal Loan with a 445 Credit Score?

A personal loan can be used to fund a variety of things, including home renovations, a wedding, medical bills, or consolidate credit card debt.

The question is, can you get a personal loan if your credit score is 445? The answer is maybe, though you’ll likely be presented with higher rates and less-flexible terms. You also may not be able to get approved for the full amount you need.

Credit score requirements for personal loans vary depending on the lender. Generally, you need a score of 580 or higher to qualify, though it’s still possible to find loan issuers who are willing to approve smaller personal loans to those with a lower credit score.

You may have a better chance if you look for a secured personal loan, which will require you to put up some sort of collateral, such as your car or home in order to get approved. Another idea is to get a cosigner with a healthier credit score to come on board to help get the loan rubber-stamped.

If you’re thinking about applying for a personal loan, try using SoFi’s personal loan calculator to determine how much your monthly loan payments might amount to so you can keep debt manageable.

Recommended: Where to Get a Personal Loan?

The Takeaway

Is a 445 credit score good or bad? It’s in the lowest category of credit score rankings and considerably lower than the national average credit score of 715. But don’t despair, because even if your score is 445, it doesn’t have to stay there.

It may take time, but you can take solid steps to repair your credit and put yourself in a better position to qualify for a variety of loans and lines of credit. Examples include paying your bills on time, avoiding accumulating any extra debt, keeping a diverse credit mix, and not applying for many new accounts in a short period of time.

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.

By Rebecca Lake

Credit scores measure your financial health and tell lenders how you manage credit and debt. These scores are calculated based on information in your credit reports. If you plan to apply for a loan or line of credit, this three-digit number can make a difference in whether you’re approved and the rates you pay.

Is 495 a good credit score? The short answer is no, not at all. Read on to learn what a credit score below 500 means and how it can affect you financially.

What Does a 495 Credit Score Mean?

Credit scores operate on a range. FICO® credit scores, which are used by 90% of top lenders for loan decisions, range from 300 to 850. Where you fall in that range determines what kind of credit rating you have.

A credit score of 495 is poor on the FICO scale. A poor credit score means that:

•   Your credit score is well below the average borrower’s credit score.

•   You present a greater risk to lenders.

For perspective, the average credit score in the U.S. is 715, according to Experian. That’s well above the minimum threshold for “good” credit.

Is 495 a bad credit score? Yes. Is it the end of the world? No, but it could make life harder if you need to borrow money.

You may not be approved at all for credit, or you may only qualify for bad credit loans. Some bad credit loans, like payday loans or title loans, are predatory in nature. Payday loans, for example, can have interest rates approaching 400%. Lenders can charge rates that high if you have a 495 credit score because they bank on you not being able to get approved elsewhere.

What Else Can You Get with a 495 Credit Score?

Lenders may be reluctant to offer you loans when your credit score is below 500, regardless of the reasons why your score is that low.

For example, maybe you’re recently divorced and your ex-spouse ran up debt in both your names. Those debts can affect your credit score, regardless of whether you or your ex is the one who’s paying them off. Or maybe you fell behind on your credit card payments because of an extended illness, which hurt your score.

Both situations may have been beyond your control, but they still impact your credit negatively and make you seem like a bigger risk. Let’s look at how a 495 credit score affects your ability to get different types of credit.

Can I Get a Credit Card with a 495 Credit Score?

Credit cards let you buy things now and pay for them later. You may be able to get a credit card with a 495 credit score, though you might be limited to a secured credit card. Secured credit cards usually require a cash deposit to open; the deposit may double as your credit limit.

Secured cards can help you build credit if your account history is reported to the credit bureaus. Another plus is that a low credit limit can keep you from piling up a lot of debt. Some secured cards offer added perks, like earning cash back when you make eligible purchases.

Over time, you may be able to graduate to an unsecured card and get your cash deposit back. One drawback of secured cards is that they sometimes have higher interest rates. So the best way to use them to build credit is to pay off the balance in full each month.

If you have credit cards you’re trying to pay off, you could use a balance transfer or a credit card consolidation loan to lower your rate. On-time payments can get your credit health back on track, and you could save money on interest as well.

Can I Get an Auto Loan with a 495 Credit Score?

A 495 credit score car loan is possible, though it’s likely to be expensive. Rather than getting a car loan through a bank or an online lender, you might be limited to on-the-lot or in-house financing.

There’s no minimum credit score required for a car loan, but lenders typically look for borrowers with good credit. That means a score of 670 or better on the FICO scale, though you could qualify with fair credit, which ranges from 580 to 669. The higher your score is, the lower your rates are likely to be.

If you’re interested in a car loan and have bad credit, shop around. Compare loan terms, rates, and fees from multiple lenders or dealerships to estimate how much you’ll pay. If you can hold off on buying a car for now, you could work on improving your credit score, which could help you get a more favorable loan.

Can I Get a Mortgage with a 495 Credit Score?

Mortgage loans are secured by the home you’re buying. That means if you don’t make your payments as agreed, the lender can foreclose on the home and take the property in place of repayment.

That reduces some of the risk to the lender, but it’s still very difficult to qualify for a mortgage with a 495 credit score. Even FHA loans, which are government-backed and designed for people with less-than-perfect credit, require a minimum credit score of 500 to qualify. If you’re just below that threshold, you may need to wait a little for your credit to improve.

Conventional loans, meanwhile, typically require a 620 credit score. If you’re interested in a VA loan, there’s no minimum credit score required by the government, but lenders may look for a 620 score or better. The USDA loan program doesn’t have a minimum either, but lenders generally require a minimum score of 640.

Can I Get a Personal Loan with a 495 Credit Score?

Personal loans let you borrow a lump sum of money for a wide variety of reasons. Usually, these loans are unsecured, which means you don’t need a cash deposit or any other collateral to qualify.

You may be able to get an unsecured personal loan with a 495 credit score, though the terms may not be the best. If you’re interested in a personal loan for bad credit, check online lenders, banks, and credit unions to see how the options compare. Use a personal loan calculator to estimate your costs.

Peer-to-peer (P2P) lending is another option if you’re looking for alternatives to personal loans. These loans are funded through multiple investors who pool their money to lend to borrowers. They make money off the interest they charge.

It may be easier to qualify for a P2P loan if you have poor credit. The trade-off is that the interest rates may be higher. However, these loans are typically not in the same predatory category as payday loans or title loans, which are best avoided whenever possible.

The Takeaway

Is a 495 credit score good or bad? It’s not good, but it’s not the end of the world either. If your score is in this range, ask yourself how you can improve it. Some of the best ways to boost a poor credit score include paying bills on time and reducing your debt.

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.