Understanding Your 440 Credit Score

If you have looked for funding before, you will likely come across a personal loan. These loans can be small, medium, or large with funding amounts, depending on the lender that you inquire with. Usually, personal loans are unsecured, which means that they don’t involve collateral. There are all kinds of personal loans out there, some of which may be available to low credit scores. However, keep in mind that because of the risk that a bad credit borrower may bring, funding amounts will likely be very small, and interest rates will be high.

Bank loans include personal loans, credit cards, auto loans, student loans, mortgages, and more. Essentially, any loan a bank offers may be considered a bank loan. Every bank may be different, so it’s important to do your research on the types of loans each may offer (if you are interested in a specific type of loan). Usually, banks cater to borrowers with, at minimum, fair credit scores.

Credit cards are a form of revolving credit that can be used multiple times. Once you reach your credit limit, you will have to make payments to the card to use it again. Credit cards may be available for borrowers with bad credit scores, but it may be difficult to get one when your score is as low as 440. Secured credit cards may be a borrowing option for you instead of unsecured credit card options. Here are some secured credit cards that may be available for 440 credit scores:

• OpenSky® Secured Visa® Credit Card

• Applied Bank® Secured Visa® Gold Preferred® Credit Card

• First Progress Platinum Elite Mastercard® Secured Credit Card