By CreditNinja Reviewed by Matt Mayerle
Modified on May 15, 2024

Those who have a 450 credit score are part of a group of consumers who have “very poor” credit scores.

USA Today reports that about 16% of consumers have a credit score in the “poor” range or lower.1

All credit scores that fall within the range of 300 and 579 are labeled as “very poor” credit by most credit reporting agencies. Unfortunately, a poor credit score can be an obstacle in many aspects of life. For example, it can prevent you from receiving approval on personal loans and from renting certain apartments. 

If your credit score is 450, you’ll want to prioritize improving your credit to make life easier and less stressful. Keep reading to learn some tips and tricks for improving your credit score! 

Key Takeaways for a 450 Credit Score

Overview of Your
Credit Rating

450 falls around the middle of the “very poor” credit score range. All scores between 300 and 579 are considered “very poor” credit.

Borrowing Options With a
450 Credit Score

Traditional loans may be hard to come by. Although no-credit-check loans are available, they should be used with caution.

Improving a 450
Credit/FICO Score

Consumers can improve their credit history by making all their due payments on time, reducing their current debts, and avoiding new debts.

Is a 450 Credit Score Good?

No, 450 isn’t a good credit score. In fact, 450 is part of the lowest of the credit score ranges, known as the “very poor” credit range. All credit scores between 300 and 579 are considered “very poor” scores.

What Can You Get Approved for With a 450 Credit Score?

Approval for some types of loans may be difficult when you have a very poor credit score. If you are thinking about taking out a personal loan, be sure to research lenders and compare offers to find the best deal possible. 

Below is more information on some common loan types you may come across in your initial research. 

Personal Loans

Personal loans are a type of installment loan where borrowers receive one lump-sum payment and repay their balance over the course of a few weeks, months, or years. Consumers can access personal loans in the form of unsecured installment loans, credit builder loan products, secured loans, and more. Furthermore, personal loan products usually come with fixed interest rates. That means the interest rate charges should stay the same throughout the life of the loan, resulting in fixed monthly payments. 

Bank Loans

Consumers can also access personal installment loans from banks. However, banks usually only work with borrowers with good credit scores. So, with a 450 credit score, you may have a better chance of approval by applying with a credit union or other private lender that specializes in bad credit loans. 

Credit Cards

Credit cards are a form of revolving credit, which means borrowers have access to their full credit limit at the start of each billing cycle. However, unless borrowers repay their credit limits in full on a regular basis, it’s very easy to accumulate a lot of credit card debt. In fact, according to the Federal Reserve Bank of New York, Americans owe approximately $1.13 trillion in credit card balances.2 Other products, like secured credit cards, may be a more helpful tool for people with a 450 credit score.  

Secured Credit Card

With secured credit cards, borrowers prepay their credit limit upfront. That way, lenders have a security deposit should the borrower be unable to repay their debt. But, when used responsibly, secured credit cards can be a great tool that gives subprime borrowers access to a line of credit and helps them improve their credit scores! 

A few secured credit card products designed for consumers with poor credit scores are: 

  • Credit One Bank American Express® Card for Rebuilding Credit
  • OpenSky Secured Visa® Card
  • Capital One Quicksilver Secured Cash Rewards Credit Card
  • Discover Secured Credit Card
  • Credit One Bank® Secured Card
  • Capital One Platinum Secured Credit Card
  • Chime® Credit Builder Card

Car Loans

Car loans are a type of secured loan used to buy a vehicle. Bad credit borrowers may not be able to qualify for auto loans with many types of car dealers. Instead, these types of consumers may want to seek out credit unions or other direct lenders who offer bad credit auto loans.  

Payday Loans

Cash advance loans, like payday loans, are a type of unsecured loan that borrowers can typically always get approval for, even with a bad credit score. However, these kinds of loans usually come with high rates and short repayment terms. So, unless you can repay your balance in full within about two weeks or less, these loans may not be very helpful in the long run. 

Products to Help Improve a 450 Credit Score

Check out some products and tools below that can help improve your low credit score: 

Budgeting Apps 

How familiar are you with your recurring bills and due payments, and how they compare to your income? Knowing how much money you owe vs. how much you have coming in will be essential to improving and maintaining credit scores. If you feel a little lost when it comes to responsibly managing your spending, payments, etc., you may find a budgeting app helpful. With budgeting apps, you can track your finances straight from your smartphone! Some popular apps you can download and use today are: 

  • YNAB (You Need a Budget) 
  • Fudget
  • Stash
  • Mobills
  • EveryDollar
  • Goodbudget

Credit History and Report Monitoring

While you work on improving your credit history, you’ll want to check your recurring credit reports regularly—probably about once a month or so. In addition to reviewing your reports on your own, you may also want to use a credit monitoring service. 

While specifics can vary depending on which program you choose, some basic activities many credit monitoring services keep track of are: 

  • Hard credit checks 
  • New credit accounts opened in your name
  • Current balances and payment histories for your various loans, bills, etc. 
  • Updates in addresses, names, and other important personal information 
  • Public records, such as bankruptcy filings
  • Leaked personal information on the dark web

Credit-Boosting Services

Credit bureaus track most of your financial history, but not all of it. That means you could have some positive payments that aren’t included in your credit reports! Thankfully, credit-boosting services can help ensure that credit bureaus are aware of all your on-time payments. 

Below is more information on a few popular credit-boosting services: 

Service

Description

Cost

Key Features 

Experian Boost

Adds utility and telecom payments to your credit file

Free

Can increase FICO credit score instantly; only positive payments added. 

UltraFICO

Considers your banking behavior in your credit score

Free

Can be useful if you have a good banking history 

CreditStrong

Considers credit builder loans 

Varies by plan

Reports to all three national credit bureaus; no credit score needed

Self (formerly Self Lender)

Credit builder loans tied to a CD (Certificate of Deposit)

Starts at $25/month

Reports to all three major credit bureaus, flexible terms 

RentTrack

Reports your rent payments to credit bureaus 

Starts at $6.95/month

Helps build credit through rent payment; reports to all three major credit bureaus 

Disclaimer: The information provided in the table above regarding credit-boosting services is for general informational purposes only and does not constitute financial advice. Costs and details may vary, and it is recommended to consult with a financial advisor or directly with the service providers for the most accurate and personalized information.

Benefits of Improving Your 450 Credit Score

A few benefits of improving your FICO credit scores include: 

  • Faster approval on loans and credit cards
  • Higher loan amounts and credit limits 
  • Lower interest rates 
  • Better premiums on insurance rates
  • Better housing opportunities

How to Improve Your 450 Score

Below are a few tips that can help people improve their average credit score.

Make Your Monthly Payments on Time

Having a positive payment history will make the biggest difference in improving your credit report and credit score. If you have trouble remembering to make timely payments, see if you can sign up for autopay with your creditors. With autopay, your due payments will be automatically deducted from your bank account, so you don’t have to worry about manually submitting them! 

Focus on Paying off Debts 

In addition to submitting your due payments on time, see what you can do to pay off your balances faster. Paying more than your minimum amount due or doubling up on loan payments can help improve your credit utilization ratio, save money on interest rates, and pay off debts faster, all of which will benefit your credit report. 

Get Help If You Need It

If you are unsure where to start when it comes to improving your credit score, a credit counseling service may be able to help. The U.S. Trustee Program of the U.S. Department of Justice recommends the following websites that offer credit counseling services:3 
  • www.myonlinebankruptcyclass.com
  • www.simpleclass.net
  • www.debtorcc.org
  • www.1dollarwiser.com
  • www.a123cc.org
  • www.1stopbk.com

FAQs About 450 Credit Scores

Yes, using a cosigner with a better credit history can significantly improve your chances of securing a loan. A cosigner agrees to take responsibility for the loan if you fail to make payments, which decreases the risk for lenders and might result in more favorable loan terms.

If you’re dealing with high interest rates on existing debts, consider debt consolidation loans or negotiating with creditors for lower rates. Debt consolidation loans can help combine multiple debts into a single payment with a lower interest rate, making it easier to manage payments and reduce total interest costs.

Closing old credit accounts can negatively affect your credit score by shortening your credit history and increasing your credit utilization ratio. It’s often advisable to keep old accounts open, even if you’re not using them, as long as they don’t require annual fees. This strategy can help improve your credit score by maintaining a longer credit history and a lower utilization rate.

Increasing your credit limit can positively impact your credit report by lowering your credit utilization ratio, provided you do not increase your spending. However, this improvement depends on responsible management of the new limit, as maintaining lower balances relative to your limit can demonstrate better credit management to lenders.

What Interest Rate Can I Get With a 450 Credit Score?

Interest rates for most personal loan products will be higher when your credit score is in the “very poor” range. Bad credit borrowers can try using a cosigner to get approved for higher loan amounts and possibly lower interest rates. For secured loans like an auto loan, submitting a larger down payment may also help borrowers save money on interest rate charges. But, the best way to secure lower rates is to work on improving your minimum credit score.  

Can I Buy a House With a 450 Credit Score?

Getting approved for a mortgage and buying a house will be extremely difficult if you have a lower credit score. While they can always contribute a larger down payment, good deals on home loans will be few and far between for bad credit consumers. Your best bet at getting a better deal on a mortgage will be to improve your overall credit score and credit history.

Top 5 Resources for a 450 Credit Score

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