Who Has a 465 Credit Score?

While age isn't a direct factor in calculating your credit score, there is a clear correlation showing scores tend to increase over time. Here is a look at the average FICO score by generation based on 2023 data from Experian:

• Generation Z (ages 18-26): 680
• Millennials (ages 27-42): 690
• Generation X (ages 43-58): 709
• Baby Boomers (ages 59-77): 745
• The Silent Generation (ages 78+): 760

Credit Cards With a 465 Credit Score

A credit score of 465 falls into the "very poor" range, which can significantly hinder your ability to qualify for a traditional credit card. Most lenders view this score as a high risk, meaning you're likely to face rejections for standard unsecured cards that offer rewards or low interest rates. Your options will probably be limited to products designed for building credit, such as secured credit cards that require a cash deposit.

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Kudos can help you find a suitable card through its tools, which analyze your financial preferences and spending habits to generate personalized recommendations. The platform also provides Credit Score Insights, helping you understand the potential impact of a new card while browsing a database of nearly 3,000 options.

Auto Loans and a 465 Credit Score

A 465 credit score places you in the deep subprime category, which lenders view as a significant risk. Consequently, you will likely face challenges getting approved for an auto loan and be offered significantly higher interest rates.

According to an automotive finance market report, here is a breakdown of average interest rates for new and used car loans across different credit score brackets:

• Super-prime (781-850): New Car: 5.25%, Used Car: 7.13%
• Prime (661-780): New Car: 6.87%, Used Car: 9.36%
• Non-prime (601-660): New Car: 9.83%, Used Car: 13.92%
• Subprime (501-600): New Car: 13.18%, Used Car: 18.86%
• Deep subprime (300-500): New Car: 15.77%, Used Car: 21.55%

Mortgages at a 465 Credit Score

With a 465 credit score, your mortgage options are virtually nonexistent through traditional channels. According to current mortgage requirements, even government-backed FHA loans—the most common path for buyers with poor credit—require a minimum score of 500 with a 10% down payment. A score of 465 falls below this threshold, making qualification highly unlikely with most lenders.

Even if you found a rare subprime lender willing to consider your application, a low score guarantees unfavorable loan terms. You would face a substantial down payment requirement of at least 10%, significantly higher interest rates, and additional fees. These factors dramatically increase the overall cost of the loan, making homeownership far more expensive and difficult to attain.

What's in a Credit Score?

Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but it generally boils down to a handful of key elements. The most common factors include:

• Your payment history, which tracks whether you pay your bills on time, is the most significant factor.
• Credit utilization, or the amount of credit you're using compared to your total available credit, also plays a major role.
• The length of your credit history demonstrates your experience with managing credit over time.
• Having a healthy mix of different types of credit, such as credit cards and installment loans, can positively impact your score.
• Finally, recent credit inquiries, which occur when you apply for new credit, are also taken into account.

How to Improve Your 465 Credit Score

Don't be discouraged by a 465 credit score; with consistent effort and the right strategies, you can significantly improve your financial standing. Taking deliberate action is the key to building a stronger credit profile over time.

• Apply for a secured credit card. These cards are designed for individuals rebuilding their credit and require a small security deposit, making them easier to obtain. By making regular, on-time payments, you demonstrate responsible credit use to the major bureaus, which is essential for building a positive history.
• Become an authorized user. You can be added to the credit card account of a trusted friend or family member who has a strong payment history and low credit utilization. Their good habits will be reflected on your credit report, which can provide a much-needed boost to your score.
• Set up automatic bill payments. Payment history is the single most important factor in your credit score, so automating payments ensures you never miss a due date. This is a critical step to stop your score from dropping further and begin establishing a reliable track record.
• Regularly monitor your credit reports. You can get free reports from AnnualCreditReport.com to check for inaccuracies or signs of identity theft that could be dragging your score down. Disputing and removing errors is one of the quickest ways to see a potential improvement.

The Kudos browser extension can help you manage your cards and monitor your score as you work to improve it.