Who Has a 493 Credit Score?

While a 493 credit score is significantly below the average for any age demographic, it's helpful to see how scores generally trend with age. Data shows that, on average, credit scores improve as people get older. Here is a look at the average credit score by age based on 2023 Experian data:

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

Credit Cards With a 493 Credit Score

A credit score of 493 falls into the "poor" range, which can significantly hinder your ability to qualify for most credit cards. Lenders view this score as an indicator of high risk, making them hesitant to extend a line of credit due to concerns about potential defaults. Consequently, your options will likely be restricted to secured credit cards or unsecured cards designed for bad credit, which typically come with higher interest rates and lower credit limits.

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Kudos offers AI-powered tools like the Dream Wallet and the Explore Tool that analyze your spending habits and preferences to find a card that fits your financial situation. These tools provide personalized recommendations from a database of nearly 3,000 cards and offer insights into how a new card might impact your credit, helping you make a more informed choice.

Auto Loans and a 493 Credit Score

A 493 credit score places you in the deep subprime category, which can make securing an auto loan challenging. While approval is still possible, lenders will view you as a high-risk borrower, resulting in significantly higher interest rates and less favorable terms.

Here are the average auto loan rates by credit score based on Q2 2025 data:

• Super-prime (781-850): 5.25% for new cars and 7.13% for used cars
• Prime (661-780): 6.87% for new cars and 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars and 13.92% for used cars
• Subprime (501-600): 13.18% for new cars and 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars and 21.55% for used cars

Mortgages at a 493 Credit Score

Securing a mortgage with a 493 credit score is challenging, but not impossible. Your most viable path is likely an FHA loan, which has more lenient requirements than conventional mortgages. According to mortgage requirements, FHA guidelines accept scores as low as 500, but you will need a down payment of at least 10%.

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A score in this range will significantly impact your loan terms. Expect to face much higher interest rates, increasing the total cost of your home over time. Lenders will also conduct a more thorough review of your entire financial picture, a process known as manual underwriting, to mitigate their risk.

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 493 Credit Score

A 493 credit score falls into the 'poor' range, but the good news is that it's entirely possible to improve your credit score. With consistent, positive financial habits, you can rebuild your credit profile, often seeing meaningful changes within three to six months.

• Establish automatic bill payments. Payment history is the most significant factor in your score, so making consistent, on-time payments is the most critical step to demonstrate reliability and begin raising your score.
• Reduce your credit utilization ratio. High balances on credit cards hurt your score, so focus on paying them down to get your utilization below 30% to show lenders you can manage debt responsibly.
• Regularly monitor your credit reports. Checking your reports from all three bureaus allows you to spot and dispute any errors or inaccuracies that could be unfairly dragging down your 493 score.
• Become an authorized user. Being added to a trusted person's credit card with a long history of on-time payments can add their positive account history to your file, which is a powerful way to build credit.

For help managing your cards and making smarter financial decisions on your credit journey, Kudos can be a powerful tool.