If you’re trying to prepare to apply for a credit or you’re too deep there you worry about the 476 credit score, it’s time to find out more on the subject. Even if you rest assured you know everything, there can be some small piece of info that may change your financial behavior.
What Is an 476 Credit Score?
A credit score is a rating that shows your financial credibility. There are three major bureaus that calculate it for everyone. The rating is based on:
- The number of bank accounts you have and you take care of them;
- How many bad credit loans you have and whether you get late with repayment.
Equifax, TransUnion, Experian, the bureaus that are in charge of the your number, gather info and update the ratings often. You can get a rating from 300 to 850 or so, it’s a regular range. 300 is a bad score, implying you don’t repay your credits on time and your credit cards aren’t showing you as a reliable person. 850 is the complete opposite of that.
How to Get a Personal Loan with 476 Credit Score?
Getting a credit will depend on the bank or private lender that you’re going to use. Every option has its own requirements. There are some that consider 600 or higher a regular rating, while most traditional banks think of it as unacceptable.
The application process differs a bit in cases when you need a credit from a bank or a private company. To borrow from a bank:
- Choose a bank offering the most reasonable interest rates and repayment conditions;
- Find out what documentation you need in order to apply;
- Find out the schedule of an expert you need;
- Gather the documentation and visit the bank;
- Provide the needed information and follow the further recommendations you’re given;
- Wait for the approval.
If you want to borrow from a physical private lender, the process is the same, only you aren’t required to gather too many documents.
In case you want to use an online private lender:
- Choose the most benefitial company for your needs;
- Go to their site and read about the terms and conditions. Don’t forget to read the small print;
- Provide the information the website needs and apply for a loan;
- A specialist will contact you shortly to confirm;
- Wait for approval.
What Loan Can I Get with 476 Credit Score?
Again, it greatly depends on the bank or a private lender. However, the loan types are also different, and each of them need you to meet requirements as to a certain credit score to get an approval:
- For a mortgage, a lot of traditional banks require a score of 760 and higher. But you can find lenders that will approve your loan application even if you’re at 620-580. However, the rates for such offers will make you pay hundreds of thousands in interest;
- For an auto loan, your score will also influence the interest rate you’ll be paying. If your rating is 720 and higher, your loan will be very beneficial. If you’re down to 700, for instance, you’re already will pay 6% of interest rate;
- For a student loan, the terms depend on whether you’re an undergraduate. If so, your credit score isn’t a problem. But if you want a private loan, the rating should be at least 750.
- Some companies will approve 650, but the interest will increase to 8%-14% in that case;
- For a personal loan, your score should be at least 550. It’s the easiest type of loan to get with any credit score.
Can I Get a Loan with 476 Credit Score?
No credit score is fatal, and you can still get a loan even if you’re at 400 or 450. That’s quite low, and there may be restrictions as to:
- The number of offers available;
- The annular percentage rate;
- The sum of money you can apply for;
- The terms and conditions of repayment.
Logically, the lower your rating is, the worse the conditions will be. However, it may be still a good call if you need a loan to pay back your older debts. This will aid you in fixing the score and get loans on better terms and conditions later.
Where Can I Get a Personal Loan with an 476 Credit Score?
Nowadays, Internet companies are extremely popular. Their rates are a bit higher than in other options, but they offer many more possibilities. For example, such companies usually close their eyes on your score, so many more applicants have a possibility of getting some additional money.
Moreover, not much documentation is needed to apply for such an option. This implies not a lot of time is needed to check your application. That’s why, the confirmation time is sometimes only 1 hour, which is very convenient if you’re in a rush.
How to Fix Credit Score 476?
The general way to improve your 476 credit score is to get loans and repay them on time with all the extra fees. Revisit the banks and companies you’ve used before, ask to consider restructuring your debt. They should allow you to repay it in chunks. Thus, bank by bank, you’ll get out of blacklists and your score will get fixed dramatically.
If your credit rating is bad, don’t be fully discouraged just yet. Any score can be fixed, and some companies still give the best online loans even to clients who have the lowest possible score. Someone’s got to give you an opportunity to pay back everything. And once you’re done, you’ll be living debt-free, and your score will skyrocket!