What does a 350 credit score mean

A 350 credit score is an indication of serious past financial mistakes or an extremely short credit history. Most financial institutions won’t accept a score this low, making it challenging to be approved for financial products and services. This is due to lenders considering you high-risk.

Recognizing that a 350 is not a good credit score is a start. The next step is to fix it. Reaching a higher credit score will lead to better loan and credit card options in the future.

Let’s explore what you can qualify for with a poor score and how to achieve good credit.

What can you get with a 350 credit score?

A 350 credit score is not good, so the number of financial products available to you will be very limited. A lot of lenders do not accept applicants with credit scores under 600. If you can bring your rating to at least 580 – considered fair credit – your approval chances increase tremendously. A higher credit score means you are a more trustworthy borrower and will be easily approved.

Some financial institutions do consider borrowers with such low credit scores, but unless you really need money right now, it would be better to raise your rating first. Once you’re out of your poor credit situation, you’ll get much better deals.

If you absolutely need a loan now, your options include payday loans, secured loans, and cash advances. Car loans will be difficult to come by, and mortgages are out of the question. The good news is that most lenders look at other factors besides credit scores. They will consider your income, employment history, and debt-to-income ratio when deciding whether or not to work with you. Having an existing relationship with the institution can also help you get a loan.

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Number of open accounts by credit score range

Score Range	Average Number of Open Accounts
750-850	3
700-749	4
640-699	4
300-639	4

Data from Credit Karma

Credit cards for a 350 credit score

Individuals with a 350 credit score are unlikely to qualify for traditional unsecured credit cards. One option is to become an authorized user on a friend or a family member’s card. There’s no application process for this, and you benefit from their good habits.

If you want your own account, you have two basic options: a secured credit card or a subprime unsecured one.

Secured credit cards

Secured cards require a deposit – 100% refundable – which often equals the limit that the consumer gets to set. Most issuers require an initial deposit of at least $200.

Unsecured credit cards

Believe it or not, some issuers consider consumers with credit scores lower than 500. They are few and far between and will charge you additional fees and a high annual percentage rate (APR). The good news is you can use these cards to improve your score and then move on to better options.

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Why do credit scores matter?

Your score determines your ability to secure installment credit (loans), revolving credit (cards) and the interest rates and fees you are charged.

FICO scores are calculated based on the following five factors:

Payment history – 35%
Amount used – 30%
Length of credit history – 15%
Mix of account types – 10%
New inquiries – 10%

Making on time payments is the best thing you can do. Missed or late payments destroy your score fast.

There are a lot of myths out there about what affects credit scores. Factors that have no influence on your score include:

Income
Employment history
Age
Marital status

While these factors do not determine your rating, they can affect whether or not you’re approved for a card or loan.

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What does a 350 credit score signify?

A 350 credit score indicates a nonexistent credit history or a pattern of significant mistakes. Common mistakes include multiple late payments, high balances, excessive debt levels, accounts in collections, liens, judgments, and even a prior bankruptcy.

Banks often won’t do business with consumers with a FICO score lower than 600. If they are willing to lend to you, they will be extremely careful. Expect to be charged extra fees and higher APRz`. Most credit cards will have a low credit limit and fees including an annual fee. Loans will likely require collateral or have strict repayment terms. You will end up paying more for the privilege of borrowing.

The low limits, small amounts, and the extra cost of borrowing with a 350 credit score are so that the lender does not lose money if you fail to make a debt payment. All these fees ensure that the lending institution gets paid their money upfront.

Find credit cards for your score range.

What exactly do credit score numbers indicate?

Credit scores range from 300 to 850, indicating how likely you are to repay the money you borrow. A higher score indicates lower risk, while a lower number indicates potential default. A perfect FICO score is 850 but you don’t have to get there to receive favorable financial products. A good credit score is anything above 670.

If you have a FICO score of 350, concentrate on bringing it up to at least 580.

Let’s break down the numbers even further.

FICO scores are broken down into five ranges:

Exceptional: 800-850
Very Good: 740-799
Good: 670-739
Fair: 580-669
Poor: 300-579

A credit score of 350 falls in the poor range, and right at the bottom too. This means that you are considered very high risk and will have a tough time getting unsecured loans or credit cards without lots of fees.

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How to raise a 350 credit score

Credit scores aren’t stagnant. You can improve your credit with a little bit of work.

Review your credit reports for errors

The first step is to check your credit reports and see if you spot any errors pulling your score down. If you find any, dispute them with the issuing credit bureau. Getting an error deleted can give an immediate boost to your rating.

You can get a free copy of your credit reports once a year from annualcreditreport.com.

Understand your credit history

Next, pinpoint what you’ve been doing wrong using your credit report. Do you have a lot of hard inquiries? A recent bankruptcy? Is your statement balance too high? Figure out the issues and avoid making the same mistakes in the future.

Make timely payments

Payment history is the most important factor. Paying your bills on time, every time, on every account is a must. This is the number one thing you can do to improve your credit.

Even one late payment is detrimental to your score. Set up reminders or autopay to avoid this.

If you miss a payment, call your lender as soon as possible to resolve it before they send the negative information to the credit bureaus. If it’s less than 30 days late, it may not be on your report yet.

Maintain low balances

A good rule of thumb is to never spend more than 30% of your available credit. Low usage indicates that you’re not reliant on borrowing.

To keep a low credit utilization rate, pay your full balance each month. Never carry an outstanding balance as you’ll just be charged interest on it.

Another trick is to make multiple payments throughout the month. This way you can spend more on credit but a low utilization rate will be reported to the credit bureaus.

Your best strategy to improve you score is to make small consistent charges on credit accounts, keep your utilization under 30%, and pay your balance in full and on time to avoid interest.

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Frequently asked questions

1. Are there loans for a 350 credit score?

A loan for a 350 credit score is rare. The ones you find will charge a high APR and come with strict terms. Consider alternative options like secured loans, finding a co-signer, or improving your credit before applying.

2. I have a 350 credit score, how can I raise it?

To raise a 350 credit score, pay bills on time, reduce outstanding debt, avoid new credit applications, and dispute any credit report errors. Improving your credit requires consistent responsible financial behavior.

3. My credit score is 350, how can I fix it?

To fix a 350 credit score, prioritize paying all delinquent accounts and starting to pay all bills on time. It’s also helpful to pay the full amount every month. You can also work with credit repair services, but know that they don’t do anything you can’t do yourself.

Bottom line

A 350 credit score is representative of a poor payment history and high utilization. If your credit score falls in this category, it can be nearly impossible to borrow. Financial institutions will be hesitant to approve a loan or credit card without extra charges to compensate for the risk.

You are better off taking the time to improve your credit. It will take effort, but it is worth the wait.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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Is a 350 Credit Score Bad?