Home Credit Score What does a 360 credit score mean?

What does a 360 credit score mean?

360 Poor
Updated May 2, 2024
Written by Rachel Alulis

A 360 credit score is one of the lowest scores you can get. It falls significantly below the average credit score and will make it hard to get a personal loan or card that isn’t secured. Many lenders choose not to work with consumers whose scores fall below 500.

When your score falls in the very poor range the best thing you can do is begin building up your score.

This post will go into detail about what your 360 credit score means, the personal loan options available, cards that cater to your score, and what you can do to raise your rating.

What credit card can I get with a 360 score?

Card applicants with a 360 score will have a tough time getting approved. You still have choices.

Secured credit cards

Applying for a secured credit card may be your best bet when you have a very low rating. These cards require you to place security deposits – 100% refundable – which set the limits and serve as collateral. Use your secured card responsibly and you can get a higher score. Make sure the card issuer reports your activity to all three bureaus – Experian, Equifax, and TransUnion.

Unsecured credit cards

Most applicants prefer an unsecured credit card. The ones available for consumers with poor scores will come with low limits, charge high interest rates, and ask you to pay extra fees like an annual fee. Use your unsecured card responsibly to begin building up your score.

Check out more credit card options!

Popular credit cards for a 360 credit score

We’ve compiled a list of our top choices for unsecured cards.

Want to elevate your credit score?

It’s easy to build credit with your credit card!

What are the best personal loan options for someone with a 360 credit score?

You can get a loan with a below average rating but you will not have a lot of options. The smart way to borrow money is to wait and raise your rating. If you can’t wait, look for reputable online lenders who prioritize other factors like your income and employment history over your score. While you are more likely to be approved, they will still be short term loans for small loan amount and you will have to pay extra fees and higher interest rates than you would for personal loans for good scores.

Visit MoneyFor to learn more!

Personal loans with a 360 credit score

You can get a personal loan with a poor score. Not many lenders offer personal loans to applicants whose scores fall in the very poor range, but those that do consider the borrower’s full financial history, income, and employment stability, rather than just their ratings.

Whenever you’re applying for a loan it’s important to compare loan offers before you accept one. Look at the loan amount, repayment term, interest rate, and any extra fees. Be sure to choose a loan you can repay on time from a reputable lender. And make sure the lender reports your payments as it’s the only way to improve your score.

Need cash fast?

Learn where you can 500 credit score loans today!

Online lenders

Online lenders are a good place to start. Many have lenient criteria and accept applicants with poor scores. The bad news is you are more likely to find a short term high interest rate loan that makes you pay extra fees. Take a look at online loan marketplaces so that you can easily compare direct lenders and their loan options.

personal loan

Credit unions

Visit your local credit union. These member owned financial institutions offer personal loans for poor scores with more favorable terms than big banks. You may be able to find a personal loan for a larger loan amount, fewer fees, and a lower interest rate than you would elsewhere.

Cash advance apps

Cash advance apps are another lower cost solution. Many apps let you access instant cash up to $500 with no interest, no hard pull, and few fees. All you typically have to do is link them to your bank account and set up direct deposit. The loan repayment is typically drawn directly from your direct deposit so you don’t have to worry about missing a due date.

Auto loan rates for poor scores

Car loan applications can be approved with a poor rating, but it will be challenging. Like with other loans, you will be subject to higher interest rates compared to borrowers with good scores. The exact interest rate will vary based on your score, income, and the lender’s policies. Making a large down payment can improve your chances of being approved and may result in lower interest rates. Always compare rates and terms from multiple lenders to find the best options available to you.

Mortgages and home loans with a 360 score

Mortgages and home loans are not possible with a 360 rating. FHA loans require a score of at least 500 – some lenders want a score above 580. You will need a rating of at least 620 to secure a Freddie Mac or Fannie Mae mortgage. Before you start applying for home loans, pinpoint issues that are keeping your score down and work on fixing them.

Read more about credit scores!

What does it mean to have a 360 credit score?

The bad news is a 360 credit score falls in the very poor range and indicates poor financial management or a limited history. Experian found that consumers with scores below 579 are far more likely to be late by 90 days or more on a bill or debt payment. Many lenders choose not to do business with applicants whose scores fall in this range. You may have to pay extra fees – like an annual fee – or place security deposits to get a card. If you want a loan, you’ll likely be charged higher interest rates for a small loan amount and have to pay high fees for the privilege of borrowing.

The effects of a poor score go beyond cards and personal loans. You may have trouble renting an apartment or may be required to place security deposits on equipment or service contracts with utility companies.

Poor scores may be the result of:

  • Payment history: Late payments, missed debt payments, or accounts in collection will result in a poor score. Late payments stay on your report for up to seven years. Timely payments and debt payments are essential for a higher credit score.
  • High utilization rate: Do not max out your cards. Using too much of your limit can harm your score.
  • Limited credit history: A short history will result in a low score. All you can do is wait and keep accounts open and active.

360 is a bad score. Low scores make it difficult to secure personal loans with favorable terms or cards with low APRs. Your best bet is to boost it.

Tempted to skip a monthly payment?

Your credit score will suffer.

How to get beyond a Very Poor credit score

A 360 score is very low. The good news is that there’s plenty of opportunity to raise your rating out of the very poor range. The first step to improving your score is knowing what goes into it. Credit scores are calculated by weighing the following factors.

  • Payment history
  • Credit utilization rate
  • Length of time you’ve held accounts
  • Mix of accounts
  • New activity

Factors like your marital status, income, and debt levels do not count.

Looking to elevate your score? Read more on Credit Score Builder!

On-time payments by credit score range

Score rangeAverage percentage of on-time payments
750-85099.5%
700-74996.7%
640-69993.1%
300-63946%
Data from Credit Karma

How to improve your 360 credit score

When you have a below average score, it’s a good idea to figure out the main events causing it to be so low and concentrate on getting a higher rating. Even pushing it into the fair range (580-669) can make a big difference in the personal loans and cards you’re approved for.

Check your credit reports to understand your scores

A smart way to begin improving your score is to get your reports. Your report spells out the main events that are lowering your rating.

Take a look at your credit report and make sure there are no inaccurate negative marks. Dispute any errors you find with the issuing bureau. This can give an immediate boost to your score.

Next, look your report over to pinpoint issues like late payments or multiple hard inquiries. Have you been more than 90 days late on a debt payment? Then work to correct this behavior in the future and establish a track record of timely payments.

Fix your credit history

Once you know the mistakes you’ve made in the past, it’s time to fix them. First, establish a positive payment history. This means making timely payments – pay your bills on time every time. Try to make more than the minimum payment to keep your utilization rate low and avoid interest charges.

If you’ve made a late payment and caught it before it was reported to the bureaus, call your lender as soon as possible. A lot of credit card issuers will work with you to resolve late payments.

Struggling with a poor score?

Find out how credit repair companies can help!

Bottom line

A 360 rating is not good, but it’s not the end of the financial road. It will be hard to be approved for personal loans and cards but you still have options. The good news is, scores are not stagnant. You can raise your rating out of the very poor range with a little hard work and discipline

Making timely payments and keeping your utilization rate low will do wonders for your score. As your score goes up, so does your ability to secure better personal loans and cards.

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About the author

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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