Is 350 a good credit score? No. If you have a 350 credit score, that means you have had difficulties with your credit, such as delinquent accounts, fraud, and more. Or it could mean you lack credit history, meaning you have not applied for credit cards, car loans, housing loans, etc.
Is 350 a good credit score? No, not really. A 350 credit score may sound impressive, but it is one of the lowest–and most dangerous–credit scores to have.
Why is a 350 Credit Score Dangerous?
Your credit score is a “reliability” rating for you as a creditor, which loan companies (banks, credit unions, or other financial institutions) use to determine if you are someone they want to loan their money to. With a 350 credit score, loans are usually attached with an exorbitant interest rate. Credit cards for a 350 credit score have a lower limit you can spend on them, and car loans will outright deny you without a significant amount of money down.
This may sound unfair, but remember that they do not know “you” as a person. They only know what your credit score says about you, and more often than not, they do not care about the reasoning behind your score. It is a brutal business that can hinder your financial growth and stability.
So what should you do?
Improving Your 350 Credit Score
Improving your credit score is a catch-22. To improve your credit score, you need credit. How do you get credit? You improve your credit score. How do you improve your credit score? You get credit. It is a straightforward and circular process made difficult by the risk-reward mindset of loan companies.
But say you do manage to get a line of credit, and you want to start raising your credit score. You should try to do all of the following:
Pay Your Loans On Time
Once you have a loan, whether it’s credit cards for 350 credit score, a car loan, or a housing loan, pay it on time. Late charges and missed due dates will cause the account to become delinquent and lower your credit score. Remember that your score is a reliability rating; the less reliable you are, the lower your score will be.
Show Active Spending Without Overspending
A general rule of thumb is to keep certain loans, such as credit cards, at a 33% usage rate. For example, if you have a $1500 credit line, you want to keep that credit line at $500. This shows that you are using the loan while paying it back reasonably.
Contact a Credit Repair Specialist
While many companies advertise credit repair services, Coulter Credit Repair takes the confusion and dismay of your credit and moves it towards a brighter, better future. Our expert credit specialists will repair your credit score, help you establish new lines of credit to raise your score, and provide advice on keeping your credit score at a good spot for your lifestyle.
It can be debilitating trying to raise your 350 credit score, loans may be hard to get, but we are here to help you and look forward to offering you a free consultation.
