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346 Credit Score: Good Or Bad (Can I Fix It)?

  • A credit score of 346 is extremely poor, making loans and credit cards hard to obtain.
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A credit score of 346 counts as very poor. It makes it tough to get loans or credit cards. You probably struggle with late payments, high credit usage, or negative marks on your report. If you don’t act now, your score might drop even lower, so tackling these issues is crucial.

To boost your score, make consistent payments, pay down debt, and check your credit report for errors. Secured credit cards and becoming an authorized user can also help you build credit. Handling this by yourself can feel overwhelming. That’s where The Credit Pros step in. Give us a call, and we’ll review your credit report without any pressure. We customize our solutions to fit your unique situation and guide you on the best way forward.

On This Page:

    Why Is My Credit Score Only 346?

    Your credit score is only 346 due to several significant factors negatively impacting it. Here are some reasons that might lead to such a low score:

    • Late Payments: Missing payments on loans or credit cards, even just once or twice, can drastically lower your score. Always pay your bills on time.

    • High Credit Utilization: Using too much of your available credit can trigger a low score. Aim to keep your credit utilization below 30%.

    • Negative Marks: Accounts in collections or bankruptcies hurt your score. Check your credit report for any negative items and dispute any errors.

    • Limited Credit History: A short credit history or few credit accounts can result in a low score. Work on diversifying your credit mix responsibly.

    • New Credit Inquiries: Frequently applying for new credit can lower your score. Limit how often you apply for new accounts.

    Bottom line: You can improve your credit score by making timely payments, managing your credit utilization, addressing negative marks, expanding your credit history, and limiting new inquiries. Take these steps to boost your score and regain financial health.

    5 Best Ways To Recover From A 346 Credit Score?

    To recover from a 346 credit score, follow these five effective steps:

    1. Pay Your Bills on Time: Set automatic payments or reminders. Timely payments are vital, as late payments can drastically lower your score.

    2. Reduce Your Outstanding Debt: Focus on clearing your debts. Use the Debt Snowball method for smaller debts or the Debt Avalanche method for high-interest debts to lower your overall credit utilization.

    3. Check Your Credit Report for Errors: Obtain your annual credit report and identify any inaccuracies. Dispute mistakes you find, as correcting errors can improve your score quickly.

    4. Avoid Opening New Credit Accounts: Limit new applications to prevent hard inquiries that can decrease your score. Only apply for new credit when absolutely necessary.

    5. Become an Authorized User or Get a Secured Credit Card: Ask a trusted person to add you as an authorized user on their card or obtain a secured credit card. Make small purchases and pay them off in full each month to show responsible credit use.

    In a nutshell, you can improve your credit score by paying your bills on time, reducing debt, checking for errors, avoiding new credit applications, and using secured credit options. These steps will help you regain control of your financial health.

    Major Factors That Keep My Credit Score So Low?

    Major factors that keep your credit score so low include several key elements that negatively impact your score:

    1. Payment History (35%): This is the most critical factor. Late payments, defaults, and charge-offs severely damage your credit. If you have a history of late payments or if any accounts go to collections, your score suffers significantly.

    2. Credit Utilization Ratio (30%): This ratio shows how much credit you use compared to your total available credit. If you frequently max out your credit cards or maintain high balances, it signals financial strain and negatively affects your score.

    3. Length of Credit History (15%): A shorter credit history means creditors have less data to assess your reliability. If you're new to credit or have closed older accounts, your score may decline due to insufficient established creditworthiness.

    4. Credit Mix (10%): Having various types of credit, such as credit cards and installment loans, can boost your score. If you only have credit cards or solely loans, your score may not reach its full potential.

    5. New Credit Inquiries (10%): When you apply for new credit, a hard inquiry is recorded, which can temporarily lower your score. Multiple inquiries within a short time can suggest to creditors that you’re financially overextending yourself.

    Additionally, derogatory marks like bankruptcies or tax liens, and errors on your credit report can further inflate the challenges tied to a low score. You should monitor these aspects and actively address any negative items to improve your score.

    All in all, addressing late payments, managing your credit utilization, maintaining a longer credit history, diversifying your credit mix, and limiting new credit inquiries can help you boost your score effectively.

    Can My 346 Credit Score Drop Any Lower (Can I Prevent It)

    Yes, your 346 credit score can drop lower. To prevent this, you should take several key actions:

    • Pay your bills on time. Your payment history significantly impacts your score. Set up automatic payments to avoid missing due dates.

    • Limit new credit applications. Each application can create a hard inquiry that lowers your score. Only apply for credit when you need it.

    • Keep your credit balances low. If you have credit cards, maintain balances below 30% of your credit limit. High utilization can harm your score.

    • Monitor your credit report. Regularly check for errors or unfamiliar accounts that might lower your score. Dispute any inaccuracies you find.

    • Avoid closing old accounts. Closing older accounts can reduce your average account age, negatively impacting your score. Keep these accounts open, even if you don't use them.

    The gist of it is that by paying bills on time, limiting credit applications, keeping balances low, monitoring your report, and maintaining old accounts, you can stabilize or even raise your credit score, preventing further drops.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    How Long Will It Take To Improve My 346 Credit Score?

    Improving your credit score from 346 takes time and consistent effort, typically around 4 to 12 months. The exact timeline varies based on your financial actions and the specific issues affecting your score. If you consistently make on-time payments and fix any errors on your credit report, you may see improvements sooner.

    To speed up the process, you should:
    • Set up automatic payments for bills to avoid missed deadlines.
    • Regularly check your credit report for errors and contest inaccuracies.
    • Limit new credit inquiries, as these can further lower your score.

    Remember, as you take positive financial steps, your score will gradually reflect your efforts. Stay committed to improving your credit, and you'll likely see steady progress over the months.

    Can I Realistically Get A Mortgage With A 346 Credit Score?

    With a credit score of 346, you will likely struggle to get a mortgage. Most lenders see this score as very risky. Conventional mortgage lenders, like Fannie Mae and Freddie Mac, require a minimum credit score of 620. If you find a lender willing to consider you, the terms would likely be expensive, with high fees and interest rates.

    You might qualify for an FHA loan with a credit score as low as 500. However, with a 346 score, you typically need to improve your credit before qualifying for any mortgage. Without improvement, finding a lender willing to approve you is quite challenging.

    Some lenders, including those in lending marketplaces, focus on individuals with poor credit. However, borrowing through them often means facing exorbitant rates.

    At the end of the day, it isn't realistic or financially wise to try and get a mortgage with a 346 credit score. Focus on improving your credit score first for better mortgage options in the future.

    Can I Get A Personal Loan With A 346 Credit Score?

    With a 346 credit score, you find it challenging to secure a personal loan. Most lenders view your score as "very poor," making you a high-risk borrower. While some lenders might consider you, your chances are slim. If you do get approved, anticipate extremely high interest rates and unfavorable terms, similar to what you would face with a mortgage under such a low score.

    You should focus on improving your credit score first. Start by paying down existing debts or looking into secured credit options that report to credit bureaus. Over time, these strategies could help you qualify for better loan options.

    Consider exploring other avenues, such as credit unions with more flexible lending criteria or secured loans requiring collateral. Both can increase your chances of approval despite your low credit score.

    Lastly, take proactive steps to enhance your credit score and explore all available options. You have the ability to improve your situation and access better financial opportunities.

    Can I Buy Or Lease A Car With A 346 Credit Score?

    Yes, you can buy or lease a car with a 346 credit score, but it’s challenging and costly. Lenders view your score as high risk, which often results in a requirement for a large down payment and high-interest rates.

    You might explore buy here, pay here dealerships, as they usually accept low credit scores. However, be cautious—these dealerships often charge very high rates.

    Consider getting a co-signer with better credit. This option can boost your chances of approval and lead to more favorable loan terms. Additionally, saving for a larger down payment can reduce the risk for lenders.

    Finally, remember that understanding your credit score helps you navigate various financing options effectively. By exploring these strategies, you can improve your chances of securing a car loan or lease.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    What Is The Best Method To Fix A 346 Credit Score?

    To fix a 346 credit score, you should take specific actions. First, pull your credit report from all three major bureaus: Experian, Equifax, and TransUnion. This step helps you identify what's damaging your score. Check for inaccuracies and dispute those items, as correcting mistakes can significantly improve your score.

    Next, focus on paying your bills on time. Your payment history is the most important factor in your credit score. Set reminders or automate payments to avoid missed due dates.

    Consider using a secured credit card. These cards require a cash deposit as your credit limit, making them easier to obtain. By consistently making small purchases and paying them off monthly, you build a positive payment history.

    Additionally, keep your credit utilization low. Aim to use less than 30% of your credit limit. If possible, pay off balances before the billing cycle ends to maintain a lower reported balance.

    A credit-builder loan can also help. This type of loan is designed for those with low or no credit and aids in establishing a positive payment history.

    Lastly, we advise considering a reputable credit repair company like The Credit Pros. They can guide you through the process of improving your credit score.

    Big picture - following these steps can help you raise your score from 346 to a more acceptable level.

    Credit Card (Secured Or Unsecured) Options With A 346 Credit Score?

    With a 346 credit score, your best option is a secured credit card. These cards require a deposit that serves as your credit limit, making them easier to obtain despite low credit scores.

    You should look for secured cards that do not perform credit checks, as this increases your chances of approval. Many secured credit cards report to all three major credit bureaus, helping you build credit through timely payments.

    Unsecured credit cards are generally not available to you with a score that low. If you find an offer for an unsecured card, expect higher fees, lower limits, and stricter terms.

    Using a secured card responsibly can lead to better credit opportunities in the future. Check the issuer's reporting practices to ensure your responsible use is recorded.

    Overall, focus on obtaining a secured credit card, make timely payments, and monitor your credit report to improve your 346 credit score effectively.

    Should I Become An Authorized User With A Poor Credit Score?

    Becoming an authorized user on someone else's credit card can help you improve your credit score, even if you have a poor credit score. You gain access to the primary cardholder's positive credit history, and their payment behavior gets reported on your credit report. If the primary user consistently makes payments on time and keeps credit utilization low, your credit score can increase.

    However, there are risks involved. If the primary cardholder misses payments or carries high balances, it could negatively affect your credit score. While you aren’t responsible for the payments, their actions will still impact you. It's crucial to choose someone with a strong credit history and good financial habits as your primary account holder.

    Before you proceed, confirm that the card issuer reports authorized user activity to credit bureaus. If they don’t, your efforts to improve your credit score may not yield results. Open communication with the primary user about spending limits and payment expectations is also important.

    As a final point, becoming an authorized user can be a smart step towards rebuilding your credit, but you must choose wisely and manage your spending carefully.

    Which Negative Marks On My Credit Report Affect My 346 Score?

    Negative marks on your credit report that affect your 346 score include the following items:

    • Missed Payments: If you skip payments for at least 30 days, they get reported as late. This stays on your report for seven years, with recent missed payments having a larger negative effect.

    • Account Charge-Offs: When you don't pay your debt for an extended period, creditors may mark it as charged-off. This negative mark also remains for seven years.

    • Collections: If your debt goes to a collection agency, it results in a collection mark, which stays for seven years.

    • Bankruptcy: Chapter 7 bankruptcy can appear on your record for up to ten years. Chapter 13 stays for seven years.

    • Foreclosures and Repossessions: These marks linger on your report for seven years and can significantly impact your score.

    • Debt Settlements: Settling your debt for less than what you owe stays on your report for seven years.

    The impact of these marks can lessen over time, especially if you make timely payments afterward. Regularly reviewing your credit report for errors and disputing inaccuracies can help boost your score. Your payment history accounts for 35% of your FICO score, making it vital for credit repair.

    To put it simply, focus on making on-time payments, review your credit report often, and address any inaccuracies to improve your score. You have the power to take control of your credit situation!

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Negotiate And Pay Off Debts To Improve My Bad Credit Score?

    Yes, negotiating and paying off debts can improve your bad credit score, but important details matter. When you settle your debt for less than what you owe, your credit report shows "settled." While this is better than unpaid debts, it still negatively affects your score. This means you may not fully meet your obligations in the eyes of lenders.

    If you can, always pay off the full amount. Doing this demonstrates financial responsibility, which positively impacts your credit score over time. If paying in full isn't possible, settling helps you avoid further consequences like collections or lawsuits.

    Negotiate directly with your creditors to lower payment amounts or interest rates. They often prefer to receive something rather than nothing, making them more open to negotiation. Just remember, discussing options doesn't hurt your credit score.

    A settled account remains on your report for several years, but it looks better than a past due account. After settling, keep making on-time payments on your other debts to gradually boost your score. While settling provides immediate relief, it has long-term implications on your credit report.

    In short, if you negotiate and pay off debts, you can start improving your credit score. Aim to pay in full if possible, but settling is a step in the right direction. Stay proactive with future payments to enhance your credit standing.

    Best Site To Monitor My Credit Report?

    The best site to monitor your credit report is CreditWise from Capital One, Experian, or The Credit Pros.

    - CreditWise offers a free tool with real-time alerts and dark web scanning. You don’t need a Capital One account to access it.
    - Experian provides free credit monitoring without a credit card. You receive real-time alerts about changes and can use Experian Boost to increase your FICO score by adding positive payment history for bills like utilities.
    - The Credit Pros analyze your full credit report and offer personalized insights. Their expertise in credit monitoring can guide you effectively.

    These services keep you informed about your credit status and alert you to suspicious activities. Monitoring your report is essential, especially if your credit score is low. To finish, regularly check your credit report using these tools to stay proactive and improve your score.

    Should I Consider A Credit Builder Loan?

    Yes, you should consider a credit-builder loan, especially if your credit score is 346. This loan helps individuals with low or no credit history improve their scores. With a credit-builder loan, you make fixed monthly payments for a set period, typically six to 24 months. Your timely payments get reported to the credit bureaus, which positively affects your payment history, accounting for 35% of your credit score.

    Here are some reasons to consider a credit-builder loan:

    • Improve Your Credit Score: Making all your payments on time can increase your credit score, crucial for future borrowing opportunities.

    • Flexible Requirements: These loans often have lenient approval criteria, focusing on your income and ability to pay rather than your existing credit score.

    • Establish Payment History: Regular payments help create a record of on-time payments, essential for a strong credit score.

    • Access to Savings: At the loan's end, you receive the funds you paid, sometimes with added interest.

    Be cautious, though; missing or late payments can harm your credit score further. Choose a loan that reports to all three major credit bureaus (Experian, TransUnion, Equifax) to maximize your credit-building potential.

    In essence, a credit-builder loan can significantly enhance your credit score if you make timely payments. Explore this option and consider secured credit cards or becoming an authorized user for additional credit-building strategies.

    Is A 346 Credit Score Different Between Fico And Vantage?

    A 346 credit score can differ between FICO and VantageScore due to their unique scoring models. Both range from 300 to 850, but they categorize scores differently. For FICO, a score of 346 is in the "poor" category, while VantageScore labels it as "very poor."

    The two models also use different criteria for score calculation. FICO focuses on five main factors, such as payment history and outstanding debt, whereas VantageScore considers six categories with varying weights. This means lenders might view your 346 score differently depending on which model they use.

    Lenders often choose FICO or VantageScore based on their needs and the credit type you seek. Thus, the impact of a 346 score may change with the scoring model.

    To wrap up, your 346 credit score is viewed differently by FICO and VantageScore, affecting how lenders assess your creditworthiness. Understanding these differences can help you navigate your financial options more effectively.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Will A 346 Credit Score Affect My Chances Of Renting An Apartment?

    Yes, a 346 credit score will significantly reduce your chances of renting an apartment. Most landlords and property managers check your credit score during the rental application process. A score this low indicates serious credit issues, raising concerns about your ability to consistently pay rent.

    Typically, landlords prefer tenants with a score above 600. With a 346 score, you might fail their credit check. This can lead to denied applications or the requirement to pay a higher security deposit to offset their risk.

    If you're worried about your rental options, you can take action to improve your credit score. Focus on:

    • Paying off any outstanding debts.
    • Disputing errors on your credit report.
    • Consulting a credit repair company.

    These steps can help make your rental application more appealing.

    On the whole, aim to boost your credit score to enhance your chances of rental approval while exploring options to improve your financial standing.

    Can A Credit Repair Company Actually Boost My Low Score

    Yes, a credit repair company can potentially boost your low credit score, but it hinges on your specific circumstances. They focus on identifying and disputing inaccuracies on your credit report. If a company successfully removes these incorrect items, it could enhance your score. However, accurate information remains, and it cannot be removed, regardless of the company you hire.

    You should know that you can also tackle credit repair on your own for free. It requires time and effort, but it's a viable option if you want to avoid costs. Legitimate credit repair companies operate under federal laws and cannot guarantee results. They typically charge monthly fees between $50 and $150.

    Consider this: if you deal with significant credit issues, partnering with a reputable credit repair service can alleviate some stress. They can negotiate debts and create strategies to improve your score. However, watch out for scams; do your research before choosing a company.

    Bottom line – a credit repair company can help if inaccuracies exist on your report. Remember, you also have the power to dispute items and repair your credit independently.

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