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

  • A 347 credit score indicates significant problems affecting loans and rentals.
  • Improving your score requires timely payments and reducing high credit balances.
  • Call The Credit Pros for personalized strategies to improve your credit and navigate bankruptcy options.

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A 347 credit score signals serious issues that can hurt your chances of getting loans or renting an apartment. Late payments, high credit utilization, and limited credit history bring your score down. You need to act fast to avoid further declines and kickstart your credit rebuilding.

To improve your score, make timely payments, lower credit card balances to below 30%, and check your credit report for errors regularly. Think about becoming an authorized user on a trusted account to benefit from their good credit history. These actions can help boost your score over time.

For tailored advice, contact The Credit Pros. We’ll review your situation during a casual, no-pressure call and give you effective strategies to improve your 347 credit score. Don’t wait; the sooner you act, the better your recovery will be!

On This Page:

    Why Is My Credit Score Only 347?

    Your credit score of 347 is very low, placing you in the poor category. Several factors contribute to this situation:

    • Payment History: If you frequently miss payments or have accounts in collections, this significantly impacts your score since payment history makes up 35% of it.

    • Credit Utilization: High credit card balances relative to your limits will drag your score down. Aim to keep your utilization under 30%.

    • Length of Credit History: A shorter credit history means you lack a consistent track record of managing credit, which hurts your score.

    • Types of Credit Used: If you only have one type of credit, like just credit cards, your score might be limited. A mix of installment loans and credit cards is beneficial.

    • Recent Inquiries: Frequent applications for new credit can negatively affect your score. Each hard inquiry may reduce your score slightly.

    Improving your score takes time and effort. Start by focusing on making timely payments and lowering your credit utilization. These steps will gradually boost your score.

    In a nutshell, you should prioritize timely payments, manage your credit utilization wisely, and work towards diversifying your credit types to improve your credit score from 347.

    5 Best Ways To Recover From A 347 Credit Score?

    1. You should pay your bills on time. Prioritize all due payments and set up automatic payments for at least the minimum amounts to avoid missed deadlines.

    2. Focus on reducing your debt. Pay down credit card balances, particularly if your credit utilization exceeds 30%. Aim to lower it to this level to boost your credit score.

    3. Check your credit report regularly. Obtain your free credit report annually from AnnualCreditReport.com. Look for errors that may harm your score and dispute any inaccuracies you find.

    4. Consider applying for a secured credit card. This card requires a deposit as your credit limit, making it easier to get approved. Use it responsibly and pay off your balance in full each month.

    5. Become an authorized user. Ask someone you trust, like a family member, to add you to their credit card account. Ensure the card issuer reports authorized users to credit bureaus to help enhance your score.

    All in all, to recover from a 347 credit score, you should focus on paying bills promptly, reducing debt, checking your credit report for errors, using a secured credit card wisely, and becoming an authorized user on a trusted account. Each step helps you rebuild your credit and improve your financial standing over time.

    Major Factors That Keep My Credit Score So Low?

    Major factors that keep your credit score so low include several key elements.

    First, your payment history accounts for 35% of your score. Late payments, defaults, charge-offs, and accounts in collections can severely impact your score. Just one missed payment can stay on your report for up to seven years.

    Next, your credit utilization makes up 30% of your score. This ratio compares your credit card balances to your total available credit. If you keep your balances above 30% of your limit, it can signal to lenders that you're overextended, which harms your score.

    The length of your credit history is 15% of your score. A shorter credit history can negatively affect your score, as lenders prefer to see an established credit history.

    Your credit mix also matters, contributing 10% to your score. Lenders like to see a variety of credit types, such as credit cards and installment loans. Sticking to just one type can limit your score potential.

    Finally, new credit inquiries make up 10% of your score. Each time you apply for new credit, a hard inquiry occurs, which can lower your score slightly. If you have multiple inquiries in a short period, the impact can be more significant.

    Additionally, derogatory marks like bankruptcies, tax liens, and judgments can cause substantial drops in your score. It's critical for you to monitor your credit reports for errors, as incorrect information can further lower your score.

    The gist of it is that by understanding these factors—payment history, credit utilization, length of credit history, credit mix, and inquiries—you can take steps to improve your credit score and set yourself up for better financial opportunities.

    Can My 347 Credit Score Drop Any Lower (Can I Prevent It)

    Your 347 credit score can drop lower, but you can take steps to prevent it. With a low score, you have little room for mistakes, so staying vigilant is crucial.

    To guard against further drops in your score, you should:

    • Pay your bills on time. Payment history is essential, making up 35% of your score. One late payment can hurt you significantly.

    • Avoid new credit applications. Each new application results in a hard inquiry on your credit report, negatively impacting your score. Limit these inquiries.

    • Keep your credit utilization low. Aim to use less than 30% of your available credit. High utilization can lead to a drop, especially with a low score like 347.

    • Monitor your credit reports. Regularly check for errors or inaccuracies and dispute any mistakes you find.

    • Consider becoming an authorized user. Being added to someone else's credit card can help improve your score through their positive payment history.

    By taking these actions, you can maintain your current score and work toward future improvements. Remember, paying bills on time, limiting credit inquiries, keeping utilization low, monitoring reports, and possibly becoming an authorized user will help you prevent further declines and enhance your credit standing over time.

    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 347 Credit Score?

    Improving your 347 credit score takes time and consistent effort. You might see some improvements within a few months, but achieving a significant increase could take 2-3 years or longer, especially if negative marks are present on your credit report.

    To effectively raise your score, focus on these actions:

    • Make on-time payments.
    • Reduce your credit card balances.
    • Avoid taking on new debt.

    Each of these steps enhances your payment history, which is crucial for your credit score.

    You can also use tools like Wollit. This app reports your monthly subscription and rent payments, adding positive information to your credit report.

    At the end of the day, stay patient and maintain good credit habits for lasting improvement. With consistent effort, you can boost your score and secure a healthier financial future.

    Can I Realistically Get A Mortgage With A 347 Credit Score?

    Your chances of getting a mortgage with a 347 credit score are extremely low. Most conventional lenders, like Fannie Mae and Freddie Mac, require a minimum credit score of 620. If your score is below 580, qualifying becomes even harder; you would need to put down at least 10% on an FHA loan instead of the standard 3.5%.

    Even if you find a lender willing to work with you, expect significantly higher interest rates. Lenders view lower credit scores as high-risk, which leads to rates much higher than average, making your mortgage more expensive.

    Lenders also prioritize strong debt-to-income ratios and a stable income history, further impacting your chances for approval at this score. To improve your situation, focus on raising your credit score before applying for a mortgage. This proactive step can lead to better loan options and terms in the future.

    Lastly, remember that improving your credit score can open doors to more favorable mortgage rates and terms, making homeownership more attainable for you.

    Can I Get A Personal Loan With A 347 Credit Score?

    With a credit score of 347, you face significant challenges in obtaining a personal loan. Lenders typically view you as a high-risk borrower due to your very poor credit rating. Most require a minimum score of at least 580 for approval. While some lenders may consider lower scores, expect very high interest rates and fees.

    You do have options. Consider secured personal loans, where you provide collateral, which reduces the risk for lenders. Another option is finding a co-signer with better credit to help improve your chances of approval.

    Be cautious with these loans, as they can come with substantial costs. If you decide to apply, read the terms carefully. Ensure you can handle the monthly payments to avoid worsening your credit situation.

    Local credit unions might offer loans designed for individuals with poor credit, so check those out. Remember, new debt can impact your credit score. If you are approved, use the loan wisely to help rebuild your credit over time. Finally, explore ways to improve your score, allowing for better borrowing opportunities in the future.

    Can I Buy Or Lease A Car With A 347 Credit Score?

    No, you cannot effectively buy or lease a car with a 347 credit score. Most dealerships require a minimum score around 620 for a lease. A score of 347 is very poor, putting you at a high risk for lenders and severely impacting your chances.

    If you consider leasing, expect obstacles like high-interest rates or larger down payments if you're approved at all. Leasing companies evaluate your creditworthiness, and a low credit score signals financial instability.

    You may explore subprime lenders, but you will face higher costs. Focus on improving your credit score by managing debts and making timely payments before you attempt to lease or buy a car.

    Big picture - improving your credit score is crucial before considering any car lease or purchase. You can take action by managing your debts and ensuring timely payments to enhance your financial standing.

    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 347 Credit Score?

    To fix a 347 credit score, you should start by pulling your credit report from all three major credit bureaus: Experian, TransUnion, and Equifax. You need to analyze it for inaccuracies and dispute any errors you find. Correcting mistakes can immediately improve your score.

    Next, focus on your payment history. You must make on-time payments since this accounts for 35% of your credit score. Set up automatic payments or reminders to help you stay on track. If you have any past due accounts, prioritize getting current with those bills.

    Consider opening a secured credit card. This type of card requires a deposit but can significantly aid in rebuilding your credit, as it reports your payment activity to credit bureaus. If possible, ask to be added as an authorized user on someone else’s credit card, which can also positively impact your score.

    Manage your credit utilization. You should keep your credit card balances low—ideally below 30% of your credit limit. Paying down debt will help improve your score.

    Lastly, we advise you to consider seeking assistance from a reputable credit repair company, like The Credit Pros. They can provide guidance tailored to your unique situation.

    Overall, review your credit report, make on-time payments, open a secured card, manage credit utilization, and seek professional help. Improving your credit score takes time and consistent effort, so stay patient and committed to your goals.

    Credit Card (Secured Or Unsecured) Options With A 347 Credit Score?

    If you have a credit score of 347, you mainly have two options for credit cards: secured credit cards and a few rare unsecured cards with limited offers.

    Secured credit cards require a deposit, often equal to your credit limit. For instance, the Capital One Platinum Secured card allows a minimum deposit as low as $49. This option helps you build credit since secured cards report to credit bureaus like traditional cards.

    Unsecured credit cards are harder to get with a score like yours. If you find one, expect high fees and interest rates. Platforms like WalletHub can help you explore potential offers based on your situation.

    Another option is to become an authorized user on someone else's credit card. This choice can improve your credit by leveraging their positive payment history.

    As a final point, focus on rebuilding your credit. Use secured cards responsibly, always pay on time, and monitor your credit to track improvements. This strategy can lead you to better financial options in the future.

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

    Becoming an authorized user with a poor credit score can be a wise choice if you understand the benefits and risks involved. As an authorized user, you can improve your credit score if the primary cardholder has a solid payment history and low credit utilization.

    • You gain access to the primary user’s account history, which can boost your score if they consistently pay on time.
    • If they maintain low balances, that positive history can enhance your credit report.
    • This strategy is especially useful if you have little or no prior credit history.

    However, be aware of the risks. If the primary user has a poor payment record or high balances, it could hurt your credit score. Additionally, not all credit card companies report authorized user activity, so confirm that the issuer does before making this decision.

    Before proceeding, have an open conversation with the primary cardholder about their account habits. Their financial actions directly affect your score. If you choose to move forward, becoming an authorized user can help improve your credit situation, especially with your current 347 credit score.

    To put it simply, if you carefully select the right primary cardholder and ensure they manage their account responsibly, becoming an authorized user can be a strategic step toward bettering your credit score.

    Which Negative Marks On My Credit Report Affect My 347 Score?

    Negative marks on your credit report significantly affect your 347 score. The worst offenders include:

    • Late Payments: If you miss a payment or make one over 30 days late, it damages your score. Repeated late payments worsen the impact.

    • Bankruptcy: Filing for bankruptcy stays on your report for up to 10 years. This drastically lowers your creditworthiness.

    • Collections: Accounts in collections show serious delinquency. These marks last for up to seven years and severely hurt your score.

    • Charge-offs: When a creditor considers your debt uncollectible, it negatively affects your credit history and remains for up to seven years.

    • Foreclosure: Losing your home through foreclosure is damaging and also stays on your report for seven years.

    • Multiple Hard Inquiries: Each credit application results in a hard inquiry. Too many inquiries in a short time can indicate risk to lenders.

    Each of these negative items contributes to your low score of 347. To improve your score, ensure timely payments and dispute any inaccuracies on your credit report. Taking these steps can lead you toward a better credit score.

    In short, focus on making timely payments, disputing inaccuracies, and managing your credit applications to improve your score.

    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?

    Negotiating and paying off debts can help improve your bad credit score, but you should consider a few important points. When you negotiate a debt, you often agree to pay a lower amount, which might be reported as “settled” on your credit report. While this reduces your total debt, it can negatively impact your credit score. A settled account indicates that you didn’t pay the full amount, suggesting to lenders that you may not be reliable.

    If possible, paying off debts in full is better for your credit score. Lenders favor accounts marked “paid in full,” as this demonstrates that you fulfilled your obligations fully. Settling changes the original agreement with the lender and can further hurt your credit standing.

    However, if you cannot pay debts in full, negotiating can help prevent missed payments, which further damages your score. Reducing your total debt can also lower your credit utilization ratio, a key factor affecting your score.

    If you decide to negotiate, work directly with creditors or a reputable nonprofit credit counseling service. They can assist you in creating a manageable repayment plan without further damaging your credit. Also, consider exploring debt management plans as another option.

    To finish, remember that while settling can help you manage finances short-term, it may negatively impact your credit score. Always weigh your options and strive for the best outcome for your financial health.

    Best Site To Monitor My Credit Report?

    For monitoring your credit report, you should use the Best site to monitor my credit report? - credit score options such as Experian or CreditWise from Capital One.

    1. Experian offers a free credit monitoring service. You get real-time alerts for changes in your credit report and a one-time dark web surveillance report. This helps you track your credit activity effectively and boost your FICO score by adding certain bill payments.

    2. CreditWise from Capital One is another excellent free option. It provides dark web scanning and monitoring, and you don’t need to be a Capital One customer to use it.

    These sites help you stay on top of your credit health. You can identify potential issues early, especially if your score is as low as 347. Additionally, consider NerdWallet, which offers a free credit score and report alerts. They partner with TransUnion, ensuring you’re aware of any significant changes.

    If you seek comprehensive support, The Credit Pros can help you monitor your credit and analyze your report. They provide expert insights on managing and improving your credit score.

    In essence, use Experian or CreditWise for free credit monitoring, check NerdWallet for alerts, and consider expert support from The Credit Pros to maintain your credit health effectively.

    Should I Consider A Credit Builder Loan?

    Yes, you should consider a credit builder loan if you’re looking to improve a low credit score, like 347. A credit builder loan helps you boost your score through consistent, on-time payments. Here are some important points to keep in mind:

    • No Prior Credit History Needed: You can qualify without any credit history. This makes it perfect for those starting fresh or rebuilding after a low score.

    • Flexible Requirements: Lenders assess your income and employment history more than your credit score. You may need to provide proof of income and possibly a bank account balance.

    • Payment Reporting: Your monthly payments get reported to credit bureaus. Since payment history makes up 35% of your credit score, paying on time can gradually improve your score.

    • Loan Amounts and Terms: Typically, credit builder loans range from $300 to $1,000, with terms lasting 6 to 24 months. Choose a payment amount you can easily manage to ensure timely payments.

    • Interest Rates: You will pay some interest, but rates are often lower than those for standard personal loans, especially with a low credit score.

    To wrap up, if you’re determined to improve your credit score, considering a credit builder loan could be a smart step. Focus on making on-time payments, keep your loan amount manageable, and enjoy the journey towards better credit!

    Is A 347 Credit Score Different Between Fico And Vantage

    Yes, a 347 credit score is different between FICO and VantageScore. Although both models range from 300 to 850, they use distinct methods to calculate your score.

    FICO Scores evaluate your credit history using five categories, focusing primarily on payment history and credit utilization. In contrast, VantageScore employs six categories and emphasizes recent credit behavior and trends.

    If you have specific credit accounts, you might have a FICO Score, while a VantageScore might be generated for you if your credit history is limited. This leads to different scores between the two systems, even when the same data is used.

    With a 347 score, which is categorized as very poor, you face significant challenges with lenders regardless of the model. On the whole, understanding the differences between these credit scoring systems empowers you to improve your credit standing and can guide you toward recovery strategies for your score.

    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 347 Credit Score Affect My Chances Of Renting An Apartment?

    Yes, a 347 credit score will seriously affect your chances of renting an apartment. This score is deemed very poor, making you appear high-risk to landlords and property managers. Most landlords seek a minimum score of around 650, so your score falls significantly below that standard.

    When landlords check your credit report, they want to see reliability in paying rent on time. A low credit score suggests previous financial issues, like late payments or defaults, which can lead to challenges in getting approved for a lease.

    To improve your chances, consider taking these steps:
    • Offer a larger security deposit.
    • Apply with a co-signer who has better credit.
    • Show proof of steady income or a strong rental history.

    Each landlord may have different criteria, so it’s beneficial to communicate your situation and express your commitment to being a reliable tenant despite your current score. If you want to explore steps to improve your score or how credit scores impact renting, check our related articles for more insights.

    Bottom line, a low credit score can hinder your rental options, but you can enhance your chances with proactive strategies and open communication with landlords.

    Can A Credit Repair Company Actually Boost My Low Score

    Yes, a credit repair company can potentially boost your low credit score, but only under specific conditions. They can help you if you have inaccurate negative items on your credit report. The company disputes these errors with the credit bureaus. If successful, removing inaccuracies can lead to an improved credit score.

    However, you must understand that a credit repair company cannot perform miracles. They can't remove accurate negative information, like late payments or bankruptcies. If your credit report contains only valid negative marks, they won’t be able to help. Their ability to improve your score hinges on the accuracy of the information in your credit report.

    You can also handle this process on your own. Disputing errors takes time and effort, but you can save on the fees a credit repair service would charge. Many people feel overwhelmed by credit issues and find it easier to work with professionals. If you choose to go this route, ensure you select a legitimate credit repair company, as some make bold promises they can’t deliver on.

    In a nutshell, a credit repair company can help boost your score if there are inaccuracies to dispute. However, you have the option to tackle these disputes yourself, which many find cheaper and just as effective.

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