369 Credit Score: Good or Bad?

Last Updated: Apr 04, 2023

  • A 369 credit score is considered "Very Poor"
  • Having a “Very Poor” credit score can cost you 1000s of dollars in extra interest over the lifetime of your loans
  • Call us today to find out how you can repair your credit (fast)!

Is 369 a good credit score?

As mentioned above, a 369 FICO® Score is considered “Very Poor”. This is typically a result of situations such as:

  • You’ve had payment problems (late payments, missed payments, etc)        
  • Accounts have been charged off & sent to collections        
  • Foreclosures or bankruptcy

Approximately 16% of all consumers in America have FICO® Scores in the “Very Poor” range (369-579).

With a 369 FICO® Score, you’ll struggle to obtain credit cards & loans. For the credit you do happen to secure, unfortunately it will come with extremely high interest rates.

How to improve a 369 credit score

To improve your credit score, you need to focus on fixing the underlying factors.

  • Always make your minimum payments, and ensure they’re paid on time        
  • Keep your credit card balances as low as possible (also known as a low utilization rate)        
  • Build your credit file by making sure the accounts you do open, get reported to the 3 major credit bureaus (Equifax, Experian & Transunion)        
  • Only apply for credit when necessary, this keeps your hard inquiries at a minimum

Not sure where to start? A dedicated credit repair agency, like us, can work with you to ensure you’re maximizing all avenues when it comes to improving your score.

What can you do with a 369 credit score?

As mentioned previously, a 369 credit score is considered “Very Poor”. So your lending options are going to be extremely limited.

In most cases, your lending applications will be rejected. For loans/credit you are approved for, you will often need to pay extra fees or deposits, and you will have the highest interest rates.

What kind of interest rate can you get with a 369 credit score?

In most cases, your lending applications will be rejected with a 369 credit score. But in cases where you are approved, unfortunately you will pay the highest interest rate tiers.

These higher interest rates can cost you thousands of dollars in added interest over the lifetime of your loans, in comparison to if you had a “Good” credit score.

We highly recommend you take the necessary steps towards repairing your credit, and securing a better financial future for yourself.

Understanding Your Credit Score

Your creditworthiness is defined by a three-digit figure recognized as your credit score. This score is calculated based on your credit history and acts as a key determinant used by lenders to assess your loan repayment capacity. The most widely used credit score system is the FICO score, which ranges from 300 to 850. A score of 700 or higher is typically considered good, while a score below 600 is classified as poor. Thus, with a credit score of 369, there is a need to take timely action.

Maintaining a regular monitoring of your credit score is of utmost importance, along with comprehending the factors that can affect it, such as delayed payments, high credit utilization, and opening and closing of credit accounts. By knowing your credit score, and implementing ways to improve it, you escalate the possibility of acquiring loans and credit cards with favorable terms.

The Benefits of Maintaining a Strong Credit Rating

Having a sterling credit rating has several benefits. To start off, it can enable you to get approved for loans and credit cards with reduced interest rates and more favorable conditions. This implies that you can save money in the long run via decreased interests on your debts.

A strong credit rating also increases the chances of being accepted for rental applications or job offers, in addition to helping to acquire better insurance premiums. Furthermore, good credit can make it easier to launch your own business or invest in real estate.

All in all, possessing a robust credit score is indispensable for maintaining financial stability and success. By making wise fiscal decisions and regularly assessing your credit score, you can avail multiple advantages of having good credit.

Need help improving your credit score?

Can I get a mortgage/home loan with a 369 credit score?

The chances of securing a mortgage with a 369 credit score are extremely low unfortunately. Is it possible? Maybe, but it generally isn’t a wise idea with such a low credit score.

Why? Because you’ll end up paying thousands of dollars in extra interest over the life of the loan.

Instead, we recommend focussing on improving your credit score, to at least 580-669 (which is considered “Fair”, or ideally 670+. Once you’ve increased your score, you’ll be in a much better place to apply for a mortgage.

Can I get a car loan with a 369 credit score?

With a 369 credit score, you’ll be considered a “deep subprime borrower”, which is the lowest credit tier. There may still be auto loan options for you, but they’ll be a lot more difficult to come by, and you will pay higher interest rates.

Can I get a personal loan with a 369 credit score?

Unfortunately the theme continues here, with a 369 credit score, it is going to be difficult to obtain a personal loan (at least one with good interest rates). You may be tempted to deal with lenders that have a poor reputation, but we urge you not to.

The best thing to do is focus on improving your credit score, to the “Fair” range (between 580-669), which will put you in a significantly better position when it comes to applying for loans/credit.

Bottom Line

Let’s face it, a 369 credit score is not good. Applying for any forms of lending will be very difficult & expensive.

You’ll pay higher interest rates, and often have substantial fees.

The best course of action (by far), is to improve your credit score first before you apply for loans. Not only will it open more doors for you, it will also save you a ton of money in the long run (due to lower interest rates).

Need help improving your credit score?

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