Who Has a 345 Credit Score?

While age isn't a direct factor in calculating your credit score, there is a clear trend of scores improving over time. According to recent Experian data, average FICO scores tend to rise with each generation:

• Generation Z (ages 18-26): 680
• Millennials (ages 27-42): 690
• Generation X (ages 43-58): 709
• Baby Boomers (ages 59-77): 745
• The Silent Generation (ages 78+): 760

Credit Cards With a 345 Credit Score

A credit score of 345 is considered very poor, placing you in the lowest range of credit scores and signaling significant risk to potential lenders. Consequently, obtaining approval for most traditional, unsecured credit cards will be extremely challenging, as issuers are hesitant to extend credit to applicants with a history of financial difficulties. Your options will likely be restricted to products specifically designed for consumers with bad credit, such as secured credit cards that require a cash deposit as collateral.

‍

Kudos can help you find a suitable card with its AI-driven tools that match you to products based on your financial preferences and spending habits. The platform provides personalized recommendations and insights into how different cards may impact your credit score, helping you find options suited to your situation.

Auto Loans and a 345 Credit Score

A 345 credit score places you in the deep subprime category, which can make securing an auto loan difficult. While approval may still be possible, you should expect to face some of the highest interest rates offered by lenders.

According to a 2025 guide on auto loans, average interest rates break down as follows:

• Super-prime (781-850): 5.25% for new cars, 7.13% for used cars
• Prime (661-780): 6.87% for new cars, 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars, 13.92% for used cars
• Subprime (501-600): 13.18% for new cars, 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars, 21.55% for used cars

Mortgages at a 345 Credit Score

A 345 credit score is well below the minimum threshold for nearly all standard mortgage products. According to mortgage requirements, even flexible options like FHA loans require a minimum score of 500 with a 10% down payment. With a score in the 300s, eligibility for conventional, FHA, VA, or USDA loans is essentially nonexistent, making it necessary to focus on credit improvement before applying.

‍

In the highly unlikely event a specialty lender considered an application, a 345 score would result in severe consequences. You would face significantly higher interest rates and fees, and a much larger down payment would be required. Lenders would also likely cap the loan amount, which would drastically limit the price of homes you could afford.

What's in a Credit Score?

Understanding your credit score can feel like trying to solve a complex puzzle, as it's a blend of several key financial habits. The most common factors that determine your score include:

• Your payment history tracks whether you have paid past credit accounts on time.
• Credit utilization is the percentage of your available credit that you are currently using.
• The length of your credit history considers the age of your oldest account and the average age of all your accounts.
• Credit mix refers to the variety of credit products you have, such as credit cards, retail accounts, and loans.
• New credit inquiries and recently opened accounts can also temporarily impact your score.

How to Improve Your 345 Credit Score

Improving your credit score takes time and consistent effort, but it is entirely possible to rebuild your financial standing with the right approach.

• Monitor your credit reports. You can obtain free reports from AnnualCreditReport.com and should carefully check them for any errors that could be dragging your score down. Disputing and removing inaccuracies is one of the quickest ways to improve your credit profile.
• Establish automatic bill payments. Payment history is the most significant factor influencing your credit score, so setting up automatic payments is a critical step. This ensures you build a positive payment history, which is essential for anyone starting with a very low score.
• Apply for a secured credit card. For those with damaged credit, a secured card is an accessible tool that requires a security deposit to open. Making small, regular payments on a secured card demonstrates responsible credit use to the bureaus and helps build a positive history.
• Become an authorized user. If you have a trusted friend or family member with a strong credit history, ask to become an authorized user on one of their accounts. This allows their positive payment history and low credit utilization to be reflected on your credit report, which can help improve your score.

To help manage your cards and improve your financial health, you can use a tool like the Kudos browser extension.