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347 Credit score: What You Need to Know in 2025
July 1, 2025
TL;DR
A 347 credit score provides a clear starting point for building a stronger financial profile, though it may present some initial challenges. This score falls into the "Poor" FICO® Score range, which means there is a significant and straightforward opportunity to improve your credit standing over time.
What Does a 347 Credit Score Mean?
A 347 credit score places you in the “poor” category of the FICO Score range, which spans from 300 to 850. This score is significantly below the national average and signals to lenders that you are a very high-risk borrower. It suggests a history of serious financial missteps, such as multiple late payments, loan defaults, or even bankruptcy. Lenders view this score as a strong indicator of your likelihood to repay future debts.
Financially, a score this low creates major hurdles. You'll likely face immediate rejections for most loans and credit cards. If you are approved for any form of credit, it will almost certainly come with extremely high interest rates and unfavorable terms. This can also impact your ability to rent an apartment or secure certain jobs. While the situation is challenging, understanding your standing is the first step toward building a stronger financial future.
Who Has a 347 Credit Score?
While age itself isn't a direct factor in calculating your credit score, there is a strong correlation between age and creditworthiness. Generally, older individuals have higher scores because they've had more time to build a longer credit history and demonstrate financial responsibility. According to 2023 data from Experian, here is the breakdown of the average FICO score by age group:
- Ages 18-26 (Generation Z): 680
- Ages 27-42 (Millennials): 690
- Ages 43-58 (Generation X): 709
- Ages 59-77 (Baby Boomers): 745
- Ages 78+ (Silent Generation): 760
Credit Cards With a 347 Credit Score
A credit score of 347 falls into the “very poor” range, signaling to lenders that you are a high-risk borrower. This makes it highly unlikely that you'll be approved for most traditional, unsecured credit cards. Your most viable options will be secured credit cards, which require a security deposit, or certain unsecured cards specifically designed for people with bad credit.
Kudos can help you find the best card for your situation with its AI-powered tools, which provide personalized recommendations based on either a quiz about your preferences or an analysis of your actual spending habits. The platform considers your financial goals by providing insights into how a card might affect your credit score and whether its annual fee is justified by your spending.
Auto Loans and a 347 Credit Score
A 347 credit score places you in the deep subprime category, which can make securing an auto loan challenging. While you may still find lenders willing to approve a loan, you will likely face significantly higher interest rates and less favorable terms compared to borrowers with better credit.
To put this in perspective, here are the average 2025 auto loan rates across different credit score brackets:
- Super-prime (781-850): 5.25% for new cars and 7.13% for used cars.
- Prime (661-780): 6.87% for new cars and 9.36% for used cars.
- Non-prime (601-660): 9.83% for new cars and 13.92% for used cars.
- Subprime (501-600): 13.18% for new cars and 18.86% for used cars.
- Deep subprime (300-500): 15.77% for new cars and 21.55% for used cars.
Mortgages at a 347 Credit Score
With a 347 credit score, qualifying for a traditional mortgage is virtually impossible. Most lenders have minimum score requirements that are significantly higher. For instance, conventional loans typically start at a 620 score. Even government-backed FHA loans, known for their flexibility, have a floor of 500, and that's only if you can make a 10% down payment.
Because a 347 score signals a very high-risk borrower, any potential financing would come with severe drawbacks. You would face extremely high interest rates, steep fees, and a large down payment requirement. Lenders would also likely limit the loan amount and subject your entire financial history to intense scrutiny through manual underwriting.
What's in a Credit Score?
Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but it generally boils down to a handful of key elements. The most common factors include:
- Your history of making payments on time is the most significant factor.
- How much of your available credit you're currently using, known as your credit utilization ratio, plays a major role.
- The age of your credit accounts, including the average age and the age of your oldest account, is also considered.
- Lenders like to see that you can responsibly manage different types of credit, such as credit cards and loans.
- Opening several new credit accounts in a short period can be seen as a risk and may temporarily lower your score.
How to Improve Your 347 Credit Score
While a 347 credit score presents a significant challenge, it is entirely possible to improve your financial standing with time and consistent effort. According to one comprehensive guide, most people see meaningful changes within three to six months of positive financial behavior. Here are four actions you can take to begin rebuilding your credit:
- Monitor your credit reports. Checking your reports from all three bureaus allows you to find and dispute inaccuracies that could be unfairly dragging down your score. This also helps you track your progress as you work to establish better credit habits.
- Establish automatic bill payments. Since payment history is the most significant factor in your credit score, setting up automatic payments is a critical first step. This ensures you never miss a due date, preventing further damage and starting a positive payment record.
- Apply for a secured credit card. A secured card is designed for individuals with damaged credit because it requires a cash deposit that serves as your credit limit. Making small, regular purchases and paying the bill on time will establish a positive history that gets reported to the credit bureaus.
- Reduce your credit utilization. If you have existing credit card debt, high balances are likely hurting your score significantly. Paying down what you owe lowers your credit utilization ratio, which shows lenders you can manage debt responsibly and can provide a much-needed boost.
To help manage your cards and monitor your score as you rebuild, a financial companion tool from Kudos can help you stay on track.
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