Who Has a 357 Credit Score?

While age is not a direct factor in credit score calculations, there is a clear trend of scores improving as people get older. Based on 2023 Experian data, here is the breakdown of average FICO scores by 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 357 Credit Score

A credit score of 357 falls into the "very poor" range, which can significantly hinder your ability to obtain a credit card. Lenders view this score as a high-risk indicator, making them hesitant to approve applications for traditional, unsecured credit cards. Consequently, your options will likely be restricted to secured credit cards that require a cash deposit or specialized cards designed for building credit.

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Kudos offers personalized tools that help you find the right card by asking about your preferences and analyzing your spending habits to understand your financial situation. The platform then provides tailored recommendations from its database of nearly 3,000 cards, ensuring the options align with your specific needs and credit profile.

Auto Loans and a 357 Credit Score

A 357 credit score places you in the deep subprime category, which can make securing an auto loan difficult. While approval is still possible, you should expect to face some of the highest interest rates offered by lenders, according to recent industry analysis.

• 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 357 Credit Score

With a 357 credit score, qualifying for a traditional mortgage is not a realistic option. According to current mortgage requirements, conventional loans typically require a minimum score of 620, while FHA loans need at least a 500. Your score falls well below these thresholds. While some specialty subprime lenders may consider scores under 580, these loans are rare and come with significant risks and strict underwriting.

If you could find a lender, a 357 score would lead to extremely unfavorable loan terms. You would face very high interest rates, a large down payment requirement, and other restrictive conditions. These harsh terms are designed to offset the high risk to the lender and would make homeownership significantly more expensive over the life of the loan.

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 357 Credit Score

While a 357 credit score is considered very poor, it is possible to improve your financial standing. With consistent effort and the right strategy, you can rebuild your credit and open up better financial opportunities.

• Make on-time payments. Payment history is the single most important factor in your credit score, so setting up automatic payments is a crucial first step to establish a positive record.
• Monitor your credit reports. Regularly checking your reports from all three bureaus—Experian, TransUnion, and Equifax—allows you to spot and dispute errors that could be dragging your score down.
• Lower your credit utilization ratio. Aim to keep your credit card balances below 30% of your total limit, as this demonstrates responsible credit management to lenders.
• Apply for a secured credit card. A secured card requires a cash deposit but can be an excellent tool for building or rebuilding your credit history, as your responsible use is reported to the credit bureaus.

The free Kudos browser extension can also help you manage your credit cards and make smarter spending decisions on your credit-building journey.