By CreditNinja Reviewed by Matt Mayerle
Modified on May 15, 2024

A 370 credit score is considered a very poor credit score.

Usually, consumers with credit scores this low are new to handling their finances or recovering from a major financial crisis.

As a part of the “very poor” credit category, consumers may have difficulty finding approval for loans, lines of credit, or other financial products. They may also have a tough time getting approved for apartments or rental agreements. If you’re looking to overcome hardships like these, good news, you’ve come to the right place! 

Here, you’ll learn about what it means to have a 370 credit score, how bad credit can impact your life, and what steps you can take to start improving your credit score ASAP.

Key Takeaways for 370 Credit Score

Overview of Your
Credit Rating

370 is a very low credit score. It’s part of the lowest credit score tier, referred to as the “very poor” credit category.

Borrowing Options With a
370 Credit Score

Not a lot of loan options are available to consumers with credit this low. It may be best to work on credit improvement before seeking out loans.

Improving a 370
Credit/FICO Score

Consumers with “very poor” credit can improve their scores by working on their payment history, avoiding new debts, and paying off existing balances.

Is a 370 Credit Score Good?

Unfortunately, 370 isn’t the best average credit score. It’s actually part of the lowest credit rating tier, called the “very poor” credit tier. All scores between 300 and 499 are considered “very poor” credit.

What Can You Get Approved for With a 370 Credit Score?

Finding approval on a loan may not be the easiest task when you have a 370 credit score. However, unexpected expenses happen, and we all need extra cash from time to time. 

Below are a few common types of loans, and how they may work for you and your 370 credit score. 

Personal Loans

A personal loan is a type of funding in which borrowers receive a lump sum payment and repay it over time. Depending on the size of the personal loan, terms can range from a few weeks to a few years. While many types of personal loan products use the borrower’s credit report and credit score when determining approval, there are bad credit lenders who specialize in working with people who may not have the best credit history. 

Bank Loans

Consumers can also access personal loan products from a bank. However, banks are known for being strict lenders that usually only lend to borrowers with good credit scores. If you’re working with a lower credit score, you will probably have a higher chance of approval with a credit union or a bad credit lender.   

Credit Cards

Credit cards are revolving lines of credit where borrowers have access to a set credit limit every month. However, since credit limits renew with each billing period, it’s easy to fall into bad spending habits and accumulate a lot of credit card debt. This may put bad-credit consumers in an even worse financial position! 

Instead of getting a credit card account on your own, see if you can become an authorized user on another credit card account. As an authorized user, you’ll have access to a line of credit and have the card’s credit limit included in your credit utilization, but you won’t be directly responsible for repaying the balance. But keep in mind that any unpaid credit card debt may still have a negative impact on your credit score! 

What About Secured Credit Card Accounts?

When you have a low credit score, like 370, it may be extremely difficult to get approved for traditional credit card accounts on your own. If you can’t become an authorized user, you may consider getting a secured credit card, which can be a great tool for helping build a positive credit history and giving you access to a line of credit. 

Below is a quick breakdown of secured credit cards and how they may help people improve their FICO credit scores. 

Feature

Description 

Collateral Deposit

Users deposit a cash amount which becomes the credit limit. This deposit minimizes risk for the issuer.

Credit Reporting

Activity on the card is reported to credit bureaus (Equifax, Experian, and TransUnion), aiding in building credit.

Credit Limit

The limit is typically equal to the deposit. Low limits help keep spending in check, which can positively affect credit scores.

Interest Rate

Can be high, but manageable if balances are paid in full to avoid interest charges.

Fees

May include annual fees or other charges. Comparing options helps find the most cost-effective card.

Credit Score Impact

Proper use (on-time payments, low balance) boosts credit scores over time as it shows responsibility and reliability.

Disclaimer: The information provided in this chart is for educational and informational purposes only and should not be construed as financial advice. Individual circumstances vary, and users should consult with a financial professional before making decisions based on this information. The outcomes can differ based on individual credit activity and financial behavior.

 

Or, you may be better off using your debit card for purchases instead of a credit card. That way, you use money directly from your checking account and don’t have to worry about repaying a balance. 

Car Loans

Car loans are a type of funding used for purchasing a vehicle. Borrowers with a 370 credit score may have a hard time finding approval on their own. If you need a car but have bad credit, consider asking a cosigner to sign your loan with you or looking into less expensive car options that would require a smaller loan. 

Other Secured Loans 

Other secured loan types, like car title loans, may be more available to consumers with a 370 credit score. Since title loans are secured by the value of the borrower’s car, lenders are usually more concerned about the equity in the borrower’s vehicle instead of their credit score. However, keep in mind that since you’re using your vehicle as collateral for a title loan, you risk losing it should you miss payments or default on the loan. 

Cash Advances

Sometimes, the most accessible types of personal loans for bad credit consumers are no-credit check loans or cash advance loans like payday loans. While these kinds of quick cash loans are easily accessible, they are often considered a high-risk form of funding because of their short terms and high-interest rates. Unless you can fully repay your balance in about two weeks or less, it may be in your best interest to avoid cash advances. 

Products to Help Improve a 370 Credit Score

Below are a few products and tools that can help you improve your average credit score! 

Budgeting Apps

CNBC reports on a survey where out of all the people polled, 53% said that learning to budget and track their expenses is the most valuable financial lesson they’ve ever learned.1 

Budgeting apps can be helpful tools for taking inventory of recurring income and coordinating it to make sure your due bills and payments are up-to-date. Some popular budgeting apps include: 

  • PocketGuard: Made for people trying to hone in spending habits 
  • Goodbudget: Designed for budgeting beginners 
  • Honeydue: Good for couples or people splitting expenses
  • Simplifi by Quicken: Great for coming up with a budgeting plan
  • You Need a Budget (YNAB): For intense budgeters who want an in-depth plan 

Credit History and Report Monitoring

Approximately 23.8% of Americans have never checked their credit reports before!2 If this sounds like you, you’ll want to take a look at your most recent credit report ASAP. You may also want to get in touch with a credit monitoring service to review your credit reports and ensure everything is accurate. Some popular services include:

  • Credit Sesame
  • ID Watchdog
  • myFICO
  • Identity Guard
  • Identity Force
  • Privacy Guard 

Credit Boosting Services 

Some payments, like rent payments or payments towards subscription services, don’t usually count towards your overall credit score. But, thanks to some helpful credit-boosting services, you can now make sure those payments count towards your credit history! Some services that can help make sure all your payments are counted toward your credit history are: 

  • Experian Boost 
  • TurboTenant Rent Reporting
  • UltraFICO
  • Grow Credit 

Credit Boosting Services 

You may also enlist the help of credit repair companies. These services can help you organize your finances as well as give you personalized advice on how you can improve your credit score. A few popular companies include: 

  • Credit Saint
  • The Credit People 
  • The Credit Pros
  • Credit Saint
  • Safeport Law
  • Sky Blue
  • Lexington Law

Benefits of Improving Your 370 Credit Score

Once you improve your credit score, you can look forward to benefits such as: 

  • Easier approval for loans and other credit accounts 
  • Higher loan amounts and credit limits
  • Lower interest rates and more affordable loans 
  • More mortgage or leasing options for housing
  • Special bonuses like credit limit increases or pre-approval offers 

How to Improve Your 370 Score

Check out some tips below that can help you improve your credit scores: 

Understand How Credit History Works

Your credit reports are an official summary of your credit history. Inside your credit reports, you will find your credit score, which is determined using financial data from a few set categories. Those categories are: 

  • Payment history 
  • Current debts 
  • Credit mix 
  • Length of credit history
  • New credit inquiries 

Payment history and current debts are the most significant factors in determining credit scores. Although each category is important, the fastest route to improving your credit report and credit score is to include those two. 

Stick to a Payment Schedule

You won’t be able to get a higher credit score unless you make it a habit to pay all your bills on time. Not only is payment history the most significant factor in improving your credit, but it can also be the biggest obstacle preventing your score from improving. Late payments can stay on your credit reports for up to seven years! 

So, to make sure you submit payments for your bills and other financial obligations on time, make a note in your planner, calendar, computer, or smartphone. You can also sign up for autopay so your payments can be automatically deducted from your bank account.

Get a Debt Payment Strategy

In addition to maintaining your payment history, you may also consider submitting more than the minimum amount due on some of your payments. This will help you pay off your debt faster and improve your overall credit utilization rate. 

You can also apply debt repayment strategies like the debt snowball or the debt avalanche methods. With the debt snowball method, you start by paying off your smallest balances first and work your way up until you have paid off your largest balance. The avalanche method is the opposite; you start by paying off your most expensive balances first and work your way down to your smallest one. 

Avoid Inquiries for New Credit Accounts

Every time you apply for a loan, credit card, or other credit account, the lender will usually perform a hard credit check. Hard credit checks are official inquiries into a consumer’s credit score and are kept track of by the credit bureaus. With each hard credit inquiry on your profile, you may see your overall credit score drop a bit. And so, applying for multiple credit accounts within a short period of time can cause your credit scores to drop even further. To avoid this, try not to apply for new loans or credit cards until you’ve improved your credit history a bit. You’ll save yourself from racking up unnecessary hard credit checks and also prevent yourself from accumulating more debt! 

FAQs About 370 Credit Scores

Yes, alternative models like VantageScore might weigh credit behaviors differently, potentially offering a more favorable view of your financial situation.

A low credit score like 370 may result in higher auto or home insurance premiums, as insurers often correlate credit to risk level.

Some employers check credit scores during the hiring process. A score of 370 might impact job opportunities, particularly in finance-related fields where financial responsibility is critical.

When seeking a personal loan with a 370 credit score, consider lenders who report to credit bureaus. This helps ensure that your on-time payments contribute to improving your credit score.

What Interest Rate Can I Get With a 370 Credit Score?

Interest rates on personal loan products and credit cards are going to be on the higher side when you have a 370 credit score. Since consumers with low credit scores are known for being delinquent in repaying their debts, lenders are often weary about extending funding to them. So, to make up for their financial risk, lenders usually charge higher interest rates when they do decide to lend money to bad credit borrowers. The good news is once you improve your 370 credit score, you should start to qualify for lower rates! 

Can I Buy a House With a 370 Credit Score?

Buying a house is already a notoriously difficult endeavor, and without a good credit score, it will be even more difficult. While there are FHA loans designed to help bad-credit consumers purchase a home, you typically need a minimum credit score of 580 to qualify. So, your best bet at buying a house and getting the best deal is most likely going to include improving your credit score as a first step.

Top 5 Resources for a 370 Credit Score

Related Credit Scores

300  315  350  380  399  400  430  440