What does 386 credit score get you?
| Types of credit |
Do you Qualify? |
| Secured Credit Card |
Yes |
| Unsecured Credit Card |
No |
| Personal Loan |
No |
| Auto Loan |
No |
| Home Loan |
No |
Credit Cards with 386 Credit Score
The most important thing to consider when getting a credit card is your current financial status. If you have poor or bad scores like 386, secured cards can be an excellent option because they won't require any other form of collateral like high-risk investments and will help build up good habits by using them every day in order for better safekeeping practices over time!
Secured credit cards.
A secured credit card may be the way to go if your score needs some help. You'll need a security deposit that functions as an insurance for lenders; this amount is usually what sets you up with your maximum loan limit. For example, depositing $300 could guarantee a cap of around equal value - providing peace-of-mind protection in the event of any potential debt!
Secured credit cards are the perfect option for those with poor credit. Not only can you access more benefits than a virtual card, but when used responsibly these financial tools have the added benefit of potentially increasing your overall score by showing lenders that you're reliable and committed to repayment over time.
Unsecured credit cards
If you're in need of a credit card but your financial situation has precluded the ability to pay a security deposit, it might be possible for you to find an unsecured version. But beware: You could end up paying more due to potential annual fees and high interest rates - so consider this trade-off carefully before making any decisions!
Car Loans with a 386 Credit Score
Less than 7% of auto loans go to people with a credit score in the 300-539 range, but it's likely just a fractional percentage point or less.
With such low odds of getting approved for an auto loan, you will need to compare your options carefully and consider either placing a bigger down payment or purchasing less expensive vehicle.
Mortgages with a 386 Credit Score
Home loans are often one of the most expensive pieces in a person's life, but they can also have lasting effects on your finances. Working to improve your score credit before applying for home financing will make it easier and cheaper when you get approved- as well saving money due fees that come along with getting rejected or denied after filling out an application!
Personal loans with a 386-credit score
With poor credit scores, obtaining a personal loan may seem like an impossible task. Fortunately, there are options available to help even those with less-than-ideal histories get approved!
Despite your best efforts to secure a low-interest personal loan, you may be facing the reality of having to settle for an expensive option with additional fees. That's why it is so important that you do your research and find out which loans offer the most competitive rates before signing anything!
A personal loan might not be the most desirable option for those seeking to pay off high-interest credit card debt. Unfortunately, many times the APR on a personal loan can match or exceed that of existing cards - making it an unfavorable choice.
Student Loans with a 386 Credit Score
With a low credit score, student loans are among one of the easiest types to get. That is because nearly 25%of all funding goes towards applicants with scores 300-619! A new degree may also help you more easily repay your loan if it leads higher income as well.