Is a credit score of 0 possible?
But your credit score won't start at zero, because there's no such thing as a zero credit score. The lowest score you can have is a 300, but if you make responsible financial decisions from the beginning, your starting credit score is more likely to be between 500 and 700.
Is a 600 credit score low?
Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Is a 550 credit score OK?
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 550 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Can you get credit with a 500 score?
Yes, you can get an unsecured credit card with a 500 credit score, but you will likely end up with high fees, high interest rates, and a low credit limit. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card.
What is the lowest credit score on Equifax?
Equifax. So in theory the lowest possible score is 0, although of course in reality you would never be able to reach such a low score even if you tried. Anything under 300 is very poor and only a small percentage of people will ever make it that low – that’s by declaring bankruptcy or having a long string of defaults or fraud.
What is the lowest FICO score?
The lowest FICO Score and VantageScore someone can have for the most common versions of these credit scoring models is 300. Below, we’ll discuss how a low score can impact your finances and show you ways you can improve your score. What Creates a Low Credit Score?
What is the worst credit score you can have?
Most of the widely used credit scoring models have a score range of 300 to 850, which means 300 is the worst credit score you can have. In reality, most people fall somewhere in the middle, and very few people actually have a credit score as low as 300.