Credit scores range from 300 to 850. And even if technically the lowest possible score is 300, it is unlikely you would hit it. In the real world, the lowest credit score one can get is probably higher than 300.
For example, if you have gone through bankruptcy and for the first time it showed on your report. The same thing is true if you have defaulted on a number of debts and had made little to no payment on the accounts and if you have undergone a foreclosure recently and have had austere late payments or defaults on at least one other credit line.
In such cases, you may fall into the score of 300 but the chances are slim. In fact, hitting the lowest score of 300 is not heard of. But even if you are not at the absolute worst, you might just be because any score that is under 600 is useless when it comes to getting a loan, mortgage or credit card. You have to learn about the ways to improve a low score.
You can make your way from the low credit category to the fair one in just a year or two by making the right moves. Here are some of the things you can do to work your way up to a higher score.
The lowest score you need in order to purchase a house using mortgage is 620. If your score is under 620, you might not be eligible for automatic loan approval and may need to jump through a lot of hoops without sure results.
On the other hand, the lowest credit score to get credit card which is unsecured is at least 650. This type of secure qualifies you for an entry level card for fair credit.
The lowest credit score in order to get a car loan will depend on the type of interest that you want to pay. To get 0% offers, your score needs to be in the range of 700-750.
If you need more info on the lowest credit score then go ahead and visit us http://creditscorefox.com
For example, if you have gone through bankruptcy and for the first time it showed on your report. The same thing is true if you have defaulted on a number of debts and had made little to no payment on the accounts and if you have undergone a foreclosure recently and have had austere late payments or defaults on at least one other credit line.
In such cases, you may fall into the score of 300 but the chances are slim. In fact, hitting the lowest score of 300 is not heard of. But even if you are not at the absolute worst, you might just be because any score that is under 600 is useless when it comes to getting a loan, mortgage or credit card. You have to learn about the ways to improve a low score.
You can make your way from the low credit category to the fair one in just a year or two by making the right moves. Here are some of the things you can do to work your way up to a higher score.
- Maintain your accounts, if you have any, in good standing. Are your good accounts still open? If so, make sure you keep them that way.
- Open secured accounts. Even if you have the lowest possible credit score, you still can qualify for a secured credit card. This is a card that you can put up a deposit. Aside from secured credit cards, you can also go for secured loans that you can get through a credit union or a bank. No matter how bad your credit may be, you will still be approved for the loan.
- Use self-help guides or credit repair services. You can sometimes get negative entries deleted from your credit report because of technicalities on how they were reported.
- Be patient. As the negatives start aging, your low credit score should start improving even if you don't have new accounts. You might not speed the clock up but at least it is reassuring to know that as time goes by, your bad credit is older in the eyes of the credit scoring formula.
The lowest score you need in order to purchase a house using mortgage is 620. If your score is under 620, you might not be eligible for automatic loan approval and may need to jump through a lot of hoops without sure results.
On the other hand, the lowest credit score to get credit card which is unsecured is at least 650. This type of secure qualifies you for an entry level card for fair credit.
The lowest credit score in order to get a car loan will depend on the type of interest that you want to pay. To get 0% offers, your score needs to be in the range of 700-750.
If you need more info on the lowest credit score then go ahead and visit us http://creditscorefox.com
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