The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
The average credit score in the United States was 716 as of 2022, according to Experian®, and this is a credit score that many people would be happy to have. Using the FICO® score range, 714 falls within the “good” range, but what is the lowest credit score?
There’s a common misconception that the credit score you start with is zero, but that’s not the case. Today, you will learn what the lowest credit score is and the factors and situations that affect your score. Most importantly, we’ll give you some tips to potentially improve your credit, which could save you money and give you more access to lines of credit and loans.
A 300 credit score is the lowest credit score you can have, but this isn’t necessarily the score that you start with. You don’t get a credit score until you have a bill reported to the major credit bureaus. If you’re making your payments on time, you may have a credit score that starts in the 600s. Typically, if you have the lowest credit score of 300, there are negative marks on your credit report that are lowering your score.
Your credit score may differ depending on which scoring model you’re looking at. While the most popular scoring model is FICO, there is also VantageScore®. Both scoring models have a total scale of 300 to 850, so the lowest possible credit score is 300 for both models.
Using the table below, you’ll notice that the ranges are slightly different, but they use a scale of 300 to 840.
FICO | VantageScore |
---|---|
300 – 579 (Poor) | 300 – 499 (Very poor) |
580 – 669 (Fair) | 500 – 600 (Poor) |
670 – 739 (Good) | 601 – 660 (Fair) |
740 – 799 (Very good) | 661 – 780 (Good) |
800 – 850 (Exceptional) | 781 – 850 (Excellent) |
As mentioned, it’s a misconception that your credit score starts at zero. In reality, some derogatory marks can lower your credit score to 300. Your credit score comprises different factors like your payment history, debt, credit age, new credit inquiries and mix of credit types. In many cases where a person has a low credit score, they’re taking actions that negatively affect the five main factors that determine a credit score.
Your credit score is a simplified way for lenders to assess risk. Negative marks on your credit may be a red flag to lenders that you are not capable of paying back a loan. Some of the most common reasons people have low credit scores include:
Keep in mind that some of the above will hurt your credit more than others.
Achieving the max credit score of 850 is difficult and takes time, but it’s an attainable goal for everyone to improve their low credit. You can improve your low credit with some simple steps and good habits. Even if you have the lowest credit score of 300, over time, you can raise your score to good or even excellent.
Errors on your credit report can be frustrating and difficult to navigate when you’re dealing with the major credit bureaus. While you can do it on your own, help is available. If you have a low credit score due to errors on your credit report, you don’t have to go through the credit repair process alone. Lexington Law Firm has helped thousands of people repair their credit and has sent out over 221 million credit challenges since 2004. We have a team of credit professionals who are here to help you with your credit by challenging the credit bureaus on your behalf while also providing other services like credit monitoring. To get started, sign up today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
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