What Is the Lowest Credit Score Possible? (2024)

FAQs

What Is the Lowest Credit Score Possible? ›

What is the lowest credit score possible? Generally, credit scores range from 300 to 850, making 300 the lowest possible credit score. But it's important to note that you typically have more than one credit score. And they may differ depending on the credit-scoring company and when they were calculated.

Does No Credit Score Equal a Zero Score? No. Fortunately, no one's credit score can equal zero – the range for FICO scores is 300-850 – and even people with poor or bad credit have a credit score of at least 300.

Poor (300-579): 300 is the lowest credit score a person can have, and it's impossible to drop below that number. Fair (580-669): Lenders and banks will look at a Fair score more favorably, but their best offers may still be out of reach. Good (670-739): Experian® reported 714 as the average credit score in 2022.

Therefore, most financial professionals generally accept that 300 is the lowest credit score a consumer can have. A lower credit score tells a lender there's a higher likelihood that an applicant might repay a credit obligation severely late or default on the debt entirely.

Credit scores can drop due to a variety of reasons, including late or missed payments, changes to your credit utilization rate, a change in your credit mix, closing older accounts (which may shorten your length of credit history overall), or applying for new credit accounts.

Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO^® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO^® Scores in the Exceptional range.

As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.

How rare is a 700 credit score? ›

Mississippi has the lowest credit score of the US states. It has the lowest average FICO credit score of all states in 2024, at 680 is 35 points below the national average. Mississippi also has the lowest average VantageScore at 668. What state has the highest average credit score?

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

A credit score of 999 from Experian is the highest you can get. It usually means you don't have many marks on your credit file and are very likely to be accepted for a loan or credit card.

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.

The most commonly used credit scoring method is FICO, which ranges from 300 to 850. So if you're wondering if it's possible to have a credit score of 0, the answer is no. However, a 300 is basically the same thing as a 0.

Credit invisibility can make things like getting approved for a credit card or a loan more difficult or costly. It's possible to get a credit card with no credit. You might consider applying for a secured credit card, student credit card or retail store credit card to help establish and build your credit.

Generally, a personal loan can be availed without a guarantor. However, applicants who have a low CIBIL score or don't have a score at all can apply for a small loan with a guarantor.