What is the lowest credit score possible?
FICO & Vantage both set the lowest possible credit score at 300. However, almost nobody has this low of a score. In fact, according to FICO, the average credit score in America is 704. A bad FICO credit score ranges from 300-579, while a bad Vantage score ranges 300-499.
Industry-specific FICO® Scores.
Industry scores aim to predict the likelihood that a consumer will fall behind on the specific type of account, and the scores range from 250 to 900.
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. A “no credit score” means there is insufficient information for a credit score calculator to compute a score.
- Very Poor: 300-499.
- Poor: 500-600.
- Fair: 601-660.
- Good: 661-780.
- Excellent: 781-850.
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.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
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.
More than 45 Million Americans are Either Credit Unserved or Underserved; Approximately 20% Migrate to Being Credit Active Every Two Years.
Credit History Matters
The longer you've been using credit, the more it means to your credit score. Members of the 800 Club average just under 22 years of using credit.
Do billionaires have a credit score?
Since income is not one of the five factors that determine a credit score, the wealthy are just as likely to have a low credit score as the people with lower income. The rich can miss payments, rely too heavily on credit, and open too many new accounts, all of which may lower their credit score.
Making a late payment
Your payment history on loan and credit accounts can play a prominent role in calculating credit scores; depending on the scoring model used, even one late payment on a credit card account or loan can result in a decrease.
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.
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.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
Less-than-perfect credit scores may not stop you from getting a car loan, but they can affect the interest rate and other loan terms you get. Generally, the lower your credit scores, the higher your interest rate will be. But there may be ways to get a better rate, like by making a down payment or getting a co-signer.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
If you have a FICO credit score over 800, your credit is considered exceptional — and, 24.1 percent of the scorable population had credit scores in the 800 to 850 range in April 2023, according to FICO. So, while getting an 850 credit score is difficult, a score above 800 seems like a more achievable goal.
Generally speaking, the highest credit score possible is 850, according to the most common FICO and VantageScore credit models. There are several factors that go into determining a credit score, such as payment history, amounts owed, length of credit history, credit inquiries and credit mix.
What is a good credit score for my age?
| Age Bracket | 2022 |
|---|---|
| 26–41 | 687 (Good) |
| 42–57 | 706 (Good) |
| 58–76 | 742 (Very Good) |
| 77+ | 760 (Very Good) |
There's no such thing as a starting credit score. However, there are minimum requirements for generating your very first credit score. According to FICO, the minimum requirements are: You must have at least one credit account or loan open for a minimum of six months.
Credit score required: 620
Conventional loans are the most common type of mortgage, accounting for about 70% of the market. They usually require a 620 credit score, though some lenders will consider applicants with scores as low as 580.
Car Loans with a 524 Credit Score
As a result, your odds of getting approved for a decent car loan are slim. You will need to compare your options carefully and consider either placing a bigger down payment or purchasing a vehicle that's less expensive.
It's possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. Paying off debt might lower your credit scores if removing the debt affects certain factors like your credit mix, the length of your credit history or your credit utilization ratio.
