Everyone out there seems to be interested in the highest credit score, but what about the “lowest credit score?”
After all, you can’t really make sense of the top without the bottom. And what goes up must come down, right?
Well, in this case, hopefully not…
Credit Scoring Floor
Silliness aside, there is certainly a credit scoring floor, and that number is dependent on the credit score scale being utilized.
For the popular FICO score, the range is generally 300-850. So as far as FICO is concerned, the lowest credit score is 300.
Just keep in mind that there are industry-specific credit scores, such as FICO scores tailored for auto lenders, that use a range of 250-900. So obviously your FICO score can be as low as 250.
But you would have to make some serious credit missteps to end up in that position, such as a bankruptcy.
The other leading credit score out there today is VantageScore, which uses a scale of 501-990. So the lowest credit score here is 501.
Again, you’d have to mess up pretty bad to wind up with a 501 credit score, but I suppose it is possible.
To sum it up:
Lowest FICO score: 300
Lowest VantageScore: 501
Is Your Credit Score Low?
If you’re inquiring about the lowest credit score, there’s a good chance your credit score isn’t where it should be.
So be sure to practice healthy credit scoring habits, such as making on-time payments, keeping balances and credit utilization low, and applying for new credit sparingly. A good mix of credit, such as credit cards, auto loans/leases, and mortgages, are also helpful.
When it comes down to it, there’s not much magic behind credit scores, just basic common sense. If you want to take your credit score from bad to good, check out some tips on how to improve your credit score.
Even if you don’t have bad credit, taking a moment to review these simple steps could turn that good credit score into an excellent one.