Credit Score Under 300
And that signals risk to potential lenders.
Credit score under 300. A 300 fico score is significantly below the average credit score. Perhaps you re just starting out on your credit journey and don t have an established credit history yet. Realistically it s highly unlikely for someone to have such horrible credit as to have a 300 score those who have been through a messy bankruptcy could easily wind up at 400 or below. A credit score is a number generally between 300 850 based on a statistical analysis of a person s credit files.
As you can see a 300 credit score is considered to be in the poor or bad credit range. With a credit score below 600 chances are that you ll need to use an fha backed mortgage to purchase a home since the fha has no minimum credit score requirements for their loans. 580 to 669 is considered as fair. This score represents the credit worthiness of a person.
Many lenders choose not to do business with borrowers whose scores fall in the very poor range on grounds they have unfavorable credit. Credit score in between 300 to 579 is considered as poor score. A 300 credit score is a bad credit score unfortunately as it s a lot closer to the lowest score possible 300 than the highest credit score 850. The bottom range for the fico score model runs from 300 to 579 and happily has the fewest number of people at just 17.
A credit score under 300 is considered a bad score but if you don t care if you are perceived as someone who will never pay pack by a potential lender then there is nothing wrong with having a 300 credit score. A credit score is assigned to each individual to rate how risky a borrower he or she is the higher the score the less risk the individual poses to creditors. 740 to 799 is considered as very good. It indicates that you ve had payment problems in the past perhaps even to the extent of going through bankruptcy or having your home foreclosed.
However you could have poor credit through no fault of your own. Your score falls within the range of scores from 300 to 579 considered very poor.
Bad Credit Score 300 599 Poor Credit Score 600 649 Fair Credit Score 650 699 Good Credit Score Good Credit Credit Score Credit Score Infographic
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