What Is the Lowest Credit Score?

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The absolute lowest credit score you can have with both FICO and VantageScore is 300. The FICO credit score range is 300-850, with any credit scores under 580 being considered “poor.” The VantageScore range is also 300-850, with scores under 600 being considered “poor” or “very poor.”

Here’s a breakdown of the two systems and how they rate different credit score ranges: 

What Causes a Low Credit Score?

There are multiple factors that, especially when combined, can cause a low credit score. These include:

• Missed or late payments: Missing a single payment by 30 days can cause your credit score to drop by 17 to 37 points, and missing it by 90 days can drop it 27 to 47 points. Multiple missed or late payments can have a much stronger impact on your score.
• High credit utilization: If you’re using a high percentage of your available borrowing power, that can lower your credit score. 
• Collections: If you’ve been sent to collections for debt over $500, it can be reported to credit bureaus and lower your score. 
• No or limited credit history: If you’ve never had credit-establishing experiences like taking out a loan or having a credit card, you have no credit history — even if your financial standing is good. You need to build your credit to have it. 
• Defaulting on loans: Defaulting on a loan can drop your credit score by 100 points, making it difficult for you get approved for additional funding in the future.  
• Charge-offs: Charge-offs occur when a debtor writes off your debt as uncollectible. While this can mean you only have to pay some of the debt or have had it waived, it will hurt your credit score. 
• Bankruptcies: Bankruptcies will stay on your credit report for five to seven years, depending on the type of bankruptcy you file. They can significantly impact your credit score, potentially reducing it by up to 200 points. 
• Maxing out credit cards: Maxing out credit cards will increase your credit utilization rates, hurting your score. 

What Happens If You Have the Lowest Credit Score?

If you have the lowest credit score (or any score under 580), it becomes much harder to get approved for loans, credit cards and housing. If you’re approved, you’ll likely be offered much higher interest rates and security deposits, and lower borrowing amounts. 

In some cases, having a low credit score can even impact your ability to find employment or be approved for insurance coverage. 

Can a Low Credit Score Be Fixed?

The good news is that yes, even the lowest credit score can be improved. However, it does take time, and there are no quick fixes. Over several years, however, you can make significant strides.

Start with small, consistent changes that add up over time. 

How To Start Rebuilding Your Credit Score

If your score is lower than you’d like, here are a few tips that you can start using today to rebuild your credit: 

• Make on-time payments consistently: Payment history accounts for 35% of your credit score, so take care to ensure that all payments are made when or before they’re due. This can increase your credit score consistently over time. 
• Reduce credit card balances: The amount you owe makes up 30% of your credit score, so reducing the balances on credit cards can help improve your score quickly — sometimes in as little as 30 days. 
• Avoid new hard inquiries: Hard inquiries can temporarily lower you score, so avoid applying for new credit lines whenever possible outside of circumstances like debt consolidation.  
• Consider secured credit cards or credit-builder loans: Secured credit cards are backed by a cash deposit that’s typically equal to your credit limit, while credit builder loans allow you to make payments toward a loan servicer and receive the lump sum at the end. Both are products designed to improve your credit by demonstrating responsible payment history. 
• Monitor your score monthly: Use free tools like Important Score to monitor your credit score monthly. If anything is incorrect, dispute it immediately.  

What You Need To Know About the Lowest Credit Score

The lowest credit score possible for both FICO and Vantage scoring systems is 300, but if any score under 580 can make it difficult to get a loan, secure housing and get competitive rates for insurance. 

As a result, it’s important to work to rebuild your credit score if it’s not where you’d like it to be. Fortunately, rebuilding your credit is entirely possible, and you can start with small, consistent steps. See more tips on how to rebuild your credit score to get started.

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