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.
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.
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.
Here's how the FICO credit scoring system ranks credit scores: Poor: 300-579. Fair: 580-669. Good: 670-739.
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.
There isn't a set credit score that each person starts out with. Instead, if you don't have any credit history, you likely don't have a score at all.
Contrary to popular belief, you don't automatically receive a credit score the day you turn 18 years old. However, you need to be at least 18 years of age to apply for credit and start building your score. Remember that if you haven't used credit yet, you likely won't have a score at all.
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.
A FICO® Score of 666 places you within a population of consumers whose credit may be seen as Fair. Your 666 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
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.
Only 1.31% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all. Having good credit can start at around 700. In fact, only a few credit score models have a credit score limit of 900.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
The average credit score in the US is a 718 FICO score and 701 VantageScore. Gen Z (18-25) has the lowest average credit score at 680, while the Silent Generation (77+) has the highest at 760.
Yes, your 666 credit score can qualify you for a mortgage. And you have a couple of main options. With a credit score of 580 or higher, you can qualify for an FHA loan to buy a home with a down payment of just 3.5%.
While there is no set credit score to get an auto loan, a majority of approved borrowers have scores above 660. Having a low credit score won't necessarily keep you from getting an auto loan, but you will likely pay a higher interest rate.
The requirements to qualify for the Centurion Card are somewhat murky, with no published qualifications from American Express. Some reports show that you must spend $250,000 to $450,000 or more on another American Express card to be considered. The card likely requires an excellent credit score of 800 or higher.
What Credit Card Do the Super Rich Use? The super rich use a variety of different credit cards, many of which have strict requirements to obtain, such as invitation only or a high minimum net worth. Such cards include the American Express Centurion (Black Card) and the JP Morgan Chase Reserve.
FICO scores are generally known to be the most widely used by lenders. But the credit-scoring model used may vary by lender. While FICO Score 8 is the most common, mortgage lenders might use FICO Score 2, 4 or 5.
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
What this means might help you understand how lenders see you. The -1 score status on your account means that Experian, our partner credit bureau, hasn't got enough information to give you a score. The old scoring system might've given you a score even if you had no active account.