What Is The Lowest Credit Score And How To Rebuild It?
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While many people have been trying to uncover the secrets to getting excellent credit score, others are not interested in checking their credit worried that they will discover they have the lowest credit scores. But what is the lowest credit score exactly and how can you build it up to better your chances of qualifying for a loan?

The lowest credit score is actually not a fixed number as it depends on the credit scoring model used. Credit scores range from 300 to 850 but though 300 is considered the lowest possible credit score, it is unlikely you would hit it.

There are some credit problems which may cause your score to sink to the bottom such as late payments, tax liens, bankruptcy, charge-offs and other recent negative events. But there is no need to panic if you have any of these on your credit report. Few negative items alone won’t result in the lowest credit score.

But on the positive note, one these events are already behind you, you can get started on working towards a better or higher credit score. How long it would take to rebuild your credit will depend on a number of factors but often, you can see the progress in just a matter of months.

As long as there are no further negative information added into your credit file, the negative effects of such events on the credit score reduces with every passing month from the time it occurred. As time passes, the event would have lesser impact until such time that it will no longer have an impact. After a period of two years, the negative items have lesser impact on your credit score though public records and bankruptcies are known to have the biggest impact on your credit score and it causes the biggest drops and will take the longest time to recover.

What is the lowest credit score and what are the things you need to do to improve it? First of all, you should obtain your annual credit report and score for free. This may appear like a scary step but it is important to know what is being reported and where you stand.

Another tip is to stabilize your current situation. If you have current problems like accounts you can’t pay timely and unpaid tax liens, you should learn ways to get out of debt. It is difficult to begin rebuilding your credit if there are new and negative information added up on your credit reports.

You should make sure you pay everything on time. The smartest way to do this is to set up email alerts notifying you when your payments are due. Finally, get a secured card. If your current accounts are not reporting a positive payment history, you should consider getting a secured credit card.

Over time, you will be able to repair and rebuild your credit. You will no longer ask what is the lowest credit score and dread about it instead, you will look forward on checking your credit score.


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