As most people know, credit scores vary from 300 to 850 spots. It’s also possible to not use a credit score. In other words if you never used credit at all, you’d theoretically not have a credit report.
So technically speaking, the lowest credit score you can possibly have is 300 theoretically 300. Can it be possible to have a score in this selection? Yes, I suppose it is! With that being said, it’s almost impossible.
To have a score of just 300, you would need to not have any on time payments. Hence, you will be required to spend each bill late. You would also need to be using all of your free credit so every credit card would’ve to get totally maxed out.
On top of many of that, your revolving accounts will ALL have to be new because old accounts will increase the credit score of yours.
If you were genuinely attempting to pull this off, here is what you would have to do:
First, get a secured credit card (you would not be able to get an unsecured one only at that point) and max it out the day you get it. Make the minimum payment 60 days late and promptly max it out again. Continue to maintain the card way too busy while making payments 60 days late. This would ensure that your card is open but your payments are way late.
If you did this, you could expect the score of yours to be close to 300 for a while. That said, I don’t feel that it will stay in that range for long. Keeping the revolving bank account open would increase the score of yours at least a little.
What can we learn from all of this particular? For starters, it will be truly stupid to really try this as the derogatory products will stay on your credit for seven years. Second, by doing the opposite, you may achieve a positive shift in your credit. When you want that, adhere to these steps:
1. Get at least one credit card. In case you can’t obtain an unsecured card, get a secured card which usually reports to the credit bureaus as a credit card. If you already have one, you are taken care of.
2. Pay off the card of yours in total each month.
3. Never make a late payment over a credit card, or on another revolving credit account.
4. Use credit like it’s cash. Never spend money that you do not have.
In case you continue to do that, your credit score will be amazing. jefferson capital systems is more than 800 and that is all I have done.