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List: Posted: 01/31/12
Everyone knows that their credit score is important, and most people know that their score is going to range between 300 and 850, due to loans and credit cards. The highest possible score, 850, is very difficult to attain, and only the saintliest and savviest of spenders are likely to get there.
However, it seems as if it is just as difficult to get the lowest score possible at 300. Even those who have made some terrible mistakes with their credit don’t hit the lowest score. Why is this?
Lenders Cut Off Money
One of the reasons that you won’t often see a score that low is because lenders stop giving money to those who have abysmal credit scores. Those who have a long bad-credit history are unlikely to have their scores reach the 300 mark either for this very reason.
Most of the time, what many people consider a low credit score is somewhere in the low 500s or the high 400s. If you have a score this low, you will find that you have a much harder time trying to get loans for homes and cars. Even with co-signers, you will have a hard time with such a low score.
Salvage Your Score
You will never have to worry about your credit score going below 300. However, if you realize that your score is dropping, you want to do something about it before it worsens. Stop spending beyond your means and start paying creditors back to fix your credit score. Even though the average credit score seems to be dropping in the United States, you can do something about it, at least in regards to yourself.
If your credit score is at a dangerous level, 600 or below, it's vital to get credit counseling to effectively repair your score and increase your financial opportunities.
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The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information