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What Is the Lowest Possible Credit Score?

What Is the Lowest Possible Credit Score?

A low credit score can make it difficult to obtain a new credit card or qualify for a personal loan, car loan, or mortgage. You may pay higher interest rates, fees, and down payments and security deposits. Most credit scoring models go as high as 850 but, using FICO...
How Long Does a Foreclosure Stay on Your Credit?

How Long Does a Foreclosure Stay on Your Credit?

When you have big financial decisions looming, you may feel haunted by your credit history. American Credit can help with credit repair, so you can qualify for a home loan, buy a car, or increase your odds of being hired. A question our clients often have is, “How...
Mortgage Pre-Approval Checklist

Mortgage Pre-Approval Checklist

By the time you want to make an offer on a house, you should have already been pre-approved for a mortgage loan. Sellers usually expect a buyer to have a pre-approval letter. If you prove you can obtain financing, they’ll probably be more willing to negotiate. Being...
What Credit Score Is Needed to Buy a Car?

What Credit Score Is Needed to Buy a Car?

If you’re in the market for a vehicle, you could be asking, “What credit score is needed to buy a car?” The average cost to buy a new car in 2022 topped $47,000.1 Used car prices are rising as well. Most people take out loans to pay for cars, and a credit check is...
What Credit Score Do You Start With?

What Credit Score Do You Start With?

A common myth is that your credit score starts at zero. However, that’s not the case, as the lowest possible FICO® or VantageScore® is 300. If you’ve never had credit, you won’t have a credit score. Once you start using credit, your creditworthiness can be assessed...