my credit score has gone down as expected due to a couple of credit applications,
im still in the Okay category, but I realised there is still a 0-549 category
is a zero even possible?
Whats The Lowest Credit Score You've Seen?
Samsungnote10 on 24/09/2018 - 11:30
Comments
And the score literally means not thing anyways.
No lender uses these scores to determine whether to give you credit. They use their own evaluation systems.
Well they do, once you go up a level, the preapproved credit spam increases significantly.
I don't even have one - does that count as the lowest?
What are the ranges?
I just checked mine a few weeks ago and it was about 400. I've had one paid default from about 2 years ago.
That's not so good. You need to get credit to get credit rating it is stupid.
Not really - it's like job experience. Need a job to get that. It's the same principle that nothing is a better indicator than actual real-world results.
my credit score is 96425.25514
Was it approved? I just did a car finance and once that was approved my credit score went up to 826 from 792.
Credit scores matter much more small smaller lenders and credit unions, typically ones that wouldn’t be likely to have access to your banking history any other way.
Big banks like CBA, ANZ have a much higher chance of evaluating you based on their own methods usually because you either already bank with them, or because they’re big enough to take the risk.
Generally speaking though even for big lenders, credit checks are absolutely done and will only impact you negatively. IE a higher score doesn’t give you a special sticker on your card, but a low score will have your assessor asking a few extra questions.
Low being sub 500-600 usually.
I used to work at CBA but this info is now probably 10 years old
CCR is going to change this!
no it won't, the big guys who understand credit risk will still get the raw data on your credit file and assess it themselves, only the little guys will use some imaginary number generated by the credit reporting agency that they have no control over.
Bankruptcy will drop you well into the lowest category.