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Why Do Credit Scores Start At 300?

When people start using credit, they begin to build both a credit history and credit score. What happens if you have just opened your first credit account? Do you start with a credit score of Zero? Contact Credit Sage today and get a FREE breakdown of your credit score and how to improve it.

If you haven’t started using credit yet, you won’t have a credit score. You begin to build your credit score after you open your first line of credit. The way you use the initial amount, plays a role in how your first credit score will be determined. 

According to FICO, the minimum scoring criteria is as follows: 

  • At least one credit account opened for six months or more. 
  • At least one credit account that has been reported to one of the three major credit bureaus within the past six months.  

What Are The FICO Credit Score Ranges? 

FICO scores range from 300 to 850, and are divided into the following categories:

  • Exceptional: 800-850 
  • Very Good: 740-799
  • Good: 670-739 
  • Fair: 580-669 
  • Very Poor: 300-579

Contrary to what many people believe, your credit score does not start at zero. It usually starts at 300 which is the lowest accepted credit score according to the FICO credit score range. 

How Can I Access My Credit Report And Credit Score? 

Many banks and credit card issuers give you access to free credit scores. Credit monitoring services provide weekly credit score updates. Each of the 3 main credit bureaus allows you to obtain 1 free copy of your credit report per year.  

Bottom Line 

Your credit score doesn’t start at zero, but you need to ensure that any transactions, or decisions you make, do not negatively impact your score.