The lowest credit score refers to the nadir of an individual’s creditworthiness as determined by credit reporting agencies. Credit scores typically range from 300 to 850, with a higher score indicating better creditworthiness.
A low credit score, often below 500, signals a higher risk for lenders, making it challenging for individuals to secure favorable terms on loans or credit cards.
Several factors contribute to a low credit score, including late payments, high credit card balances, and derogatory marks such as bankruptcies or foreclosures.
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Improving a low credit score requires responsible financial habits, timely payments, and strategic debt management.
As individuals work towards raising their credit scores, they enhance their financial prospects, gaining access to more favorable interest rates and a wider range of financial opportunities.
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