BANKING AFFAIRS

Detailed explanation-1: -FICO and VantageScore are two of the most most well-known credit-scoring companies. Most of their credit scores range from 300 to 850, with 850 being the highest score possible.

Detailed explanation-2: -Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 350 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.

Detailed explanation-3: -The FICO® Score☉, which is the most widely used scoring model, falls in a range that goes up to 850. The lowest credit score in this range is 300. But the reality is that almost nobody has a score that low. For the most part, a score below 580 is considered “bad credit.” The average FICO® Score in the U.S. is 704.

Detailed explanation-4: -A very poor credit score can happen to the best of us. But even those with poor credit rarely see their scores drop to 300. This is the lowest credit score possible for both FICO and VantageScore. Several factors go into calculating a credit score, but your payment history is the biggest factor.