answersLogoWhite

0

  • Credit Reports
  • Improving Your Credit Rating
  • Credit

How can you get a zero as your credit score?


Top Answer
User Avatar
Wiki User
Answered 2006-08-08 21:08:37

Typically, if you see a "zero" or nothing as a credit score it is due to the consumer having no credit or not having any positive credit that would contribute to the scoring system. A consumer can have nothing but negative credit on their report and this would not generate a score. A score is normally generated when the consumer has had a loan and/or credit card history.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

Will leaving zero balances on open credit card accounts help your credit score or should they be closed to help your score?

Yes!! As long as they are at zero, you do not need to close them to help your score. Just don't open any new ones!!!


Does your credit score go to zero when you file bankruptcy?

Interesting Question! A credit score of Zero occurs for a variety of reasons-most due to no credit history, but not due to bankruptcy. Zero credit score can occur because you have not had any credit within the past seven years; you have never had any credit; you have had your credit account suspended due to report of identity theft or fraud; or you were convicted of a felony. There may be other reasons for a zero credit score not mentioned here. The normal range of score is around 300 - 850 (depending on your information source). After bankruptcy, a FICO score in the mid to high 400 range, but after a couple years, this tends to come back up to the 500s, even low 600s (depending on how many accounts were included in bankruptcy). Hope this helps!


Will you get a two thousand dollar loan with credit of 649?

It depends on where you get your loan, how much collateral, and why your score is 649. Don't be fooled by credit scores. They don't mean what they say they do. I have a credit score of zero and my credit is excellent.


Is a credit score of 709 good?

This is an OK score. If you get the score up to 770 and higher, you'll qualify for lower interest rates on loans. Over 800 and your a near-zero credit risk.


Beacon score zero what does that mean?

This means that you have no credit history according to equifax and thus they were not able to produce a beacon score.


How can a repossession with a zero balance affect a credit score and can it be removed?

A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.


What types of things can zero percent interest apply to?

It applies to a type of credit cards that gives you zero percent interest when they are used. They are recommended for people with a good credit score.


What is the credit score impact of transferring your entire balance from a credit card to a new lower rate card account while keeping your old accound open with zero balance?

I've heard that if you keep your old account open (even with zero balance) can actually improve your credit score. The longer you keep credit card accounts open with out generating massive debt the more likely you'll get a better credit score. Depending on how large your balance is will really determine rather your credit score will get hurt or not (some will argue that it will not change your credit score but the answer varies from one opinion to the other) . You will be charged a fee by your previous credit card company though. Do not close your previous credit card account if you wish to improve your credit score, for some credit score companies may use it as a penalty against you (e.g. FICO).


Will your credit score drop if you close a zero balance credit card that has been open for only four months?

There are many factors in credit scoring. Closing an account should not make it drop in score. Especially if it is a small amount of credit available.


Is unknown status on a credit report negative?

Normally a credit rataing, like for example, the CIBIL rating contains marks or points on which the credit rating of a loan applicant is determined. If the credit rating is high, then the credit rating of that person is good. If the points are low, say for exqample around 400- 450, it is risky to give a loan such a borower. Such a borrower is not credit worthy!!Thus a credit rating either relects a positive or negative score. But the credti rating also indicate "0" (Zero), whichi is an unknown status. We will not be knowing the credut history of the borrower.A "ZERO" credit score indicates that the borrower has no credit exposure so far and he has not availed any loan from any bank. That is why the credit score is shown as zero! Thus a zero credit score does not mean that the credit history of that borrower is bad!! It indicates that the borrower has not so far availed any loan from any credit institution.M.J.SUBRAMANYAM, XCHANGING, BANGALORE


If you close open accounts will your credit score go up?

NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.


Why does paying off old charge offs lower your credit score?

The only way it can help is that it makes the balances zero. Having constant balances on your cards, especially high ones, hurts your score. Pay them to zero and your score will increase


What is a zero credit score?

A zero credit score is the sign of a financially responsible person, one who does not borrow money, one who saves and invests regularly, and pays with cash. In other words, no history of having and paying off debt. Not worshiping at the alter of the great FICO.


How can you raise your credit score quick?

The fastest way to raise your credit score is to pay off all of your outstanding credit card debts and any non-collateralized personal loans. After two (2) months, the status of zero balances across many products will raise your credit score. Now, if your credit score is low because of missed payments, judgments, writeoffs, etc., doing the above will raise your score, but not to a level where you will find it easy to obtain new credit instruments.


What are the requirements to obtaining 0 interest credit cards?

The requirements for obtaining 0 interest credit cards include having a great FICO credit score -- well into the 700s -- to qualify for a zero percent credit card. Also, you may not qualify if your credit score suddenly takes a small blow or downfall.


What does a 667 credit score mean?

I dont know what exactly 667 is but a credit score is rated on how good your credit/debit card use is, EG: your credit score is Good


Is the credit score of 583 a good score?

583-619 is bad credit score in credit score range


Is 577 a bad credit score?

577 is a fairly poor credit score. To have a credit score that is acceptable, you want your score to be between 620-680.


Who checks your credit score?

The three credit score companies.


Is 776 good credit score?

yes 776 is a pretty good credit score.


How does a 736 credit score rank?

If a person has a credit score of 720 or above, they are considered to have excellent credit. The average credit score in the United States is 720.


Does a zero dollar balance on a credit card help your credit score?

Usually, yes - at least temporarily. But if your credit card balance is always zero, it tends to pull the score down over time. Best use of credit is to have two cards, and use them discreetly - charge something and pay it in full at the next billing. Occasionally carry a balance for a few months, then pay it in full. I have followed this approach for 40 years - and my FICO score is 787 - considered to be very high.


Does it hurt your credit score when you have a credit report service that allows you to check your credit score as much as you want?

It only hurts your credit score when someone else pulls your credit report.


Do you need really good credit to qualify for a zero percent interest credit card?

Anyone can apply for a zero-percent interest credit card, regardless of his or her credit score. However, you generally do need to have good credit in order to be approved for the credit card. Some companies require you to have a score of 750 or higher. In addition, you usually need to have a reliable payment history. However, those qualifications apply primarily to zero-percent APR credit cards. There are also credit cards that offer a zero-percent interest rate only on balance transfers, not purchases. The qualification criteria for these cards are sometimes less stringent. For example, you may qualify for one of these cards if you have a credit score of at least 600. However, keep in mind that no matter what type of zero-percent interest credit card you are interested in obtaining, that introductory rate is applicable only for a limited period of time, so make sure to read all of the fine print before accepting any offers.


Is 696 a good credit score?

Yes, a 696 is a very good credit score. The higher the score a person has the better chance to get credit.