Credit scores range from a low of 300 to a max of 850 and most people lie somewhere in between. However, there are a few people, approximately 30,000, who have the lowest credit score possible. In most cases, having a credit score of 300 is the opposite of desirable and makes it nearly impossible to secure any credit. So what had to happen in order to get them there and how can you avoid the same mistakes?
Disclaimer: Do not follow the advice below, unless you want to hurt your credit score.
Don't pay any bills
Making payments on time makes up a large portion of your credit score, 35% to be exact. This is the largest factor that affects your score, so never paying for anything will make your score fall faster than the price of Bitcoin. In fact, being 30-days late on a payment can lower your score by as much as 110 points. Imagine if you were 30-days or more late on multiple payments.
Max out any credit cards you have
The second biggest credit factor is the amount of credit you use. If you have a few credit cards, max them out. In fact, try to spend more than the limit. Once you've done that, make sure you don't make any payments on them. If you start paying them off, you'll lower your utilization and also have an on-time payment that will help boost your score. Talk about a double whammy.
Apply for multiple credit lines
You can also lower your score by having multiple inquiries on your record. The more accounts you apply for, the lower your score will be. An added bonus here is if the creditor approves you for anything, you can just not pay it to lower your score even further.
Only use one type of credit
Credit companies like to see people utilizing different types of credits, like mortgages, credit cards, and auto loans. So don't do that. Stick to one type of credit, like credit cards, max it out, and don't pay it off to really put your score in the gutter.
Give up to get the lowest possible credit score
After all this work, you could just declare bankruptcy and give up on your debt altogether. The best part, bankruptcy will stay on your credit report for upwards of seven years. This gives you a lot of time to utilize the other tips to lower your score as much as possible. If you follow these tips, your score will be lower than you ever thought possible.
We're not saying to follow any of these tips, in fact we're saying the exact opposite. However, we thought you might want to know just how you can get the lowest possible credit score. If you want to join the <1% club, these tips will get you there, even though they are not recommended.
