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FICO, the model used by the majority of lenders, generates creditscores using the FICO® Score 8 version with a range beginning at 300 up to an 850 maximum score. However, certain industry-specific FICO creditscore versions use a 250 to 900 range. Given that, 300 is often the lowest creditscore.
Bankruptcy will likely exacerbate any credit issues, causing an initial drop of about 100 to 200 points in your creditscore. Getting on top of your financial woes and rebuilding credit as soon as possible is vital to financial recovery. Hence, in the process of rebuilding your credit, you cannot afford a late payment.
A derogatory mark on a credit report refers to a negative item such as a late payment, a loan default, a repossession, or a foreclosure. Unfortunately, derogatory marks cause your creditscores to drop and alert future creditors that you present a higher credit risk. Do business collections affect your creditscore?
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