Finimpact

Frequently Asked Questions(FAQ)

Can you restart your credit score?

As your credit score is tied to your identity, including your social security number, it is not possible to restart your score. And, your credit score is designed to ebb and flow depending on what is reported to the credit bureaus each month. If you have a low credit score, the best thing you can do is make your payments on time, reassess your budget, and curb your spending. 

Is it true that after 7 years, your credit is clear?

While a bankruptcy may only stay on your credit report for seven to ten years, it is a misnomer to believe that your credit score will be clear after seven years. Every month, your payment history and credit behavior is reported to the credit bureaus. As a result, your credit score can rise or lower by a few points every 30 to 45 dates based on when the information is submitted. 

Can you go below a 300 credit score?

Both the FICO scoring system and the Vantage Score have ranges that start at 300, so it is not possible to have a credit score below 300. However, it is possible not to have a credit score at all. If you have never applied for or used credit to make a purchase, or your creditor has not yet reported your financial activity to the credit bureau, you might not yet have a score. It typically takes six months to develop a score after you have started using a credit product. 

About the Authors

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

More about me

More About Credit Scores

Show More

Show More

Show More

Show More