More than 100 million Americans have a low or no credit score. These Americans are either locked out of the traditional finance system or pay higher fees and interest rates for access to credit. Additionally, they often pay more for insurance and other services.

But your credit score won't start at zero, because there's no such thing as a zero credit score. The lowest score you can have is a 300, but if you make responsible financial decisions from the beginning, your starting credit score is more likely to be between 500 and 700.

720 or above Key Takeaways. It is possible to get a $100,000 personal loan, but it's difficult. Lenders don't typically offer loans as large as $100,000, with most banks and credit unions offering a maximum of $50,000. To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income.

Here's how the FICO credit scoring system ranks credit scores:

• Poor: 300-579.
• Fair: 580-669.
• Good: 670-739.
• Very Good: 740-799.
• Exceptional: 800-850.

What is the lowest credit score possible? Generally, credit scores range from 300 to 850, making 300 the lowest possible credit score.

30% Aim to use no more than 30% your total available credit. You can calculate your credit utilization ratio on a per-card or overall basis. We have a calculator below that can help. Credit utilization is one of the most important factors used to calculate your credit score.

What credit score do I need for a $5,000 loan? If you have a 580 or higher credit score you may qualify for a $5,000 personal loan. If you have bad credit or a credit score below 580 you may need to apply with a co-signer to qualify for a loan.

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 500 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.

A 550 credit score is considered poor and can significantly limit your access to credit and financial opportunities. However, by taking proactive steps to improve your credit score, you can increase your chances of securing better interest rates, loan terms, and credit limits.

A 900 credit score may be the highest on some scoring models, but this number isn't always possible. Only 1% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all.

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 500 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.

You should use less than 30% of a $2,000 credit card limit each month in order to avoid damage to your credit score. Having a balance of $600 or less when your monthly statement closes will show that you are responsible about keeping your credit utilization low.