Don't listen to the haters. I applaud the fact that you want to "zig" when others "zag." Clearly, while most people have a "buy low and sell high" mentality you're more of a "buy high and sell low." I get it! And, I'm subscribed!
I, for one, think it would be great if you created a Progress thread so that we can all follow your journey. Clearly, the "Rebuilding" thread is the wrong place for it and there is no "Destroying" thread (Yet! amirite?) so, perhaps just keep it here in Smorgasboard. A Progress thread is also good for those times when you need a little extra support. For example, if your scores were to to rise and you get discouraged, others could chime in with advice and/or motivation.
Good Luck and godspeed!
@Anonymous wrote:What is the lowest score possible. I'm trying to achieve this. And how do i get the lowest score possible. Thank you.
@Anonymous wrote:What is the lowest score possible. I'm trying to achieve this. And how do i get the lowest score possible. Thank you.
Just so you know, there's a good chance that by the time you actually "achieve" the lowest possible score, you will probably have several judgments against you, and your paychecks (if you have any) will be getting heavily garnished. In some states, it could seriously damage your ability to get car insurance or even a job, although I doubt anybody with a 300 credit score cares about either of those things anyways.
Twice in my life, I've completely stopped paying all of my creditors, for several years straight. I was still never anywhere near 300. I was still in the 400's, even with all of my many creditors reporting chargeoffs and collections and not a single on-time payment made for several years.
I'm honestly not even sure if it's possible to have a 300. I think even if you had a foreclosure, a car repo, 4 judgments and 12 chargeoffs, and then a bankruptcy, and then 3 years later bought another house and immediately got another foreclosure, another car repo and another whole pile of new judgements, you probably still wouldn't have a 300 - you'd probably have at least a few points for the variety of credit types and the age of the accounts.
I'm sure it's happened to someone before, but I'd be pretty shocked to see a real FICO score under 400.
I think this is how it could be done:
Starting from a clean and completely empty credit profile, get Comcast cable service and a Discover card (and only those 2 things. Do not get anything else.) Immediately max it the Discover card, and never make a single payment on either it or Comcast. After 6 months (and right about the time your credit file has enough age to generate a FICO score), your only reporting account, Discover, will have 6 late payements with 0 on-time payments, it will be 120+ days late, and over 100% utilization. Discover tends to sue account owners after 6 months of nonpayment, so within about 2 months you should have a judgment against you. Right around this time, Comcast should also add a collection to your credit reports. I'd also go ahead and apply for as much new credit as you can - try to get over 100 inquiries if possible. At that point, if you're lucky, you should be about as close to 300 as you can get.
Total Loan Balance: $43k / $65k
Total SL: $78k