11/21/2023 0 Comments Credit score ranges by age![]() Even though 2018 had its highs and lows, the trend held steady. The number of Americans with good credit score statistics has grown consistently. Approximately 29% of Americans had a FICO score that fell in the "good" credit score range in 2018, while approximately 58% had a FICO score of 704 or greater. Higher average credit scores and higher debts offered a multitude of reasons for optimism and caution as 2018 began. Perhaps these were the most important factors that pushed the population to pursue more favorable numbers on the average credit score scale.Īccording to Experian's annual State of Credit survey, 2017 was a year full of contradictions for FICO score statistics. Those with substandard scores struggled in almost all aspects of life. In the years following the Great Recession, bad credit score statistics became the new norm. However, consumers have steadily regained what is now known as American credit health and have been consistently climbing for the past decade. In October 2009, the average FICO score hit a low of 686, shortly after the Great Recession. In 2009, the average credit score in the USA bottomed out at 686. Let’s dig a little deeper by examining the credit score statistics distribution in recent years: Average FICO Score 2012-2019 It’s clear that credit scores are generally rising. This is a positive change after a decade or so of turbulent times. As a result, fewer people are falling behind on their payments and more are reaching the 800 credit score that was once out of nearly everyone’s reach. Financial experts attribute this change in credit scores to a lower delinquency rate and the fact that fewer Americans are taking out loans they can’t afford. This data represents a record-high percentage of people who rate over 800. Ready for some fascinating, timely, super-important credit score statistics? In April 2017, 20.7% of Americans had a FICO score of 800 or above. The FICO score chart ranges from 300 to 850, with 850 representing the highest score possible. However, there are lenders and lending platforms specialized for the individuals with low credit score. You’ll pay a higher interest rate as extra insurance to the lender. If you have a lower credit score, lenders consider you less likely to repay any loans you take out. They then decide whether or not they will approve your application and, if so, what interest rate they will charge. Lenders and creditors use this information to determine whether your credit score rating means that you’re reliable enough to repay borrowed funds. Both companies provide a credible credit score statistics report for every eligible individual. There’s also VantageScore, a partnership of America’s three major credit bureaus: Equifax, Experian, and TransUnion. FICO uses the information in your credit report to create a numerical representation of your creditworthiness. The first thing you should know is that American credit score statistics are, more often than not, compiled by a company called FICO. Those three digits play a huge role in determining your eligibility for loans and the interest rates you pay. Like your Social Security number (SSN), your FICO score is one of those numbers you just need to know. Americans owe more than $1.5 trillion in student debt.Only 12% of the US population has a FICO score lower than 550. ![]()
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