![]() The average FICO score in 2010 was 687, while today’s average FICO score in the United States is 711. The Average FICO Score Increase in the Last Decadeīetween 20, the average FICO score has increased by approximately 24 points. Those who have a credit score of 800 to 850 are considered to have exceptional credit, and it appears that older individuals as well as those with incomes ranging from $101,000 to $150,000 have much higher credit scores within the perfect range. Percent of Americans Who Have a Credit Score of 800 or HigherĪnother report from The Ascent reveals that only 22 percent of Americans have a credit score of 800 or greater 7. Watch your credit with a credit reporting agency like Experian to report this. ![]() If you share a credit card or other types of credit with someone who has passed, this may account for the deceased status that’s preventing you from receiving a FICO score on your credit report. At least one account that has reported to credit bureaus within the past six months.At least one credit account (credit card, loan, etc.) that has been open for at least six months (the length of credit history will impact your score). ![]() In order to qualify for a FICO score, you must have: The Ascent (a publication operated by The Motley Fool) reports that data released in 2019 found 11 percent of Americans don’t qualify for a FICO credit score 5. Percent of Credit Files that Don’t Qualify for a FICO Score Your income doesn’t determine your score. If you fall into a lower income bracket, don’t worry. You can still have a low income and have good credit. Income is only one factor that plays a role in your score. That being said, income is not the most accurate measurement of scores. Those with higher income may also have higher credit limits in comparison to those with lower income. The correlation between lower average credit scores and lower-income may be associated with factors like higher-income individuals being able to pay back credit card debts (with lower interest rates) more easily as well as being able to maintain a lower credit utilization ratio. These average scores by generation include the following:Īccording to American Express, the average credit score by income are as follows 4: The above credit score statistics translated into generations rather than age groups provide us with the same average scores. ![]() What Is the Average Credit Score By Generation? Here is the following average score breakdown by age group: ![]() reveals an upwards trend in the average credit score, with each age group experiencing a minor credit score increase in comparison to average credit scores reported in 2019. The average credit score across various age groups in the U.S. What is the Average Credit Score by Age Group? There are other credit scoring models such as VantageScore, but the majority of lending decisions are made using FICO scores, so this review is focused only on FICO scores. The Average Credit Score by Cohort What Is the Average Credit Score?ĭata provided by Experian revealed that the average FICO credit score (scores maintained by the credit bureaus, Equifax, Experian, and TransUnion) for Americans was 716 in 2021 2.Īccording to Experian, this average FICO score may be a result of credit scoring factors such as fewer late payments or delinquencies on credit cards, shrinking debt (credit card debt, loan debt, etc.), and a decrease in credit utilization. Now’s the time to open a credit card or loan to build your history. Around 19 million adults lack a score altogether due to credit reports with minimal credit usage or out-of-date credit history. Of course, if you have a credit card, that doesn’t necessarily mean you will have a credit score. Number of Americans With No Credit HistoryĪccording to the Consumer Financial Protection Bureau (CFPB), approximately 26 million adults (one out of 10) are considered to be “credit invisible”, meaning they have no credit history as they’re without credit cards, loans, and other lines of credit. If you’re looking to learn more about credit scores, what a FICO score is (as well as bureaus like Equifax, Experian, and TransUnion), and how you measure up to other Americans, let’s dive into this exhaustive list of credit score statistics that you should know. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |