In April 2005, 20.4% of consumers held a 750-799 credit score range. The higher echelons of the scale - 750-799 and 800-850 - have increased just slightly over the years, according to. This number has steadily climbed since October 2005, when the average score was 688. The average credit score in the United States is 706, according to - which puts it in the “Good” credit range. Scores are broken down into a few categories, from poor to excellent: Your FICO scores incorporate all your positive and negative borrowing/lending activity, and breaks it down according to a few factors:Īll of this activity is reported to the three credit bureaus - Experian, TransUnion and Equifax - which is then listed on your credit report and, in turn, comprises the bulk of your credit score. But how are these scores determined, and what exactly makes a good (or even great) credit score range? financial institutions use FICO credit scores. The most common used credit score is the FICO (Fair Isaac Corporation) Score, which has a range of 300 to 850.Īccording to FICO, 90 of the top 100 U.S.
how likely you are to pay money back that you’ve borrowed. Your credit score is the numerical measure of your consumer credit health, the number that lenders look at when determining how creditworthy you are, i.e.
The state of your credit is one of the most important factors when it comes to qualifying for and securing a low interest rate on an auto loan, a rewards credit card, or a mortgage, for example. Having good credit is the essential foundation to a healthy financial life.
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