Scores and Their Meanings By Organizations

[John060675]

Not that it really matters, but I found this article that discusses what credit scores mean to different people.

http://www.creditscoring.com/pages/bar.htm

According to this, they say that FICO considers 723 to be the average score.  Seems high to me.  I think they are smoking the FICO pipe!

One more thing on the article.  It has the following:

The bottom line
Talk to a few people in lending and they'll tell you that a 723 FICO credit score is good enough. But, they're salesmen. They won't tell you that 723 is only the exact median (the middle score) of everybody who has a score. So, if that's only average, you might consider shooting a little higher. 13% of the scored U.S. population have an 800 FICO score or higher.

So 13% of the US population has over an 800?  Anyone really think this is true?

Message Edited by John060675 on 10-22-2007 12:48 AM

[Anonymous]

---

John060675 wrote:

Talk to a few people in lending and they'll tell you that a 723 FICO credit score is good enough. But, they're salesmen. They won't tell you that 723 is only the exact median (the middle score) of everybody who has a score. So, if that's only average, you might consider shooting a little higher. 13% of the scored U.S. population have an 800 FICO score or higher.

So 13% of the US population has over an 800?  Anyone really think this is true?

Message Edited by John060675 on 10-22-2007 12:48 AM

---

I think the "scored" US population is those people who bought their FICO scores or applied for credit.  So if you have never applied and never got your score, you do not have a FICO score and you are "unscored."  Remember, it's a snapshot in time, so there's no picture until you hit the shutter release.

But even among those who are scored, 13% seems high.