Reply
Established Contributor
Posts: 560
Registered: ‎08-17-2013
0

Average Credit Score

A 700 credit score is only 40th percentile? I find this hard to believe. That means more or less that the average American has no collections, no major lates, very low credit card balances, and a significant credit history, and thus has excellent credit.

 

Is this really true?

Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Average Credit Score

Established Contributor
Posts: 560
Registered: ‎08-17-2013
0

Re: Average Credit Score

MyFico is telling me my 708 is 44th precentile.

 

Considering how hard it was to get this, and how the score simulator says there is little I can do to improve it significantly at this point besides wait for many long years, nevermind the state of the econmy over the last 5 years, I really find this hard to believe.

Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Average Credit Score

1.  Lots of older folks with very high scores, and not doing much with new credit.

 

2.  If a person avoids overt negatives, then high scores are relatively easy to achieve, because the other big factor beyond payment history is utilization, and it has no memory.

 

Highlighted
Moderator Emeritus
Posts: 12,528
Registered: ‎12-30-2011
0

Re: Average Credit Score

[ Edited ]

They're looking at FICO '08 scores on this: anecdotally it appears to have been designed to be more forgiving on older issues, and more harsh on more recent ones.

 

From my own personal experience, it means anyone with a bunch of negatives from 3+ years ago, and pure positive history for 2 years, can be right around around 710-720 with proper credit report management at least on the EX and TU '08 scores I actually look at.

 

FICO '04 / EQ Beacon 5.0, not so much Smiley Happy.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.