02-02-2014 07:33 AM
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?
02-02-2014 08:47 AM
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.
02-02-2014 08:56 AM
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.
02-02-2014 08:33 PM - edited 02-02-2014 08:34 PM
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 .