Reply
New Visitor
zbret
Posts: 3
Registered: ‎06-28-2010
0

Statistics - A score of 684 is better than 36% of U.S. consumers

Back in 2005 or so, I could believe the statement "A score of 684 is better than 36% of U.S. consumers" but somehow I get the feeling that the data for this comparison has not been updated.  (For those unfamiliar, it shows up when you look at your "Score Watch" graph).

 

I realize 684 is not stellar, but I find it hard to believe its in the bottom third, particularly given the number of bankruptsies, lates, etc there are today, plus credit contraction such as lenders reducing credit limits (which reduces available credit and pushes your scores down pretty hard - its what happened to me).

 

Can someone from myFICO comment on the dates for this statistics generator, and if I'm right and its old, consider updating it?

 

To anyone reading this, do you think this statistics data seems wrong to you (at least for 2011 data)?

Valued Contributor
AndySoCal
Posts: 1,941
Registered: ‎04-07-2009
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

No the data is updated annually and is needed by bureau related to the FACT Act legislation .

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

 

I found this graphic today, compares FICO to FICO8.   Based on this, it appears that the 36% number is somewhat accurate.

 

http://bankinganalyticsblog.fico.com/2010/07/how-do-fico-8-scores-change-the-score-distribution-1.ht...

 

FICO 8 graphic

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
Juan123
Posts: 496
Registered: ‎04-16-2011
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

[ Edited ]

can't wait to be in that 23.1%  with a 750-799 score... but that chart is a little discouraging


Starting Score: 575 (As Of Early 2011)
Current Score: TU: 767 EQ: 732 EX; 742 (As Of Feb 2012)
Goal Score: 750


Take the FICO Fitness Challenge

Long way to go ^_^
New Visitor
zbret
Posts: 3
Registered: ‎06-28-2010
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

Thanks very much!  I'll have to bookmark that link.  

New Visitor
zbret
Posts: 3
Registered: ‎06-28-2010
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

Curiously, I did the math.  684 is close enough to the range up to 699, so I just added the numbers (for FICO not FICO-8 but it doens't matter much)

 

4.4+8.7+10.4+10.6+12.8 = 46.9 (%)

 

I figure its probably more like 45% not 36%, better - but its still lower than I expected.  Its interesting to see how many people are in the 750-799 range.  While I bet the "tail" of low credit scores has grown over the last few years, the majority are still in the 750-799 range.  Interesting.  I'm willing to bet these are people that barely use credit at all.

 

 

 

 

New Contributor
BGinVA
Posts: 131
Registered: ‎10-03-2011
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

I think the wording is wrong, even if the math is right.  It says "A score of 684 is better than 36% of consumers", however, I think it should read "A score of 684 is better than 36% of consumers who HAVE FICO scores".  Not everyone who is a consumer has a FICO score, as their chart clearly indicates, a FICO score starts at 300, but everyone does not automatically start at 300, as I understand they have to have at least one account that has been reporting for at least 6 months, so that could theoretically knock out a couple million consumers.  Some people choose to live debt free and do not incur debt to have a FICO score, some people just live a life that has not allowed them to ever open that one account, yet they are still consumers of goods.  So I personally say, that statement is flawed. 


Starting Score: EQ 630 TU 632
Current Score: 660 EQ 663 TU
Goal Score: 660 to purchase new vehicle


Take the FICO Fitness Challenge
Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

[ Edited ]

Juan123 wrote:

can't wait to be in that 23.1%  with a 750-799 score... but that chart is a little discouraging



Same here, on both counts.

 

It's shocking to me that the greatest distribution is in the 750-799 range.  I used to think the "excellent" FICO range was rare, but according to that graph 39.7% of the population fall in that category. 

 

Also, doesn't everyone's score change every month (AAoA, new inquiries, util, derog removals, etc)?  I'd like to know how and when these scores are recorded.  I'd be willing to bet that the average score is way down in January/February because of all the high utils from holiday shopping.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers


BGinVA wrote:

I think the wording is wrong, even if the math is right.  It says "A score of 684 is better than 36% of consumers", however, I think it should read "A score of 684 is better than 36% of consumers who HAVE FICO scores".  Not everyone who is a consumer has a FICO score, as their chart clearly indicates, a FICO score starts at 300, but everyone does not automatically start at 300, as I understand they have to have at least one account that has been reporting for at least 6 months, so that could theoretically knock out a couple million consumers.  Some people choose to live debt free and do not incur debt to have a FICO score, some people just live a life that has not allowed them to ever open that one account, yet they are still consumers of goods.  So I personally say, that statement is flawed. 



I disagree.  Someone with a 684 has a better score than someone with no score. 

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Mega Contributor
RobertEG
Posts: 17,828
Registered: ‎03-19-2007
0

Re: Statistics - A score of 684 is better than 36% of U.S. consumers

I believe that Fair Isaac uses the mean score rather than the average score when making such comparisons.

Mean score comparisons takes the score in the exact middle of the number of consumers, regardless of the scores of those above and below.  It is a statistical game.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}