Average FICO credit score hits all-time high

[RicHowe]

For the first time, the average national FICO score has reached 704.

https://www.cnbc.com/2018/09/24/average-fico-score-hits-an-all-time-high.html

[Brian_Earl_Spilner]

I'm finding this hard to believe with credit card defaults rising. Wasn't Synchrony reporting a 30-40% default rate with them a few months ago.

[rbentley]

From the article:

 "New standards for public records, which stripped all civil judgments and tax liens from credit reports, also played a role in driving the overall average higher.

On the other hand, credit card balances and delinquencies are steadily creeping up, as well. "As we've gotten further from the Great Recession, lenders are increasingly competing for new card volume, and part of that is loosening their underwriting criteria in order to be more competitive."

[Anonymous]

I wonder how much of an impact Credit Karma has had on the average credit score increase. Although their information is not always accurate, their advertising and and free access to your credit report probably raised public awareness of their credit score quite a bit. I know it got me started on my rebuild.

[marty56]

To shadow the political world it's all Dave Ramsey's fault.

[Revelate]

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@marty56 wrote:

To shadow the political world it's all Dave Ramsey's fault.

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Heck, if Dave Ramsey managed to increase my net worth by 100k while I was sitting on my ass burning cash while not working for 10 months, I'd start coming around to the no credit card thing too.

Maybe at least haha.

[Anonymous]

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@RicHowe wrote:

For the first time, the average national FICO score has reached 704.

https://www.cnbc.com/2018/09/24/average-fico-score-hits-an-all-time-high.html

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The current state of economic conditions must be a huge contributor to this number. Wondering what the average national FICO score was during the collapse of dot com?

[Revelate]

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@Anonymous wrote:

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@RicHowe wrote:

For the first time, the average national FICO score has reached 704.

https://www.cnbc.com/2018/09/24/average-fico-score-hits-an-all-time-high.html

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The current state of economic conditions must be a huge contributor to this number. Wondering what the average national FICO score was during the collapse of dot com?

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Did that have a meaningful impact on personal credit reports?  Most losses were market losses, some companies collapsed and some of us lost gigs and couldn't easily regain them (I did the stupid thing of quitting my job actually as it was coming apart, ah well live and learn) but admittedly I was still cash flush at the time.  It was a fairly small segment of the market for all that it was a high flying one.

I'm not certain that it had much impact, unlike the mortgage crisis where a bunch of people got negative marks on their tradelines because of consumer debt default.

[Thomas_Thumb]

Could higher scores relate to changes in regulations that resulted in removal of certain types of derogatory marks such as tax liens? Greater burden of proof placed on creditors increasing success rate for disputes? Credit easing having a positive affect on early removal of late delinquencies?