Showing results for 
Search instead for 
Did you mean: 

Fewer people have terrible credit scores

Valued Contributor

Fewer people have terrible credit scores

"As more people cut back on taking on new debt and others ditch credit altogether, fewer are ending up with rock-bottom credit scores.

Compared to last year, about 1.4 million fewer people are now in the lowest FICO scoring range,according to new data from FICO (FICO), the most widely-used credit scoring metric. This year, just 14.2% of consumers fall into the 300 to 549 score range."


Message 1 of 5
Valued Contributor

Re: Fewer people have terrible credit scores

Thats great!


Although I have had very bad credit before with multiple collections and charge-offs, and my score never hit 549.  At lowest, I was probably in the 580s.  I think it takes serious negligence to get that low.   Maybe a drug addict who would just quickly use all the credit with no intention of ever paying it back could get there.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 2 of 5

Re: Fewer people have terrible credit scores

Negatives without any positive tradelines will get you that low.


That said, you mentioned a absolute drop in numbers down to a percentage; could you post from your source either the old percentage, or the absolute number from this year or last year?


1.4 M americans doesn't seem like a large percentage if we assume roughly 150M have a FICO score of some sort so maybe 15%?   Not sure on that 150M number, just making a swag.



Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 697, TU 4 741, EX 2 735, EQ 8 744, TU 8 722, EX 8 741 (8/1/18)
Goal Score:    EQ 5 700, TU 4 700, EX 2 700, EQ 8 740, TU 8 720, EX 8 740 (01/01/19)

Take the myFICO Fitness Challenge
Message 3 of 5
Established Contributor

Re: Fewer people have terrible credit scores

You'll notice that in the article it states that many consumers are no longer tracked by FICO, since they've completely fallen off the credit map by only using cash, debit cards, and payday lenders.  I think that plays the biggest role in the reduction of people with the worst credit scores.

Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Message 4 of 5
Moderator Emeritus

Re: Fewer people have terrible credit scores

My FAKO was 394 the first time I looked it up........ in 2006... Trust me; that score can go very very very low.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

Take the myFICO Fitness Challenge
Message 5 of 5