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The average Florida credit score decreased in the first quarter as consumers saw their debt increase in most categories, according to a report by CreditKarma.com.
The San Francisco-based company, which tracks credit scores and debt nationwide, said the average Florida credit score in March was 654.
That’s down from 657 a year ago.
The national average credit score was 660, which is down from 665 a year ago.
http://www.bizjournals.com/orlando/news/2012/04/11/florida-credit-scores-down-debt.html
Another look and more stats:
According to the website The Truth About Credit Cards: “Credit scores from 620-679 are still considered ‘good’ or ‘ok’ by many creditors, though you may see further restrictions and fewer approvals when attempting to get a auto loan/lease, credit card, or a mortgage. Scores at this level are fairly common, and no reason for alarm. But it would be wise to evaluate your credit score and work to improve it. In this range, it is quite probable that you aren’t securing the lowest interest rates, and subsequently losing money as a result.”
However, even the highest-ranked state — New Jersey — is only 681.
Credit card issuers started issuing new cards again, and banks started lending again.
Why wouldn't they expect people's score to go down when slews of folks were opening up new tradelines? Seems like an obvious cause and effect to me.
Quoting from the article: "Yet, the average credit card debt in Florida fell considerably – to $5,916, from $6,919. This followed the national trend." Revolving utilization has trended to be much more important for one's credit score than installment debt amounts.
@pipeguy wrote:The average Florida credit score decreased in the first quarter as consumers saw their debt increase in most categories, according to a report by CreditKarma.com.
The San Francisco-based company, which tracks credit scores and debt nationwide, said the average Florida credit score in March was 654.
That’s down from 657 a year ago.
The national average credit score was 660, which is down from 665 a year ago.
http://www.bizjournals.com/orlando/news/2012/04/11/florida-credit-scores-down-debt.html
Another look and more stats:
According to the website The Truth About Credit Cards: “Credit scores from 620-679 are still considered ‘good’ or ‘ok’ by many creditors, though you may see further restrictions and fewer approvals when attempting to get a auto loan/lease, credit card, or a mortgage. Scores at this level are fairly common, and no reason for alarm. But it would be wise to evaluate your credit score and work to improve it. In this range, it is quite probable that you aren’t securing the lowest interest rates, and subsequently losing money as a result.”
However, even the highest-ranked state — New Jersey — is only 681.
The title should read "Florida FAKO credit scores down,...."
@pakman92 wrote:The title should read "Florida FAKO credit scores down,...."
Good catch, for all intents and purposes, Florida FICOs could actually be up lol
Follow my financial journey: http://www.frugalrican.com
@FrugalRican wrote:
@pakman92 wrote:The title should read "Florida FAKO credit scores down,...."
Good catch, for all intents and purposes, Florida FICOs could actually be up lol
I hope average score of such massive sample size correlates better.
@FrugalRican wrote:
@pakman92 wrote:The title should read "Florida FAKO credit scores down,...."
Good catch, for all intents and purposes, Florida FICOs could actually be up lol
Note that I just linked to the story I didn't write the headline - however since they are quoting Credit Karma as their score source, I suspect the scores are TU FICO scores not "fako" (I dislike that term considering there are multiple, multiple "so called real" FICO scores).
Walmart just reported the TU FICO for April, my CK and Walmart FICO score is the exact same this month (YMMV).
Credit Karma might have various factors they use to create their TU FICO score, but so do various FICO scores - I suspect the data is fairly good considering the large sample base. Of course the sample base is CK users, not the general public as a whole and I suspect those that track their scores tend to be somewhat "damaged in recovery" if we used a cross section of myFICO posters as an comparative example.
I know, pipeguy, it wasn't a crack on the thread, just the article
Follow my financial journey: http://www.frugalrican.com