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Average Credit Score

Established Contributor

Average Credit Score

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?

Message 1 of 5
Valued Contributor

Re: Average Credit Score

Message 2 of 5
Established Contributor

Re: Average Credit Score

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.

Message 3 of 5
Valued Contributor

Re: Average Credit Score

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.


Message 4 of 5

Re: Average Credit Score

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 Smiley Happy.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)

Take the myFICO Fitness Challenge
Message 5 of 5