Credit Score Fast Facts:
- The average American has 13 credit obligations (mostly credit cards and loans).
- Forty percent of credit card holders carry a balance less than $1,000.
Source: www.myfico.com
What is a FICO score?
A FICO score is a credit bureau risk score produced from models developed by Fair Isaac Corp. to be used by lenders to assess the credit risk of prospective borrowers. The scores are derived solely from information available on credit bureau reports.
Where are you in these facts?
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Mid-Week Quickie
According to the associated press…
“More than one in four Americans now has a FICO credit score below 600, which is considered low, and could have difficulty getting credit cards, car loans and mortgages.
Statistics released from FICO Inc. show that 25.5 percent of the 170 million Americans with active credit accounts have scores of 599 or below on the 300 to 850 scale, based on data from April consumer credit reports. The median score is 723.
The data also showed that 2.4 million more people have fallen into the lowest FICO categories in the past two years. Historically the rate of people with scores of 599 or lower has been around 15 percent.”
Folks reading this should be alarmed. It is very important that we all take ownership of our credit and debt lives. Most likely we are one of the consumers whose credit score has fallen into the low range.
If you are serious about making changes it is suggested you start doing something about it by reading all present and past blog posts of mine as well as visit my website CreditMania.com.
Stay tuned to a series of posts related to credit scores and credit scoring.
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