Average Credit Scores

Average Credit Scores

Learn how credit cards work, and how your credit score can save or cost you money each month.

summershot.net Financial Literacy - Credit Cards: 8th grade math

It's the highest rating on the 300-to-850 scale in more than a decade as mortgage lenders upped their standards. Getting a home loan has become more difficult even as credit cards, car loans and business financing have gotten easier to obtain ... Average credit score for home buying at record 737

What are average credit scores? This is a question which is often asked by consumers. Unfortunately, there are no easy answers. In its publication, "Understanding Your FICO Score," Fair Isaac, the creator of credit scoring and the provider of credit scores to the three main credit bureaus, states that the average score varying by lender and industry. The inventor of credit scores says that there is no such thing as average scores. However, the myth persists and people in the lending business and others continue to speak of average credit scores.

Credit scores, commonly referred to as FICO scores, range from 300 to 900 points. Creditors use the scores as a snapshot of an applicant's creditworthiness at any given moment in time. Generally, people with ratings below 620 will have a difficult time getting credit and if they are able to secure credit, they will receive the least favorable terms and conditions.

At the other end, people with credit scores at 700 or higher can expect to receive competitive terms and conditions and are in a position to negotiate terms and conditions which those with scores below 620 can only dream about.

In an article in the March 26, 2007 edition of Newsweek Magazine titled "Buying With Bad Credit," Jennifer Orodonez noted that "Americans whose credit score is between 500 and 599 (read: not so good) and who not long ago might have qualified" for some types of loans are in the present economic downturn almost certain not to be able to secure credit.

One Internet source states that credit scores between 620 and 650 are average credit scores and that lenders will most likely scrutinize those individuals but still extend credit to them, though not on the best terms and conditions.

Experian on its website states that the average credit score for Americans is 693. Thus, a good score seems to be between 620 and 693 and an excellent score is 700 or above. Suggest Average Credit Scores Topics

Question by isabel: Credit card co. "good" "fair" ratings. I have average FICO of 671? My fico are 671 Experian, 673 Transunion, Equafax 661. I think I'm falling between the fair/good credit rating. Trying to decide what credit card to apply for...don't want to ding my credit with too many hits. So what card is most likely to accept. Got a Bankruptcy and am self employed. Own home though. Best answer for Credit card co. "good" "fair" ratings. I have average FICO of 671?:

Answer by Crazy cat lady >^ ^<
I went through my credit union my percentage rate is very low you really need to do you own research on percentage rates and what works best for you.

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