With the help of our credit score statistics you should be able to discern the difference between credit score levels, what’s considered good credit, what’s the highest and lowest credit score, the general credit score definition, etc.
To check or not to check; that is the question. People, in general, do not yet realize the importance of credit score and the overall effect it plays on their lives (from loan applications to job applications). Yet, like a criminal record, bad credit history is there to stay. According to numerous credit score statistics, having a low credit score entails having a (much) harder time getting approved for loans; not to mention that you’ll have to pay exorbitantly high interest rates as a result. In this article, we’ll provide an answer to the following questions: what is considered good credit, what is the FICO score range, what is the highest credit score possible, and more.
Read on to find out more about the different credit scores, how they work, what the averages are, and how to get them!
Top 10 Key Credit Score Statistics 2020
- The US has a mean FICO score of 703.
- 45% of college students don’t know their own credit scores.
- 728 is the credit score of the average person buying a home in the US.
- The percentage of those buying a home with a credit score of less than 620 is as low as 6.8%.
- When it comes to the average credit score by age, Millennials have a score of 634.
- 4 out of 10 adults stated that knowing a potential partner’s credit score could change their willingness to date them.
- People’s credit scores get better as they get older.
- 19% of Americans don’t have a credit score.
- 47% of employers look at a prospective employee’s credit score before deciding on whether to hire them.
- There are 12 US states where 40% of the population has credit scores that are considered subprime.
Bottom Line
A credit score can affect a person’s life in more ways than one. Unfortunately, not many people realize this (until it’s too late).
Don’t be that person and keep a close eye on your credit score!
With the help of our credit score statistics you should be able to discern the difference between credit score levels, what’s considered good credit, what’s the highest and lowest credit score, the general credit score definition, etc.
So, use this new insight well, stay on the safe side, and keep those debts at bay.
This excerpt is republished with permission from Capital Counselor. For the full article, click here.
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