What is the Average Credit Score?
March 1, 2010 at 10:35 pm | Uncategorized | No comment
Credit Scores
Credit scores range from approximately 300 – 850, depending on which credit bureau you are using and their individual scoring system. In any case the higher the number the better the score.
National Average – 680
A few years ago, a credit score of 620 or higher was good enough to apply for a home loan or refinance an existing mortgage with historically low rates. That requirement increased to 680 in early 2008. Last April it jumped to 720 and 740 in August of 2009, according to Bankrate.com. Fair Isaac Corporation, creators of the FICO score, a measure of credit risk, which are the most used credit scores in the world estimates that over 80,000,000 Americans have a credit score of 650 or less.
