Federal Laws Regarding Credit:
Credit Rating and Credit Scores
6.2 8.7 9.8 10 12.1 15.5 18.3 19.4
FICO Credit Scores range from a low of 300 to a high of 850. Anything above 700 is considered to be good. As the above chart indicates, 53.2% of Americans have a credit score of 700 or above.
CONSUMER CREDIT STATISTICS --
HOW DOES YOUR CREDIT COMPARE TO OTHERS?
The consumer spending information below was compiled as a result of research conducted by a major consumer credit organization.
How does your credit compare to others?
- About 30 million Americans have extremely poor credit scores (under 620) that prevent them from obtaining credit cards and mortgages at an affordable interest rate
- 11% of Americans have a credit score above 800
- 29% have scores between 750 and 799
- 40% of Americans have a good to excellent credit rating
How well do you pay your debts compared to others?
- Those aged 30 to 39 have the highest number of late payments in any given year.
- About 38% of consumers have been reported to the credit bureaus as 30 or more days late on a payment; 20% have been more than 60 days late with a payment
- 85% of consumers have never been more than 90 days late with a payment
How much debt do you have compared to others?
- The average American spends 26% of their income on monthly debt (excluding mortgage/rent)
- Those aged 50 to 59 have the highest amount of debt, around $21,000, not including mortgages
- About 30 percent of consumers owe more than $30,000 in debt
- 54% have less than $5,000 in debt (excluding mortgage loans)
How do you use credit cards compared to others?
- The average consumer has 7 open credit card accounts
- About half of all consumers carry a balance of $1000 or less on their credit cards.
- About 10 percent of consumers habitually carry balances of more than $10,000 on their credit cards
- The total credit limit on all credit cards held by the average consumer is $12,000
- About half of all consumers use less than 30% of their credit card limits
- Those aged 70 or older use credit cards the least, around 13%