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Credit Rating and Credit Scores
Average Credit Scores
800-850

750-799

700-749

650-699

600-649

550-599

500-549

300-499


    6.2      8.7      9.8     10     12.1     15.5     18.3     19.4
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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.
PERCENTAGE
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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

[Learn more about credit scores]

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)
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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%
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