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The average FICO Score 8 in the US was 710 in 2020 [20] and 716 in April 2021. [21] The FICO bankcard score, FICO auto score, FICO personal finance score, and FICO installment loan score are between 250 and 900. The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [22] [23] Higher scores indicate lower credit risk. [24]
FICO scores are based on credit reports and "base" FICO scores range from 300 to 850, [3] while industry-specific scores range from 250 to 900. [11] Lenders use the scores to gauge a potential borrower's creditworthiness. [12] Fannie Mae and Freddie Mac first began using FICO scores to help determine which American consumers qualified for ...
In Australia, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's ...
Since 2013, the average credit score has risen nearly 25 points. Despite the slight increase over the past 12 months, average FICO Scores have meandered throughout 2023, with average scores ...
A credit score is one factor used in a lender’s assessment of your creditworthiness when you apply for a lending product, such as a loan, line of credit, or credit card.
The three credit reporting bureaus created it as an alternative to the FICO score. Like FICO, VantageScore assigns consumers a credit score between 300 and 850 based on the information in their ...
Image source: Getty Images. Wondering how your credit score measures up to the national average? The average American FICO® Score is 717. A perfect credit score is 850, which is not easy to achieve.
2012 study examined the credit scores for about 200,000 consumers finding the median FICO score in majority minority zip codes was in the 34th percentile, while it was in the 52nd percentile for low minority zip codes. [43]