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  1. #1
    Registered User Pro Member
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    553

    Average Credit Score is Moving Up

    Some good news for the U.S. economy is that our average consumer credit scores have been going incrementally up. This means consumers are managing their debt more responsibly than they were prior to the Great Recession (Housing Crisis with Insolvent Financial Institutions).

    It can be evidenced based on facts from FICO showing the following:

    More consumers have got a 800 FICO score or higher; 19.9 percent in April 2015 vs. 16.9 percent in October 2005.
    A lower number of consumers have a 550 FICO score or lower; 12.5 percent of consumers in April 2015 vs. 14.6 percent in October 2005
    The average FICO score in the country is at a record high of 695, as opposed to 688 in October 2005.


  2. Average Credit Score is Moving Up
  3. #2
    Registered User Pro Member
    Posts
    554
    Are there other factors behind this such as allowing people who were formerly off the grid to get credit scores based on utility bills? We know the job situation and wages are still not even close to as good as 2005.

  4. #3
    Registered User Senior Member
    Posts
    240
    It is probably because of more baby boomers getting up there. It is not due to Milennials as their credit is not a top priority given the reports on them. They believe their job and enjoyment of life by spending as much as you can on everyday things you normally consume to get a rebate is worth more than constantly monitoring your credit score.

    If we are inching upwards then why are a few big banks lowering the minimum credit score for borrowers?

  5. #4
    Registered User Semi Pro Member
    Posts
    336
    Yay! I am among those who have moved up their score since 2005. I am around 710 right now.

  6. #5
    Registered User Semi Pro Member
    Posts
    301
    Mine has moved up and I feel better about that but not so much has changed financially.

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