The average credit score has fallen for the first time since 2013, according to FICO, the data analytics firm whose credit scoring models are used in 90% of lending decisions. ; In October 2023, the most recent period for which data is available, the average FICO score was 717. That’s a one-point decline from April of that year when it reached a record high of 718. ; Introduced in 1989, FICO scores range from 300 to 850. Despite the downtick, a 717 is still considered a “good” credit score (670 to 739). ; High interest rates and “persistent inflation” were cited as factors contributing to more missed payments and increased debt levels. On-time payments represent 35% of an individual’s overall FICO score calculation and, as of October 2023, a little more than 18% of Americans were at least 30 days behind on one or more credit cards — a 4% increase from April 2023. Credit card debt hit $1.13 trillion in the fourth quarter of 2023, according to the Federal Reserve Bank of New York, an increase of $50 billion from the previous quarter. A strong job market, slowing inflation and the removal of medical debt from information sent to the three main credit-reporting bureaus helped scores from sliding further, FICO said.
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A good FICO credit score is 670 or above, and a good VantageScore is 661 or higher. ; A good credit score can get you favorable interest rates on mortgages, auto loans, or credit cards. ; The biggest credit scoring factors are payment history, length of history, and utilization ratio.
FICO® Scores and a 3-bureau credit report. More Info Equifax... You can see your credit score on select credit card or loan... a credit score service — though not all options are free....
Lenders use credit scores to evaluate your creditworthiness... Note Prospective employers may also check it to see whether... Set yourself a reminder to check them all every six months or...
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Factors That Determine Credit Scores ; Individuals with the highest credit scores tend to keep their utilization rates below about 10%, and utilization rates of roughly 30% or greater will more negatively impact credit scores. Paying down higher balances can bring relatively quick score improvement, so in this example, focusing on reducing the balance on card 2 could lead to a relatively quick increase in credit scores. Amounts owed are responsible for about 30% of your FICO® Score. It makes i...
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