U.S. citizens can't deny credit and they sure can't ignore it. Having good credit is highly important in our society.
Having a good credit history could mean the difference between getting a no interest auto loan, to having a high interest auto loan or not being able to finance a car at all. It could mean the difference between being able to buy a home at low interest rates or not being able to buy a home at all, renting a nice apartment or renting a dump, getting a business loan or having to continue to work for someone else.
Here are some credit score statistics:
More than 50 million adults had no credit score at all in 2015 [Source: Consumer Finance]
Roughly 26 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency [Source: Consumer Finance]
19 million Americans have credit history that has gone stale or is insufficient to produce a score under the most common scoring models [Source: Consumer Finance]
76% of adults ages 18 to 24 say they never check their credit scores [Source: Financial Maintenance]47% of employers check an applicant’s credit score and history during the interview process [Source: Demos]
54% of Americans say they never check their credit scores [Source: Financial Maintenance]
Credit scores weren’t invented until 1950 when Bill Fair and Earl Isaac founded FICO [Source: The Street]
Your credit score may predict how long you’ll be married – the Federal Reserve conducted a study that concluded that the closer the match of two partners’ credit scores at the beginning of the relationship, the more likely they are to stay together [Source: Federal Reserve]
It’s possible to get a mortgage with a credit score of zero through a process called manual underwriting [Source: The Balance]
Education level, savings account balance, stock portfolio, employment status, and salary are all not factored into your credit score [Source: MyFICO]
More than half a million Credit Karma members achieved an average first score of 639 after not having an initial TransUnion score when they checked their credit scores for the first time [Source: Credit Karma]
If you check your credit for the first time and don’t see an initial score, it may take an average of five months before you see a score [Source: Nerd Wallet]
Closed credit card accounts can continue to appear on your credit report, affecting your scores for up to ten years [Source: Points Guy]
Here are some FICO statistics:
The average FICO score hit 700 for the first time in April of 2017 [Source: FICO]
Less than 1% of the U.S. population has a perfect FICO score of 850 [Source: CreditDonkey]
A credit score of anything above 810 is considered “perfect,” because improving your score further is unlikely to be significantly beneficial [Source: WalletHub]
12% of the U.S. population has a FICO score below 550 [Source: CreditDonkey]
There’s a 3.5% year-over-year decrease in the recent serious delinquency rate between 2016 and 2017 [Source: FICO]
If you have less than perfect credit and you want to be one of the individuals that have a credit score of 700 or higher, then let us help you. Watch our 18 minute video on our home page to learn about credit repair and if can help you. We are here to answer any questions you may have and we will be with you every step of the way on your journey to having perfect credit.
Owner of IvyFES