View Here : What Is A Good Average Credit Score
When you start analyzing the average credit score in relation to an individual’s income, you can see that the higher the income level, the higher their average score may be. Likewise, a lower income level may be indicative of a lower average credit score.
For a score between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above is considered to be excellent. Find out more about good credit scores.
A score of 700 is considered good credit, meaning that Americans are taking better care of their credit records. This also means that the average American is receiving favorable rates for their financed purchases, indicating that the financial health of the country is looking well.
The average FICO score in America is 695 and the average Vantage score stands at 673. Currently, Fair Isaac Corp's FICO score and Vantage are two of the most widely used scoring models in the country.
However a low credit score can flag you as a credit risk and may make it difficult to get credit. If you are offered credit with a bad credit score, you will most likely pay more in fees and charges because you may qualify only for a higher interest rate. Range of Credit Scores. Credit scores can range from 300 to 850 points depending on the score system. The higher the number the better your credit score. Each lender determines what it considers a good or bad credit score.
Georgia, along with several other southern states, ranks lowest in the nation for credit with an average score of just 636. In fact, based on the ranges above, that is considered poor credit. States with lower credit scores also tend to have higher debt balances and delinquency rates.