What is the Average Credit Score? If youre wondering what is the average credit score, what youre probably really wondering is, How does my credit score compare to others? And maybe youre even thinking, Is it good enough to get approved for a loan or credit account? While the average credit score sounds like a simple enough figure to pin down, its a little more complicated than you may realize. Whats My Score? First things first. If you want to know how strong your credit is, youll need to know your credit score. Which Score? Another thing youll need to know when comparing your number to others is which credit score model is being used to calculate the score, and what credit score range is being used. There are many different credit score models, including versions of VantageScore, FICO scores and even educational credit scores. Some of these have different credit score ranges, so while VantageScore 3.0 and FICO scores run from 300 - 850, there are others that run from 501-990 or 360 - 840, for example. Whats A Good Score? Again, different models have different ranges, and lenders make their own decisions about what they consider acceptable. But heres an example using the ranges from a credit card comparison tool: Excellent (750+) Good (700 - 749) Fair (650 - 699) Poor (600 - 649) Bad (below 599) Again, whats considered a good or fair credit score will depend on how the lender views it, but you can get an idea of how lenders are likely to view your applications by checking your score and seeing how it compares to others. Average Credit Score Still hoping to find some numbers? As of the 2nd quarter of 2013, the average VantageScore for consumers with an existing auto loan and lease was 761; for those with a bankcard it was 796 and for those with a mortgage it was 819. This is using the classic version of the VantageScore which runs on a scale from 501-990.
Posted on: Thu, 23 Jan 2014 17:32:04 +0000
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