American Map - credit facts in America

There are lots of facts (some fun… some not so fun) when it comes to credit and credit scores. They’re good to know – not only to show off your knowledge of credit to others, but they also let you see where your credit stands compared to others.   

  1. Congratulations Minnesota! At 728, Minnesota has the highest average FICO® Score 8 of all the U.S. states. Some research attributes this high score to a robust Twin Cities economy, low unemployment and a relatively low cost of living – along with a relatively conservative attitude toward managing debt.
  2. New credit anyone? About 40% of U.S. consumers have applied for new credit at least once in the past year. Are you part of that group? A new car, maybe? A new credit card? Just a reminder: New Credit accounts for 10% of your credit score.
  3. Revolving Credit Utilization.  Also known as your “debt-to-limit ratio” or “credit utilization” measures the amount of your revolving credit limits that you are currently using. The average revolving utilization for those consumers with a FICO Score 8 of 785+ is 7%. What does that mean? The lower the amount of total credit you use, the higher your credit score could be.
  4. Where do YOU stand? The average FICO Score 8 in the U.S. is 704. Where does your score stand in relation to that number? Higher? Lower? If it’s higher, keep doing what you’re doing. If it’s lower, research ways to get closer to the average. It’s possible if done gradually and using the correct tools.
  5. The top 1%. About 1% of scorable consumers have an 850 FICO Score 8. Yes, it’s quite the achievement to be part of this 1%, but it’s not a necessity to get the credit you want and deserve. FICO Scores between 670-739 are considered “good.”
  6. How many credit cards? U.S. consumers have an average of 14 credit accounts and 5 credit card accounts appearing in their credit reports. Is that a lot, a little or just about right? It all depends… are all payments being made on time?
  7. Where do YOU fit in? Over 90% of lenders use FICO Scores to measure a borrower’s creditworthiness. Look and see where you fit in:
  8. About 16% of consumers have a FICO Score 8 lower than 580 which most lenders would consider poor.
  9. About 17% of the scorable population has a FICO Score 8 between 580-669 which most lenders would consider fair.
  10. About 24% of the scorable population has a FICO Score 8 between 670-739 which most lenders would consider good.
  11. About 23% of the scorable population has a FICO Score 8 between 740-799 which most lenders would consider very good.
  12. About 20% of the scorable population has a FICO Score 8 of 800 or greater which most lenders would consider exceptional.

So those are the facts. Well, at least a few of them. For more fun facts, check out this FICO blog from last year and see if any of these facts have changed. Teaser: some credit facts have not changed at all. See for yourself which ones…

Visit myFICO forums any time of the day or night to catch some fun and interesting credit facts from members who have had all different kinds of credit experiences.

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Rob is a writer… of blogs, books and business. His financial investment experience combined with a long background in marketing credit protection services provides a source of information that helps fill the gaps on one’s journey toward financial well-being. His goal is simple: The more people he can help, the better.