2006-12-14 02:30:11 · 8 answers · asked by Bill D 1 in Business & Finance ➔ Credit
Not a question that can be answered straight-forwardly. It all depends on how you run your statistics. If you go to FICO (the creators of the credit score) they will say the median score is in the low 700's (720 or so). But if you work in the financial industry on any level, you see mostly numbers in the 600's. Also, keep in mind that the average american consumer has 3 scores, not one. One from each of the main credit bureaus. So do you take all three scores from all american consumers and then average that out? Or take the low scores, or the high scores....you get the idea. Statistics can be twisted according to how you use the data and plug it into an equation.
2006-12-14 04:55:48 · answer #1 · answered by whatever 3 · 1⤊ 0⤋
720 is the highest credit tier lenders and banks consider, so it's definitely not the average.
680 is still high, and anything below 660 is considered a bit on the low-end.
So the median fico score is likely between 660-680 for most Americans.
Learn more about credit, mortgage, and finance:
http://www.thetruthaboutmortgage.com
2006-12-14 03:49:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The median FICO score is 723. Go to http://www.myfico.com/ for more details.
NOTE:
Median and average are two different things if you ever took elementary math. Average is everybody's scores added together them divided by the # of scores. The median is the middle score.
For example, if the scores are 575, 580, 685, 720, 721, 730, 750, the median score is 720, the AVG is 680...see the difference??
Also, think about economics, the more people make, the less likely they need to take out loans vs people who make less tend to need to take out loans.
2006-12-14 02:35:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The average americans credit score is 675, Dont believe the people that are telling you over 700, thy dont know what they are talking about!
2006-12-14 05:31:05 · answer #4 · answered by Molly323 5 · 0⤊ 0⤋
750
2006-12-14 02:38:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
718
2006-12-14 02:33:29 · answer #6 · answered by Ex Head 6 · 0⤊ 0⤋
To be more accurate, the national average is around 680.
2006-12-14 06:31:34 · answer #7 · answered by jynxx25 2 · 0⤊ 0⤋
these people are so full of shhit - anything over a 700 is an automatic approval without proof of income. must I see are between (600-650)
2006-12-14 03:30:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋