23 Credit score Rating stats you need to know heading into 2023 | Blue Water Credit score

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2023 is right here, and with the brand new 12 months, we’re all a bit of extra centered on watching our budgets extra fastidiously, paying off debt, and bettering our credit score scores.


So, Blue Water Credit score – the nation’s chief in authorized, moral, and highly-effective credit score rating options, needed to carry you these 2023 credit score rating statistics for the brand new 12 months.


  1. As of this 12 months, the typical US FICO credit score rating was 716.


  1. Roughly 26 million US adults – or about one in ten – are “credit score invisible,” which implies they lack a credit score historical past.


  1. Of these, round 19 million adults don’t have a credit score rating in any respect.


  1. The breakdown of common credit score scores by age group is the next:

Ages 18-23: 674

Ages 24-39: 680

Ages 40-55: 699

Ages 56-74: 736

Ages 75+: 758

  1. Trying by era, listed here are the typical credit score scores:

Era Z: 674

Millennials: 680

Era X: 699

Child Boomers: 736

Silent Era: 758


  1. There are even clear patterns to credit score scoring primarily based on borrower revenue, as follows:

$30,000 or much less per 12 months: 590

$30,001 to $49,999: 643

$50,000 to $74,999: 737


  1. To qualify for a FICO rating, you need to have at the least one credit score account, like a bank card or automotive mortgage, and so forth., that’s been open for at the least six months and at the least one credit score line or account that’s been reporting to the credit score bureaus for at the least six months.


  1. FICO scores vary from 300 to 850.


  1. Something above 800 is taken into account an distinctive credit score rating.


  1. After all, 850 is an ideal credit score rating.


  1. But solely 22 p.c of US adults have a credit score rating of even 800 or extra.


  1. Something beneath 580 is taken into account a poor credit score rating, 581-669 is a good credit score rating, and between 670 to 739 is an efficient credit score rating.


  1. People have seen steadily bettering credit score scores. In reality, from 2010 to 2020, the typical FICO rating elevated by about 24 factors.


  1. In actual numbers, in 2010, the US common FICO rating was simply 687, however right this moment it’s 711.


  1. We’re positively not checking our credit score scores sufficient! In reality, 54 p.c of US adults admit to NEVER checking their credit score scores.


  1. And solely 21 p.c of these polled say they examine their credit score rating on a month-to-month foundation.


  1. One other examine revealed that solely 33 p.c of adults had checked their credit score scores throughout the previous 12 months.


  1. Solely 11.1 p.c of US adults with a credit score rating have a FICO between 300 and 549.


  1. Why is it so vital to trace and report credit score historical past and utilization? Information reveals that about 61 p.c of individuals with low or poor credit score scores will miss funds and fall behind on their loans!


  1. Nevertheless, a strong 59.2 p.c of US adults have FICO scores within the vary between 700 and 850.


  1. Residents of Minnesota have the best common credit score rating of any state (739), whereas Mississippians have the bottom common credit score rating (675).


  1. As a basic guideline, right here is absolutely the minimal credit score rating required to purchase a house with these mortgage packages:

Standard Mortgage: 620

VA Mortgage: 580

FHA Mortgage With 3.5 % down: 580

FHA Mortgage With 10 % down: 500


  1. For assist constructing your credit score rating and boosting your rating, the #1 firm within the trade is Blue Water Credit score, the nation’s alternative for authorized, moral, and extremely efficient credit score rating assist!


Contact us you probably have any questions, would really like a risk-free credit score session, or are able to see your rating skyrocket in 2023!