National Average Credit Score
Applying for a loan can be a hassle for people with bad credit scores. When they finally got the loan needed, they still need to face the high interest rates. On the other hand, people with good credit score may find it easier to get the loan at lower interest rates. Thus, before applying for any loan, people want to see how they compare to the National average credit score.
Based on the research conducted by Experian, one of the three major credit reporting agencies, the National average credit score is 680. They use Fair Isaac Risk Model to get the value. The lowest credit score is 300 while the highest credit score is 850. It is found that only 13% of the nation’s population has credit score more than 800. Furthermore, about 15% of the population has a credit score that is lower than 550. Generally, good credit score is given when you get a credit score of more than 700.
Since the national average credit score is 680 while the good credit score is 700, many people will think that half of Americans have a credit score below the national average credit score. However, the fact is that around 58% of Americans have credit score above 700. The national average credit score is pulled down by some very low credit score so it’s only value 680.
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