The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
A good credit score can potentially help you save money on your mortgage, car insurance, credit cards and many other things. Alternatively, a bad credit score could increase costs in these same areas.
Many of life’s biggest purchases (like a house, a car or college tuition) are things that can affect your credit. Most people don’t have enough disposable money to pay for these large expenses up front.
How much damage can a bad credit score really cause? A 2020 survey suggested that individuals who take out an auto loan of $25,346 with a “fair” credit score could pay up to $3,847 more interest than a person with a “very good” credit score taking out the same loan.
Similarly, someone with a “fair” credit score may pay $8,640 in interest for a student loan, but another student with a “very good” score might only pay $3,933 interest for the same loan.
It can be helpful to know credit score statistics to understand your eligibility and trustworthiness in comparison to other Americans for making large purchases and paying back your loans on time. We’ve compiled a list of the most important credit score statistics you should know. This information could help you make critical decisions regarding your score and may help you improve your credit score.
Note: we reference the most updated data available, but sometimes that information is from many years ago—check each individual source for specifics.
According to recent research, millions of Americans are credit invisible, while others have a credit history that is insufficient. Here are some general credit score statistics that highlight credit reports, average monthly credit scores and other current data.
When considering how Americans are doing financially, especially by each generation, FICO scores allow us to analyze changes in stability and creditworthiness. Here are some of the most recent FICO statistics.
Since 2006, VantageScore has encompassed 2,500 users between 2,200 financial institutions. Average VantageScore statistics of 2021 show generational disparities and contrasts.
Credit scores vary across different age groups and demographics. Listed below are 2021’s VantageScores separated by age group, income bracket and data change over the past year.
Understanding credit score statistics isn’t as complex as you may think. Maintaining a strong credit score is crucial to financial stability and can help you get approved for loans and credit cards. Not sure how to look at or take care of your credit score? There are many great resources available to help you view and build credit, including credit repair sites and other financial assistance.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
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