Understanding your score can help you to put your own rating into perspective. How does your credit score compare?
On MyFico I found some very interesting statistics: Based on the general population’s FICO® scores (as stated by the Equifax website), the percentage of the population scoring in each range is as follows:
According to Experian’s National Score Index for credit score stats, the average American credit score was 678 (as of 4/2006). Right now, the lenders have increased their best rates to people with scores higher than 720. So right now the lenders want you to be above average for the best rates when shopping for a mortgage.
And by the way….Even if you are not in the market to purchase a home, your credit score is used for a lot more: insurance, to rent a home, interest on a car loan etc.
Have a great day!
Mirjam de Rijk