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Credit scores decrease for the first time in a decade; borrowers fall behind on payments
Posted on 3/6/24 at 11:20 am
Posted on 3/6/24 at 11:20 am
LINK
quote:
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them.
The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the scores most widely used by lenders. FICO scores range between 300 and 850.
“It’s a notable milestone,” said Ethan Dornhelm, FICO’s vice president of scores and predictive analytics. “This is the first time in well over a decade that the score went down.”
quote:
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. They steadily ticked higher until the Covid-19 pandemic, when government stimulus programs and a spike in household saving helped scores jump to a historic high in April 2023.
High interest rates and higher prices have weighed on most Americans’ financial standing. Consumers as a whole are falling deeper into debt, causing an increase in credit card balances and an uptick in missed payments, FICO found.
Posted on 3/6/24 at 11:23 am to WPBTiger
quote:
fell to 717 from a high of 718
Is this truly the average credit score?
Posted on 3/6/24 at 11:24 am to HeartAttackTiger
I honestly expected it to be much lower
Posted on 3/6/24 at 11:30 am to SwampBooty
quote:
I honestly expected it to be much lower
I guess I expected an average score of 740ish. When you look at the average "serve type" restaurant parking lot, it sure appears people have plenty of money.
Posted on 3/6/24 at 11:33 am to WPBTiger
quote:
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them.
quote:
High interest rates and higher prices have weighed on most Americans’ financial standing. Consumers as a whole are falling deeper into debt, causing an increase in credit card balances and an uptick in missed payments, FICO found.
That sounds familiar.
Posted on 3/6/24 at 12:15 pm to WPBTiger
Will the President scrub this list, similar to Student Loans, and randomly decide which debts to magically erase for some and not for others - without being transparent with the criteria and teaching those people no lesson in fiscal accountability?
Posted on 3/6/24 at 12:36 pm to WPBTiger
quote:
The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718
That actually shocks me that it is that high.
I figured it would be high 600's
Posted on 3/6/24 at 11:17 pm to UncleLester
quote:
Will the President scrub this list, similar to Student Loans, and randomly decide which debts to magically erase for some and not for others
Not until digital currency and social credit scoring is implemented…
Then it’s GAME ON for cancelling certain debts and increasing others based on your social justice score.
Posted on 3/7/24 at 12:11 am to WPBTiger
I can’t figure out credit scores. I can’t get above 800 no matter what and have been checking it for years. Been between 770 and 780 for years.
This post was edited on 3/7/24 at 12:13 am
Posted on 3/7/24 at 2:01 am to Rize
Sorry Bro you haven't made the 800 club like most of us here.
Posted on 3/7/24 at 5:03 am to WPBTiger
I believe that average credit score like I believe the inflation rate
Posted on 3/7/24 at 12:26 pm to Rize
quote:
I can’t figure out credit scores. I can’t get above 800 no matter what and have been checking it for years. Been between 770 and 780 for years.
I think 2 of the 3 credit score agencies only go to 800 while 1 goes to 850.
Posted on 3/7/24 at 12:36 pm to Rize
quote:
I can’t figure out credit scores. I can’t get above 800 no matter what and have been checking it for years. Been between 770 and 780 for years.
All 3 bureaus rate up to 850. If you're locked in the upper 700s it may be that you aren't using enough different kinds of credit (note: that's not the amount of credit), you may not have a long enough credit history (seven years is the bar), there may be some old (and/or false) claim you need to clear up, etc.
Posted on 3/12/24 at 11:55 am to Rize
quote:
I can’t figure out credit scores. I can’t get above 800 no matter what and have been checking it for years. Been between 770 and 780 for years.
On each credit report (whether it scores or not), it lists the 5 factors most impacting your score.
The first factor affects your score the most.
Second factor is second most.
What is listed on your credit report?
Fwiw, even if you have an 850 credit score you will still get a list of the 5 factors most negatively impacting the score (almost zero impact of course).
Posted on 3/12/24 at 12:16 pm to WPBTiger
717 feels egregiously wrong given the financial state everyone purports to be in. Unless the credit bureaus have been slowly modifying their formula to pump up rates to people can borrow more and banks can make more money.
Posted on 3/12/24 at 1:25 pm to HeartAttackTiger
quote:I'm always stunned at how high they are. I was up to 840 at one point recently and even that wasn't nearly as high a percentile as I would have thought.
fell to 717 from a high of 718
Is this truly the average credit score?
Posted on 3/12/24 at 1:32 pm to Big Scrub TX
I’m at 821 but I feel like it fluctuates 15 -20 points monthly
Posted on 3/12/24 at 1:34 pm to Boss
quote:Yeah, it's dumb. I feel like I'm the single best credit risk in the country - and yet...
I’m at 821 but I feel like it fluctuates 15 -20 points monthly
Posted on 3/12/24 at 1:41 pm to WPBTiger
Maybe off topic, but get your kids started off on the right foot credit wise by getting them on a CC as soon as you can.
Was fortunate my parents put me as an authorized user or whatever of one of their CCs back when I was in middle school or high school. Never actually gave me the card, but I had many years of credit history with no delinquencies by the time I ever needed to take on a loan.
My first loan I ever applied for, my credit score was like 770ish in my early 20s.
Was fortunate my parents put me as an authorized user or whatever of one of their CCs back when I was in middle school or high school. Never actually gave me the card, but I had many years of credit history with no delinquencies by the time I ever needed to take on a loan.
My first loan I ever applied for, my credit score was like 770ish in my early 20s.
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