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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 11:21 am to WPBTiger
I couldn’t imagine my credit score being that low.
808 here.
808 here.
This post was edited on 3/6/24 at 11:22 am
Posted on 3/6/24 at 11:22 am to WPBTiger
This market crash is coming with a swiftness
Posted on 3/6/24 at 11:22 am to WPBTiger
I have an 840 credit score and my wife has a 838.
Posted on 3/6/24 at 11:23 am to WPBTiger
in
I believe we set records here.
The house of cards is built on massive debt.
quote:
crease in credit card balances
I believe we set records here.
The house of cards is built on massive debt.
Posted on 3/6/24 at 11:24 am to SirWinston
Is this the thread where I brag about my 831 score?
Posted on 3/6/24 at 11:25 am to WHS
My credit score is probably in the 700s because I haven't had a loan in over 5 years. Haven't had a hard inquiry in 7 or so years. Damn thing drops a few points some months for absolutely no reason.
This post was edited on 3/6/24 at 11:29 am
Posted on 3/6/24 at 11:26 am to WPBTiger
I appreciate you posting this on PT and OT so I can melt on both boards about it.
Posted on 3/6/24 at 11:29 am to WPBTiger
I tend to move in the opposite direction of these financial trends.
In the last year I got rid of a mortgage and got my total debt down to monthly CC charges that I pay off in full.
Score = 825
Posted on 3/6/24 at 11:30 am to WPBTiger
Credit scores can sometimes get crazy for strange reasons. I used my credit card, which had a zero balance, on vacation during Mardi Gras. This caused my score to drop by 12 points. I guess I'll get those 12 points back when I pay the card off in a couple of months
This post was edited on 3/6/24 at 11:33 am
Posted on 3/6/24 at 11:31 am to TheHarahanian
quote:
I tend to move in the opposite direction of these financial trends.
We just sold a property, will pay off the rest of our debt in a month or so.
Wife pronounced herself retired, so being debt free will have benefits.
Posted on 3/6/24 at 11:31 am to saint tiger225
Got damn, dude posted it on MT too. Wow, what a treat!
Posted on 3/6/24 at 11:49 am to WPBTiger
quote:
Credit scores decrease for the first time in a decade; borrowers fall behind on payments
Biden's America
Posted on 3/6/24 at 12:19 pm to WPBTiger
When you hear people talk about how good the economy is doing, point them to this article and the amount of debt that the average American is carrying. The bubble is going to pop soon.
Posted on 3/6/24 at 12:24 pm to PureBlood
quote:
This market crash is coming with a swiftness
You've been predicting a crash for the past 3 years.
Posted on 3/6/24 at 12:25 pm to WPBTiger
Huge indicator, but I'll also say credit scores are bullshite.
I had over 800 until I missed one twenty dollar credit card billing cycle during a move and changing of banks, tanked it to 735 for basically two years.
I had over 800 until I missed one twenty dollar credit card billing cycle during a move and changing of banks, tanked it to 735 for basically two years.
Posted on 3/6/24 at 12:26 pm to The Pirate King
quote:
When you hear people talk about how good the economy is doing, point them to this article and the amount of debt that the average American is carrying. The bubble is going to pop soon.
We had record credit card debt in 2019. Was the economy doing good then?
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