How to Order Your Credit Score

You can order your credit score at the three credit bureau websites or you can simply go to http://www.myfico.com and order all three online and view them instantly. That website will give you information explaining why your credit score is low or high, what you are doing right and wrong, etc.

Assuming you have ordered your credit score, how does your credit score compare to others? Recent FICO Credit Score statistics for the general population indicate that the average credit score is about More detailed data is as follows:

  • 11% have credit scores above 800
  • 29% have credit scores between 750 and 799
  • 20% have credit scores between 700 and 749
  • 16% have credit scores between 650 and 699
  • 11% have credit scores between 600 and 649
  • 07% have credit scores between 550 and 599
  • 05% have credit scores between 500 and 549
  • 01% have credit scores below 500

The consumer spending information below was compiled from research conducted in 2015 by a major consumer credit organization. You might find it interesting to find out how you compare with other Americans:

  • About 30 million Americans have extremely poor credit scores (under 620) that prevent them from obtaining credit cards and mortgages at an affordable interest rate.
  • Those aged 30 to 39 have the highest number of late payments in any given year
  • About 38% of consumers have been reported to the credit bureaus at least once as being 30 or more days late on a payment and 20% have been reported as being more than 60 days late with a payment
  • 85% of consumers have never been more than 90 days late with a payment

How much debt do you have compared to others?

  • The average American spends 26% of their income on monthly debt (excluding mortgage/rent)
  • Those aged 50 to 59 have the highest amount of debt, around $21,000, not including mortgages
  • About 30% of consumers owe more than $30,000 in debt
  • About 54% have less than $5,000 in debt (excluding mortgage loans)

How do you use credit cards compared to others?

  • The average consumer has seven open credit card accounts
  • About half of all consumers carry a balance of $1000 or less on their credit cards.
  • About 10% of consumers habitually carry balances of more than $10,000 on their credit cards
  • The total credit limit on all credit cards held by the average consumer is $12,000
  • About half of all consumers use less than 30% of their credit card limits
  • Those aged 70 or older use credit cards the least, around 13%