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The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
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We here at WalletPop keep telling you how important your credit score is, but what's a hardworking American to do if there's a mistake on that all-important score ...
Before standardization of credit scoring, statements of character were integral to credit reports well into the 1960s. [3] With credit reports containing probing details about personality, habits, and health, in the hearings on the Fair Credit Reporting Act lawmakers were troubled that individuals were helpless to clear up errors.
Credit mix (10%): Evaluates the variety of credit types you have, such as mortgages, student loans and credit cards. This shows your ability to manage different kinds of credit responsibly.
2004 study found the median credit score for whites in 2001 was 738, but the median credit score for African Americans was 676 and for Hispanics was 670. [ 37 ] 2004 research study found fewer than 40% of consumers who lived in high-Black Indigenous and people of color [BIPOC] neighborhoods had credit scores of over 701.
A 700 credit score is considered “good” by many lenders, and can make it easier to get approved when you apply for a credit card or any type of loan. ... loans with low down payments require a ...