Credit Scoring Statistics - What Does It Say
In a world where conversation about money and debt can be a touchy subject, it's not surprising to learn many people are unsure about how their credit scoring statistics stack about against everyone else's. While it may be inappropriate to ask how much someone makes or how much debt they have, that fact doesn't curb the insatiable curiosity of some to learn these tidbits of information. Am I the only one who pays late? How does my credit score match up to everyone else's? Is my credit cap as high as it could be? These are all questions some are dying to know and can easily find out with a quick glance at a few credit scoring statistics.
If you're wondering if you're the only one who pays late, then the answer is no. But the answer is also somewhat surprising in that according to credit scoring statistics, only fifty percent of those who have active credit histories have been penalized for paying up to thirty days late. Even more amazing only thirty percent of the total statistic have been penalized for paying up to 60 days late. However, a more surprising statistic is that about twenty percent of the total population with an active credit history have defaulted on at least one loan. While it seems somewhat surprising, the penalties both monetarily and in terms of credit score are becoming greater and greater. This is largely cutting down on late payments.
If you've gotten a chance to review your credit score lately you may be wondering if it's any good. If you happen to be one of the few with a perfect credit score of 850, then you're a very lucky person indeed. A perfect credit score is incredibly rare, even those who work in the credit industry commonly have never seen one. You'll get the same rate as those with lower scores, but it is quite an accomplishment. 825 is in all practical matters, a perfect score. Only thirteen percent of the population have a score of 800 or above. Dipping down into the next bracket is 750 to 799 with an impressive twenty-seven percent. Surprisingly, only fifteen percent of the population has a score of 600 or below and the remaining is split between the brackets that are left.
Just how much power do you wield with that plastic card? On average a person has in total just over thirteen thousand dollars worth of credit. That by no means is the ceiling though. An amazing twenty percent of the population carry at any one time, over forty thousand dollars worth of credit with them. For the truly level headed people, credit caps upwards of two-hundred thousand isn't unheard of and some even have no limit at all. Although for most people these limits don't matter because the average consumer uses less than thirty percent of their total limit at any one time. Credit scoring statistics can be fun. Just playing around with the numbers and seeing where you sit alongside everyone else can fill a boring wait in an office lobby or a rainy day. Credit scoring statistics can even be a great ice break to open up a conversation about some of the more taboo subjects of finances. They're widely available through all three of the big three credit agencies. Print them out and have some fun.
Credit Scoring
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