American's with poor credit
Category: Business and Money
Asked by: dannyboy2-ga
List Price: $2.00
05 Nov 2006 19:02 PST
Expires: 05 Dec 2006 19:02 PST
Question ID: 780400
I am looking to get some statistical data that shows the percentage of American's considered to have "poor credit." Poor credit can either just be called poor credit or it can be listed as credit scores below 580.
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Re: American's with poor credit
From: jack_of_few_trades-ga on 06 Nov 2006 05:27 PST
"The median FICO score is 723. The national distribution of FICO score statistics are as follows: Up to 499 ? 2% 500 to 549 ? 5% 550 to 599 ? 8% 600 to 649 ? 12% 650 to 699 ? 15% 700 to 749 ? 18% 750 to 799 ? 27% 800+ ? 13%" http://www.poorcreditgenie.com/solutions.html If you add the first 2 percentages (2% + 5%) and half of the third (1/2 * 8%) then you see that about 11% of the population has a FICO score below 580. Do keep in mind that there are several other credit scores besides FICO (ScoreX, VantageScore...), and there are 3 different credit reporting agencies (TransUnion, Experian, Equifax) that each have different information about you. So each credit agency will have a different FICO score for you, and there are other scores that many lenders consider other than FICO.
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