The Average National Credit Score
Credit scores are very important us in the USA. A good credit rating allows you to lock in low interest rates and be approved to buy a new home. A bad credit rating means that you will be paying high interest rates and you may not get the approval to purchase a new home. You may be wondering what score equates to being low and what score equates to being high? You may also be asking, exactly what is the average national credit score? Where does my score stand according to my fellow Americans?
Low Score vs. High Score
The scale of credit scores range from 300 to 850. If your score is in the range of 300 to 674 your score is considered low and you should work on repairing your credit as your interest rates will be high and lenders may not want to invest in you. If your score is between 675 and 699 your credit score is considered to be decent. With a decent score your interest rates will be somewhere in the middle and lenders will probably lend you money.
It would be a good idea, however, to make sure that you keep a close eye on your credit report for errors and that you continue to pay your credit card bills on time. A credit score between 700 and 719 are considered good and you will be able to obtain good interest rates as well as have the ability to be approved to buy a house. If your credit score is between 720 and 850, then you have excellent credit and will have the lowest interest rates and absolutely no problem receiving the approval to purchase a home. The average national credit score, though, is not based on the range of credit scores.
Average National Credit Score
The average national credit score is based on all American citizens' credit scores. The average national credit score fluctuates continually. As it stands right now, it is at 675. That could, however, change tomorrow, just as your credit score is not a stable number.
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