Insight into Factors Behind the Decline in the US FICO® Score to 717
Thursday, 7 March 2024, 18:50
Factors Influencing the National Average FICO® Score
A recent FICO report reveals that the national average FICO® Score has decreased, primarily due to two key factors:
- Missed Payments: Consumers are experiencing higher instances of missed payments, impacting their credit scores negatively. Payment history constitutes a significant portion of the FICO® Score.
- Outstanding Debt: Americans are carrying more debt, leading to higher credit utilization ratios. Maintaining credit utilization below 30% is crucial for a healthy credit score.
Monitoring your credit score and payment habits is essential to financial well-being. Take proactive steps to manage your credit effectively and make informed financial decisions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.