Frequently Asked Questions(FAQ)

What is the average credit score?

The average credit score in the U.S. is 714, which sits in the center of the “Good” range for FICO and “Prime” for VantageScore. In this range, you can apply for new credit or a mortgage and have a strong chance of getting approved.

Is it possible to get your credit score to 850?

Yes, but it takes time. Establishing an exceptional payment history with multiple credit cards, personal loans (see the FinImpact article on best personal loans for excellent credit), and other types of credit can take several years or more. And negative information concerning your payment history and credit problems can stay on your report for up to seven years.

What factors influence my credit score?

Multiple factors influence how your credit score is calculated, including your payment history, amounts owed, length of credit history, credit mix, and new credit. Out of all of these, your payment history counts the most towards your credit score. Late or missed payments are credit score killers.

How hard is it to reach a credit score of 850?

It isn’t easy to reach a credit score of 850, which is why only 2% of people with a credit score have reached that level. They’ve paid the price of establishing good financial habits, like paying their creditors on time and not maxing their cards out.

How often is my credit score adjusted?

Your credit report is reviewed, and your score is adjusted at least monthly by each of the three major credit bureaus: Experian, Equifax, and Transunion. This is a good reason to check your credit report and score regularly since it can change quickly, for better or worse.

About the Authors

Bob Phillips

Written by: Bob Phillips

Financial advisor and content writer

Bob has 15 years of experience as as a financial advisor/trainer/agency manager for several major financial services companies. He earned numerous awards for personal production and agency leadership during his financial career.

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