58% of Consumers Have Good Credit!

FICO scores range from 300 to 850 and a score over 700 is considered good and a score over 750 is considered great.  Surprisingly though, 58% of all consumers have a FICO score over 700?  Yes, 58% of all consumers have a score considered good to excellent!  In fact, the exact breakdown is 18% of all scores are in the 700-749 range, 27% are in the 750-799 range, and 13% are over 800.

 In addition, 15% of FICO scores are in the 650-699 range leaving only 27% of all scores less than 650, which is a range where it is difficult to get a mortgage.  Of the scores less than 650, 12% are in the 600-649 range, 8% are in the 550-599 range, 5% are in the 500-549 range, and only 2% are less than 500.

 In short, roughly 75% of all consumers have a credit score high enough to help them qualify for a mortgage.  This is great news for home buyers and lenders alike!

 Stats from myFICO’s “Understanding Your FICO Score” booklet

September 11, 2012 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

Leave a Comment