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