What is an average credit score?

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  • July 3, 2023 at 7:34 pm #8522
    StellarFi
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    July 5, 2023 at 7:40 pm #8752
    Team StellarFi
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    Based on the scoring models (FICO® and VantageScore®), and the credit bureaus that compile your credit report, your credit scores can vary. With FICO, the average or fair credit score falls between 580 and 669. The average VantageScore is 601-660.

    Having average credit scores can impact you the same way bad or poor credit can. You may have to pay higher interest rates for any loans, or may not be approved for new credit cards. You can only apply for a limited number of credit cards that may have a secured option (you’ll have to pay a security deposit), and the cards you are approved for may have few or no rewards.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..