The average FICO score has reached 706 -- a new high.
The average FICO score has reached a new high of 706, FICO said Tuesday, having edged up consistently over the past nine years. The national average previously reached a low of 686 in October of 2009, at the tail end of the Great Recession. Last year’s average was 704.
But there’s one more reason that goes beyond the obvious more robust economic backdrop, Dornhelm said: There’s also heightened consumer awareness of FICO scores, he said, pointing to a 2018 Sallie Mae study that found customers who frequently check their FICO scores are more responsible with their finances.
The score provided by FICO, named for the Fair Isaac Corporation, is widely used as a measure of a person’s creditworthiness — in other words, his or her reliability in paying back loans — for lending decisions like auto loans and mortgages. “The ratio of balances to credit limits on card accounts is a key driver of the FICO score, where lower ratios represent better repayment likelihood. This utilization ratio is down 28% over the past decade,” he said.
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