Posted on 03/22/2024 3:49:16 AM PDT by Sam77
FICO reports announced that the average credit score in the United States dipped for the first time in a decade, indicating Americans may be struggling with financial distress as they endeavor to make timely credit payments and bolster their savings. Ethan Dornhelm, FICO’s VP of scores and predictive analytics, identified a lack of savings buffer in households as one likely culprit for the lower credit scores. As the COVID-19 pandemic subsided and consumer spending increased, data showed a drawn-down of savings among American households.
(Excerpt) Read more at thenationalpulse.com ...
718 down to 717. It’s surprising that it’s even over 700. There are so many irresponsible people in our debt culture.
Someone has to pay for Biden’s wars. Someone has to pay for Biden to bail out deadbeat ‘students’... Someone has to pay for Biden’s ‘greenie’ crap with forced EV’s, dishwashers that take three hours to clean and President Sniffer’s cash, free phones, and housing for illegals..
And that person?
It’s YOU and YOUR tax dollars and your credit scores that take the hit.
BMWs, the cars anyway, are huge expensive headaches. Stay away from them.
The irresponsible people are the ones who supported offshoring our high paying tech and manufacturing jobs. Just about all of our current problems can be traced back to that.
Bidenomics? Yes, but not for the reasons many here presume. He was among the Democrats who supported MFN for China.
This despite wide ranging changes to keep negative reporting out of the credit bureaus. Several legal changes and industry practices have resulted in less negative account information being included and scores are still going down.
Don’t you have a lower credit score if you don’t use credit?
If so, that might be skewing results if more people are using cash.
That may be true but the wife and I put nearly all of our purchases on a mileage accruing credit card. We also pay it off every month. We own all vehicles and houses outright. We owe no one. My credit score can only increase by 4 more points.
I’ve never studied how to increase a credit score. It’s just the way we chose to run our finances.
EC
I pay off my card every month and have a 789 score so it can’t hurt too much. What I don’t understand is how the average American score can be as high as 717 when there are so many irresponsible people, especially people who have declared bankruptcy multiple times.
Seems to me what a high credit score is really about is rewarding the use of credit.
It’s a marketing ploy, especially now that it’s been made difficult if not impossible for employers and landlords to use it to assess risk.
We know a number of small businesses who’ve gone to cash or check because their margins are too low to be able to afford the transaction fees charged by credit card companies.
Of course that’s not a good sign for the economy, either, but you’ll note the enemedia never talks about that.
BTW, if you have any small businesses that you value, pay cash, even if they don’t offer you a discount. It’s better for their bottom line. :-)
See my reply #10, the first paragraph. :-)
The amount of debt you have versus (and your available credit) is a big part of the formula, and they’ve been saying for many months that credit card debt is rising a lot in this country, so this is no surprise at all. In fact, I’m surprised it only dropped a point.
How long before FICO scores follow SAT scores?
Both be raciss...
I thought so too. But, we’re consistently at 850 thru the Wells Fargo (FICO 9) app with only a house payment and monthly payoffs of two charge cards. Barclays Bank (our MasterCards) shows us at 838 (FICO 8). We paid off the truck 6 months ago, but see no change, so far. We were in the 840’s with the credit union that financed the truck. They discontinued showing our FICO score after paying off the truck. Our credit bureau accts have been frozen for probably 12-13 years, with the only new credit of any kind being the truck.
Of course, when they eventually start including our Social Credit Score, I expect our FICO to plummet because I’ve been a bad boy
“Someone has to pay for Biden’s wars. Someone has to pay for Biden to bail out deadbeat ‘students’... Someone has to pay for Biden’s ‘greenie’ crap with forced EV’s, dishwashers that take three hours to clean and President Sniffer’s cash, free phones, and housing for illegals..
And that person?
It’s YOU and YOUR tax dollars and your credit scores that take the hit.”
Me!! It’s me they have decided gets to pay for the scum.
I used to brag that my credit rating was better than Gods!I used to manage a credit bureau!
No more. My community burned and spectrum wouldn’t shut off my Cable. They turned me to collection but actually owed me money. 2 more pulled the same stunt.
Then the Fed’s decided the fire relief funds were just a loan and 3 years later want it back after destroying my credit.
Sucks!
My credit score went down after I paid off most of my cards.
I have one left with a balance.
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