Consumer Credit Scores Fell Two Points Since January 2010
Posted on February 12th, 2011
Consumer credit scores fell a whopping two points since January 2010, according to a survey released this week by Credit Karma.
The company, which provides a quasi free credit score, said the national average credit score was 667 last month, down one point from December and two points from January 2010.
That’s much lower than the so-called average credit score from Fico, which weighs in at a healthy 713.
Consumers in Los Angeles and Philadelphia fared the worst, with credit score declines of five points, while New York residents saw an average decline of four points, and Chicago, Houston and Seattle residents saw three point declines.
However, seven states, including Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma and South Carolina still have what’s considered fair to bad credit scores of 650 or lower.
The report revealed that Massachusetts had the highest credit score nationally with an average score of 685, while Mississippi was lowest at 631.
Since January 2010, the average consumer with an account:
- Decreased credit card debt 9% to $7,200 – Decreased home mortgage loan balances 4% to $173,967 – Decreased home equity 5% to $49,469 – Increased auto loans 3% to $15,140 – Increased student loans 9% to $28,715
Remember, the best way to raise your credit score is to simply pay all bills on time and keep debt levels low.
If you’re curious where you stand credit wise, click to get all 3 credit scores free for 30 days.
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Tags: 2010, Credit Scores Fell, January 2010, Two Points
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