How Your Credit Profile Stacks Up

Ever wonder how your credit profile stacks up against the rest of the population?

I’m not talking about your credit score, but more specifically, the makeup of your current credit use and past history.

According to Fair Isaac, average consumers have a total of 13 credit obligations on record with a given credit bureau, with 9 likely to be credit cards, and four likely to be installment loans.

As for late payments, Fair Isaac says less than half of consumers have ever been reported as 30 or more days late on a payment, only 3 of 10 have ever been 60 days late, 77% have never had an account 90+ days overdue, and less than 20% have had an account closed due to default.

With regard to credit utilization, 40% of credit card holders carry a balance less than $1,000, while about 15% of consumers have total credit card balances above $10,000.

Fair Isaac also found that 48% of consumers have less have $5,000 in debt, including all lines of credit aside from mortgage debt, and 37% carry more than $10,000.

Most consumers have access to $19,000 via credit cards, and more than half are using less than 30% of their aggregate credit line, though 1 in 7 are using more than 80%.

Finally, the average consumer’s oldest tradeline is 14 years old, and 1 out of 4 consumers have credit histories of 20 years or longer.

Fair Isaac found that only 1 of 20 consumers have credit histories less than two years.

So what does all this data mean anyways? Well, if you measure yourself up against these averages, you’ll be able to see if you’re behind or ahead of the curve.

And if you’re below average on these metrics, your credit score will likely be lower than you’d like. The opposite is also true.

Learn more about how a Fico score is determined.

Related Topics:

1. What is the Average Credit Score?
2. What is a Credit Score?
3. Fico Score Founder Fair Isaac Revise Earnings
4. Fair Isaac to End Credit Piggybacking Practice
5. Fair Issac to Make Changes to Fico Score Formula