October 20, 2006, Newsletter Issue #34: How does your credit score compare?
Tip of the Week
Credit scores are an indication of how responsibly you manage your money. Credit scores are calculated based on your credit report data with the credit bureaus (Equifax, Experian or TransUnion). Usually on a scale of 300-850, it's best to have a high credit score. What is the average credit score? According to Experian, the average credit score in the US is 678. According to FICO, the median credit score is 723. How does your credit score compare to these statistics? In order to get the best rates of credit cards and major purchases, you should aim to have a credit score above 750.
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