According to statistics, the average FICO credit score is currently 695, an all-time high in the United States. Although there are different scoring models, resulting in the fluctuation of this figure by a few points, the majority fall between 660 and 720. Roughly 14% of the population does not have any credit score – this is what is labeled as “credit invisible”. Because of this, these people will have problems obtaining new lines of credit. For lenders, a credit score can determine how much of a risk a potential barrower might be. Beyond simply approving someone for a loan, a credit score can determine how big a line of credit a person can get, and most importantly, how high the interest rate will be. Continue Reading