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Research and Statistics

4 in 10 Americans have credit scores of 720 or higher, CFPB says

New study finds nearly 80 percent of cardholders score in the “prime” and “superprime” categories

Summary

A credit score of 720 or better is enough to land you a good mortgage rate and plenty of credit card offers. And according to the latest data from the Consumer Financial Protection Bureau, more than 4 in 10 Americans have a score this high.

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A credit score of 720 or better is enough to land you a good mortgage rate and plenty of credit card offers. And according to the latest data from the Consumer Financial Protection Bureau, more than 4 in 10 Americans have a score this high.

Credit scoring models vary across the major credit report agencies, but in its biannual report on the credit card market, the CFPB distills all the scores into one uniform scale and divides them into five tiers of credit risk:

  • Superprime – scores of 720 or higher
  • Prime – 660 to 719
  • Near-prime – 620 to 659
  • Subprime – 580 to 619
  • Deep subprime – 579 or less

In addition, some Americans have a credit report that has so little in it or is so out of date that they aren’t scoreable. Still others have no credit history at all, and are referred to as “credit invisible.”

See related:  Average credit score reaches all-time high of 706, according to FICO

In its latest read of the data, the CFPB found that 42 percent of U.S. adults have a score of 720 or higher, with 12 percent sitting below them at the prime level of 660-719.

At the other end of the spectrum, about 1 in 8 Americans (13 percent) have a “deep subprime” score, or one below 580. And 22 percent of U.S. adults fall into the unscoreable categories of having a thin or stale file or no credit history at all.

If looking only at U.S. adults that have a credit card rather than the full population, 79 percent of cardholders have either a prime or superprime score, with 13 percent scored in the subprime and deep subprime tiers.

The CFPB’s 2019 Consumer Credit Card Market report was released Aug. 27, drawing on data from the final quarter of 2018.

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