| Fair
Isaac, a company that assists in assessing credit risk for the
nation's largest banks and financial institutions, is often asked
to describe the credit use of a typical consumer. Below are average
credit statistics that you may find useful.
Average Credit Statistics
By analyzing a large sample of credit file information on people
who recently obtained new credit, Fair Isaac was able to survey
the credit activity across the United States. The following credit
card statistics reflect the average use of credit by today's consumers.
Number of Credit Obligations
Today's average consumer has a total of 11 credit obligations on
record at a credit bureau. These include credit cards such as
- department store charge cards
- gas cards
- bank cards
- auto loans
- mortgage loans
- student loans
This does not include savings and checking accounts since these
types of credit accounts are typically not reported to a credit
bureau.
Of these 11 credit obligations, 7 are likely to be credit cards
and 4 are likely to be installment loans.
Statistics for Credit Card Debt - Past Payment Performance
Today's average consumer is paying their bills on time.
- Less than 4 out of 10 have ever been reported as 30 or more
days late on a payment
- Only 2 out of 10 have ever been 60 or more days overdue on any
credit obligation.
- 85% of all consumers have never had a loan or account that was
90+ days overdue
- Less than 10% have ever had a loan or account closed by the
lender due to default
Credit Card Debt Statistics
- About 48% of credit card holders carry a balance of less than
$1,000.
- About 10% are far less conservative in their use of credit
cards and have total card balances in excess of $10,000.
When we look at the total of all credit obligations combined (except
mortgage loans)
- 54% of consumers carry less than $5,000 of debt. This includes
all credit cards, lines of credit, and loans-everything but mortgages.
- Nearly 30% carry more than $10,000 of non-mortgage-related debt
as reported to the credit bureaus.
Credit Use Statistics
- The typical consumer has access to $12,190 on all credit cards
combined.
- More than half of all people with credit cards are using less
than 30% of their total credit card limit.
- Just over 1 in 8 are using 80% or more of their credit card
limit.
Credit History Statistics
The average consumer's oldest obligation is 13 years old, indicating
that they have been managing credit for some time.
- About 1 out of 5 consumers who recently applied for credit,
had credit histories of 20 years or longer.
- Only 1 in 20 consumers had credit histories shorter than 2 years.
Credit Inquiry Statistics
When someone applies for a loan or a new credit card account, meaning
any time one applies for credit and a lender requests a copy of
the credit report, this request is noted as an "inquiry"
in the applicant's credit file.
The average consumer has only one inquiry on their accounts within
the past year. Fewer than 7% had 4+ inquiries resulting from a search
for new credit.
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