If you read only one article about credit scores this year, you MUST read this one.
The average credit score nationwide is 666, according to CreditKarma.com. That’s not only an ominous number, but can be a costly one.
Based on CreditKarma.com’s data, the trend amongst lenders shows that a 660 credit score is the threshold to be approved for a mortgage, auto loan and unsecured credit card. Digging deeper into consumers’ credit health, nearly 40% of consumers have a credit score below 660. That means 4 out of 10 Americans would likely be denied for a mortgage and auto loan, charged sky-high interest rates, and only qualify for a secured credit card.
Read full article on Yahoo! Finance.