Between now and 2020, you will likely encounter statistics and headlines pointing out that the top range of the average American credit score has recently risen. There is a reason for this. It is because the poor credit events of the Great Depression are starting to roll off the credit reports of American consumers.
For the first time since 2005, the average credit score of an individual in the United States has hit the 700 mark. As a general FICO reference point, credit scores are viewed as follows: 580 or below and you’re considered high risk, 580-670 and you’re in that range where you’ll get a mix of approvals and rejections and likely carry a moderately higher than average interest rate, 670-740 and you have good credit such that you’ll only get rejected if you attempt to borrow a very high number relative to your income, 740-800 and you’re going to get a significant amount of unsolicited bids asking you to borrow money and you will be able to borrow on great terms, and anything above 800 is a best-in-class borrower.