American credit scores have hit their highest point since the recession – marking an 8-year streak of increases. Americans are also borrowing more than ever.
Fewer consumers have a score below 550, keeping the national average high. Even the percentage of Americans with one or more collection on file has fallen to 23%.
All age ranges are seeing an increase in their scores with more becoming members of the “super-prime” club with FICO scores of 800 or more.
While this is good news, the numbers also show that Americans are borrowing more and personal savings numbers are falling. Data from the Federal Reserve shows an increase in revolving debt including credit cards and education and auto loans.
Foundation Finance serves consumers with A-D credit scores, making it easy for you to provide financing for qualified customers whether they have a super-prime score or are rebuilding their credit. Learn more about our credit approval tiers here.
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