Experian shows Utah’s subprime credit average falls lower than national average

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3/19/2019 – New data from consumer credit reporting company Experian shows fewer Americans have credit scores that fall into the subprime range (580-669) and Utah is below the national average. 

The study shows Utah, Colorado, Idaho, Michigan, and Oregon all tied with 4% year-over-year decrease in subprime users. All U.S. states saw the percentage of subprime consumers decline except Arkansas and Delaware, which stayed at the same percentage. 

Overall, 29 states had a lower percentage of subprime consumers than the national average. The most recent data from Experian shows 34.8 percent of consumers with a credit score fell into the subprime FICO Score range in the fourth quarter of 2018.  

Having a credit score between 580 and 669 means you have a fair credit score but present some risk to a lender. The higher your credit score the less likely you will default on a loan or pay a bill late.    

Understanding your credit scores help you learn more about your borrowing power and level of risk you present to a lender when it comes to paying back a loan or bill. According to Experian, the most important factors that go into your FICO Score is important: 

  • Most influential: Payment history on loans and credit cards
  • Highly influential: Total debt and amounts owed
  • Moderately influential: Length of credit history 
  • Less influential: New credit and credit mix (the different types of credit accounts you have)

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